Ecosystem Insider

Issue #118: Connect Money secures $8m, Cadana raises $7.1m while logistics startup Noki Noki obtains $3m seed fund

July 3, 2024

It was all seed rounds last week in the African startup funding scenes as three companies each raised seed funding from multiple investors. Egyptian fintech, Connect Money raised $8 million to expand its operations. Payroll solutions provider, Cadana, also secured $7.1 million funding, while Noki Noki raised $3 million for its logistics operations. Elsewhere, investment company, Level Africa has acquired its counterpart Utilis Ventures for an undisclosed sum.

Funding

Connect Money

Funding round: Seed ($8 Million)

Investors: Disruptech Ventures, Algebra Ventures, Lorax Capital Partners, OneStop and MDP.

Founded: 2023, Egypt

Founders: Ayman Essawy

Products: Connect Money operates a banking-as-a-service platform and its embedded services enabling other fintech businesses to issue debit and credit cards without having to develop their own fintech infrastructure or obtain regulatory licensing. The company’s infrastructure also enables digital payments and instant financing.

What Next?: The new funding will enable the business to commence operation with five new business verticals across the North African region

Cadana

Funding round: Seed ($7.1 Million)

Investors: Costanoa Ventures, Better Tomorrow Ventures and 500 Startups

Founded: 2021

Founders: Albert Owusu-Asare, Ameer Shujjah

Products: Cadana provides payroll services for financial institutions, talent marketplaces, and international hiring platforms. The company’s offerings enable businesses to compensate their workforce across over 32 emerging markets seamlessly.

What Next?: The fund will be channeled towards revolutionizing remittances for African professionals working locally and internationally.

Noki Noki

Funding round: Seed ($3 Million)

Investors: Uma Ventures

Founded: 2021, Congo

Founders: Jonathan Yanghat

Products: The company offers logistics services geared especially towards food delivery and grocery shopping. Its products include Noki Noki, Noki Drive, and Noki Pay, an integrated payment solution for its delivery products

What Next?: Fuelled by the new funding, Noki Noki will move to scale its operations across its current six markets and solidify its presence in new areas.

Acquisitions

Level Africa Acquires Advisor Utilis Ventures

Leading Ugandan investment advisory firm, Utilis Ventures, has been acquired by its counterpart, Level Africa. Level Africa, just like Utilis Ventures provides investment and advisory services for individuals and businesses in Africa. The company operates a digital investment platform that helps clients access the best investment opportunities and information to grow their wealth.

The strategic acquisition will strengthen Level Africa and better position it to serve its expanding client base. Following the acquisition, Utilis Venture has been rebranded into Level Africa Uganda. The rebranding is intended to maintain a cohesive brand identity across each of the company’s outlets and service operations as well as reinforcing its presence in the region.