Several African startup companies obtained loans and varying forms of debt funding last week. Kenyan fintech giant, M-Kopa secured a $51 million debt funding from DFC, similarly, each of Basigo, Roam, and Mogo received $10 million debt facilities, also from DFC. Elsewhere, OneOrder raised $16 million in a mix of debt and equity, while early-stage Orca obtained $550,000 in an over-subscribed funding round.
M-Kopa
Funding round: Debt Funding ($51 Million)
Investors: Development Finance Corporation
Founded: 2011, Kenya
Founders: Nick Hughes, Chad Larson, and Jesse Moore
Products: M-KOPA operates as a digital micropayments platform, providing access to “productive assets” for underbanked customers in Africa. The company offers financing options for a range of products, including smartphones, solar power systems, loans, and health insurance.
What Next?: The funding will enable M-Kopa to improve its products, providing affordable smartphones to underserved communities and driving financial inclusion for underbanked individuals.
Orca
Funding round: $550,000
Investors: Norrsken22, First Circle Capital, Musha Ventures, Kara Ventures
Founded: 2024, South Africa
Founders: Thalia Pillay, Carla Wilby
Products: Orca provides fraud protection and compliance solutions for banks and fintechs, helping them to mitigate fraud attempts and compliance risks with specialized digital tools and services.
What Next?: Fuelled by the funding, Orca is set to expand its team and scale their fraud protection technology to cater to more clients.
Birdnest
Funding round: Undisclosed
Investors: Beltone Venture Capital, CI Venture Capital
Founded: 2020, Egypt
Founders: Mostafa El-Nahawy and Ahmed Fadda,
Products: Birdnest offers digitally enabled home furnishing and rental management services for real estate investors and homeowners while maximizing value for tenants.
What Next?: The funding will enable the company to expand its team and enhance its proprietary technology to serve larger markets. The company will also improve its marketing initiatives to reinforce its market position.
OneOrder
Funding round: Series A Debt and equity ($16 Million)
Investors: Delivery Hero Ventures, Norrsken22, Nclude and A15
Founded: 2022, Egypt
Founders: Tamer Amer and Karim Maurice
Products: The company provides tech-enabled supply chain and logistics solutions for clients in the hospitality industry including hotel, restaurant, and catering service providers. The company helps clients source fresh packaged food products in large quantities directly from suppliers, simplifying inventory replenishment and supply management for the businesses.
What Next?: The company intends to expand its operation into the GCC while continuing to improve its solutions and streamline supply chain activities for its clients.
Roam Electric
Funding round: Debt ( $10 Million)
Investors: Development Finance Corporation
Founded: 2017, Kenya
Founders: Mikael Gånge, Filip Lövström, Alander Johanna
Products: Roam designs and manufactures electric vehicles to create reliable and cost-effective transport products for the pan-Africa mass market. Roam’s business is divided into 4 segments consisting, Roam Air (electric motorcycle), Roam Rapid (electric mass transit bus), Roam Move (electric urban transit bus), as well as energy and public charging systems.
What Next?: The secured capital will be invested into expanding local manufacturing capabilities in Kenya and scaling up production. The company will also bolster its research and tooling for cost efficiencies.
BasiGo
Funding round: Debt ( $10 Million)
Investors: Development Finance Corporation
Founded: 2017, Kenya
Founders: Jit Bhattacharya
Products: BasiGo offers e-mobility solutions. The company assembles electric buses, develops charging depots, and also uses an innovative Pay-As-You-Go financing model that makes its buses affordable for interested buyers.
What Next?: The newly secured funding will go towards accelerating the scale-up of BasiGo’s manufacturing and delivery of electric buses in Kenya and Rwanda.
Mogo
Funding round: Debt ( $10 Million)
Investors: Development Finance Corporation
Founded: 2019, Kenya
Founders: William Samoei Ruto
Products: Mogo partners with electric vehicle suppliers and connects them with ride-hailing service providers to promote e-mobility and environment-friendly public transportation. The company also provides financing for consumers and private ride-hailing service providers to purchase vehicles.
What Next?: The company is actively developing financial products to address the challenge of EV affordability for the underbanked population in Kenya and will continue to do so by providing finances for EV supply to Kenyans.
Opportunities
CcHub “Let’s Build, Africa!” Program 2024 for African Startups
ECOPRIZE Challenge: Recognizing Youth-Led Sustainable Innovations
MacArthur Foundation 100&Change Grant Competition (Up to $100Million Grant)
