Issue #113: M-Kopa secures $51 M debt, OneOrder raises $16m, while EV companies Basigo, Roam, and Mogo each obtained $10m debt funding

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.


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.


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.


Funding round:  Undisclosed

Investors: Beltone Venture CapitalCI 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.


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 GångeFilip 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.


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.


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.


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)

The ANZA-TUT Future Tech Challenge For Entrepreneurs

Share this article
Shareable URL
Prev Post

Celebrating Africa Day 2024 – How African EdTech Solutions are Shaping Education for the 21st Century

Next Post

Issue #114: Moroccan Logistic Startup Yola Fresh Raises $7m Pre-Series A Fund

Leave a Reply
Read next
Subscribe to our newsletter
Be part of the AU-Startups Network today and subscribe to our weekly ecosystem insider!