Last week, we recorded three funding deals across the African startup ecosystem. Nigerian AI startup, Intron Health raised $1.6 Million in pre-seed funding. Additionally, social enterprise, One Acre Fund secured $1.4 Million to improve its farmer support program, while Plentify also received an investment from multiple investors.
Funding
Intron Health
Funding round: Pre-Seed ($1.6 Million)
Investors: Microtraction, Plug and Play Ventures, Jaza Rift Ventures, Octopus Ventures, Africa Health Ventures, OpenseedVC, Pi Campus, Alumni Angel, BakerBridge Capital
Founded: 2020, Nigeria
Founders: Tobi Olatunji
Products: Intron Health develops AI-powered speech-to-text transcription tools for healthcare industry workers. The tool is designed to help healthcare professionals easily take medical records by simply dictating the information. Using it, Doctors can easily enter patients’ medical records and administer prescriptions through speech commands.
What Next?: The startup intends to use the funding to expand its operations by bolstering its team, improving research efforts, and strengthening its technology stack.
Plentify
Funding round: Undisclosed
Investors: Third Sphere, TELUS Pollinator Fund for Good, Susquehanna Foundation, and Fireball Capital.
Founded: 2017, South African
Founders: Jon Kornik and Kailas Nair,
Products: Plentify uses smart tech to provide affordable, reliable, and clean energy solutions to consumers.
What Next?: The company will use the fund to fuel its expansion within South Africa and in international markets.
One Acre Fund
Funding round: $1.4 Million
Investors: Impact Bridge Asset Management.
Founders: Andrew Youn, Eric Pohlman, and John Gachunga
Products: One Acre provides farmers in Africa with the skills and financing they need to improve their productions. The company trains farmers in sustainable farming practices such as fertilizer applications, planting techniques, and soil health. They also help farmers secure agric insurance services as well as other related services.
What Next?: The funding will enable the social enterprise to continue supporting 1 million smallholder farmers in East Africa and beyond
Acquisitions
Peach Payments Acquires Operativa
South African fintech company, Peach Payments is set to acquire Operativa, a software development firm. This acquisition is a strategic move which will grant Peach Payments full access to Operativa’s digital solutions, enabling it to rapidly expand its operations. Following the acquisition, Peach Payments is expected to accelerate the development of its new products, as well as onboard new merchants and banking partners
The acquisition will be completed in August upon which Operativa’s founders, Dayne Olivier and Ben Janecke, will take upPrincipal Engineer roles on the Peach Payments’ team while other members of the current Operativa’s team will also be moved into other roles.
Peach Payments was founded in 2012 by Rahul Jain and Andreas Demleitne to provide online and mobile payment solutions for South Africans. The company’s toolkit enable merchants to accept, manage, and make payments via mobile and the web. Operativa, founded in 2023, offers specialized skills and tools to digital services providers across several industries.
Ticketmaster Acquires Quicket
Event ticketing services provider, Ticketmaster is acquiring fellow ticketing platform, Quicket. Through this merger, Ticketmaster aims to expand its customer base and offer its solutions to larger audiences.
Ticketmaster was launched in South Africa in 2022 and has quickly gained popularity, growing large in the market. And now it is set to acquire a seasoned player in the industry, Quicket, which has been in operation for over a decade. Quicket has operations in several African countries including Nigeria, Uganda, Kenya, Zambia, and Botswana.
Essentially, the deal helps to bolster Ticketmaster’s global reach – with the acquisition, Ticketmaster will gain access to all the markets originally being served by Quicket.
Opportunities
Startups and Talent Enhancement Program (STEP)
Business Support Accelerator program
