We recorded several remarkable funding deals last week. The headline deal was d.light’s $176 million securitization funding led by African Frontier Capital. It was followed closely by MNT-Halan’s $157.5 Million expansion funding which featured numerous investors. In total, there were seven funding announcements including Dopay’s $13.5m and Terrapay’s $95m debt financing. Bio-Logical also obtained $1.3m while Logidoo and Momint both secured $50,000 in grants.
Funding
MNT Halan
Funding round: ( $157.5 Million )
Investors: International Finance Corporation, Development Partners International, Lorax Capital, Apis Partners LLP, Lunate, and GB Corp Partners,
Founded: 2018, Egypt
Founders: Mounir Nakhla
Products: MNT-Halan serves millions through its different digital finance solutions including a consumer-transaction product, a merchant app, distributed payment processing software, and other payment solutions. The startup operates a proprietary fintech ecosystem connecting vendors, microenterprises, and customers.
What Next?: Fueled by the c+funding, the company is set to ramp up efforts on its strategic growth and expansion plans
Logidoo
Funding round: Grant ($50,000)
Investors: International Development Research Centre
Founded: 2019, Morocco
Founders: Ousmane Traore
Products: Logidoo operates a digital platform that provides cross-border logistics and package-tracking services for clients, primarily ecommerce businesses.
What Next?: The company is working on establishing a seamless network where all aspects of delivery services are more efficient. This requires cutting down operational costs and delivery times in logistics operations.
d.light
Funding round: Securitization Facility ($176 Million)
Investors: African Frontier Capital
Founded: 2007
Founders: Ned Tozun, Sam Goldman
Products: d.light specializes in the production and distribution of solar lighting and power products in Sub-Saharan Africa and Asia. The company provides a wide range of sustainable energy solutions such as portable solar lanterns. In addition, it offers a PayGo finance product aimed at improving accessibility to solar-powered products for individuals in low-income households and underserved communities.
What Next?: d.light plans to invest the funding into scaling up its PayGo consumer finance solution.
Dopay
Funding round: Series A Extension ($13.5Million)
Investors: Argentem Creek Partners
Founded: 2014,
Founders: Frans van Eersel and Ahmed Nassef
Products: Dopay provides a digital payroll and payments solution tailored to serve underbanked and unbanked workers in nascent markets. Primarily, the company offers virtual banking and cash payment digitization for employers seeking to pay workers’ wages.
What Next?: The funding will contribute to Dopay’s expansion efforts, helping the company extend its reach into new markets and launch a range of new financial services.
Bio-Logical
Funding round: $1.3Million
Investors: CrossBoundary, Redshaw Advisors, and Steyn Group
Founded: 2022, Kenya
Founders: Rory Buckworth, Philip Hunter
Products: The startup uses technological innovations to sequester carbon from agricultural waste and convert it into useful fertilizers. its solutions are implemented across several land and forest regeneration projects
What Next?: The climate tech startup plans to invest the new fund into expanding its biochar facility, specifically to increase production capacity towards the company’s goal of improving the productivity of smallholder farmers in Kenya.
Terrapay
Funding round: Debt Financing( $95 Million)
Investors: International Finance Corporation (IFC) and the British International Investment
Founded: 2014
Founders: Ram Sundaram, Ambar Sur
Products: Terrapay is a digital payments service provider leveraging digital technology to streamline remittance processes for users. It integrates with major markets and money transfer operators including MoneyGram, Western Union, and Ria to provide a payment infrastructure that spans the globe.
What Next?: The company will use the newly secured fund to improve access to affordable remittances for clients as well as support the businesses and livelihood of SMEs across Africa.
Momint
Funding round: Grant ($50,000)
Investors: DFINITY Foundation
Founded: 2020, South Africa
Founders: Ahren Posthumus, Adam Romyn
Products: Momint is a digital technology startup that aims to popularize Web 3 adoption in Africa. The company provides resources and a safe platform for consumers, and investors to own, trade, and exchange digital crypto assets on the blockchain.
What Next?: Momint intends to use the grant to drive the integration of the ICP blockchain into its solution which will help enhance its business. This move will further help to foster the company’s global expansion efforts.
Opportunities
WFP Innovation Challenge (up to US$100,000 equity-free funding)
Climate Change AI Innovation Grants 2024 (Up to $150,000)
Pivot Challenge 2024 For early-stage startups in Africa
Girls in Tech Startup Challenge 2024 for Female Entrepreneurs
