Egyptian startups won big in the African funding scenes last week, taking four of the six announced rounds. B2B e-commerce company, Cartona had the largest funding, obtaining $8.1 million in a mix of debt and equity. Edtech, Educatly also secured $2.5 million, Synapse Analytics raised $2 Million, while Kemitt didn’t disclose the details of their funding round. Elsewhere, Shiprazor and EnvoyX both had undisclosed funding deals.
Funding
Educatly
Funding round: $2.5 Million
Investors: TLcom Capital, Plus VC, Egypt Ventures, and HBAN syndicate.
Founded: 2020, Egypt
Founders: Mohamed ElSonbaty, Abdelrahman Ayman, and Joan Manuel.
Products: Educately is an Edtech solutions company that helps students find the right opportunities to study abroad by providing comprehensive information about tertiary learning institutions across the globe. The company consolidates accurate information on learning institutions including details on scholarships and special programs using machine learning and AI to filter through data to identify legitimate opportunities for students.
What Next?: The company intends to expand its operations across Africa and the Middle East to enable more students to access better learning opportunities.
EnvoyX
Funding round: Undisclosed
Investors: Baobab Network
Founded: 2023, Côte d’Ivoire
Founders: Loubao Kraka
Products: The Healthcare-focused company deploys AI-powered tech solutions that facilitate payment processing and expedite insurance claims processing in the healthcare industry. The solution provides swift and efficient invoice resolution, helping patients access high-quality care undeterred by slow claim processing.
What Next?: By becoming a member of the Baobab Network, EnvoyX will have access to Funding and mentorship support which will set the company on a higher growth trajectory.
Cartona
Funding round: Series A, Debt and Equity ($8.1 Million)
Investors: Algebra Ventures, Silicon Badia, SANAD Fund, Camel Ventures and GlobalCorp
Founded: 2020, Egypt
Founders: Mahmoud Talaat, Mahmoud Abdel-Fattah, and Rafik Zaher
Products: Cartona operates a B2B e-commerce marketplace for fast-moving consumer goods retailers and distributors. The digital platform aims to simplify supply chain and inventory management for retailers, wholesalers, and suppliers by digitizing the traditional trade market.
What Next?: The funding will enable the company to accelerate its growth in B2B commerce and HORECA while expanding its market share and reach in the MENA.
Shiprazor
Funding round: Undisclosed
Investors: Launch Africa Ventures,
Founded: 2022, South Africa
Founders: Sahil Affriya
Products: Shiprazor operates an innovative e-commerce logistics aggregator that connects shippers and retailers with logistics service providers. The platform offers streamlined delivery solutions to retailers and shippers, helping them reduce costs while improving visibility and growth for logistics service providers.
What Next?: The funding will help Shiprazor improve its comprehensive solution to revolutionize e-commerce logistics and supply chain solutions in Africa.
Synapse Analytics
Funding round: $2 Million
Investors: Silicon Badia and Hub 71
Founded: 2018, Egypt
Founders: Ahmed Abaza and Galal El Beshbishy
Products: Synapse Analytics utilizes AI technology to help businesses make better decisions. The company offer products to help companies maximize their data, monitor business performance, and improve business decision-making.
What Next?: Fueled by the funding, the company intends to focus its AI solution on tackling socioeconomic issues in local communities across Africa, enhancing financial inclusion and accessibility by enabling users to make better financial decisions using its advanced AI software.
Kemitt
Funding round: Undisclosed
Investors: Undisclosed
Founded: 2021, Egypt
Founders: Mahmoud Fouad, Mohamed Rashwan, and Mohamed Hedaya
Products: Kemitt operates a digital marketplace for furniture, home decor, and upholstery. The company’s digital platform helps connect furniture designers with buyers and provides last-mile logistics service for the buyers.
What Next?: With the latest funding, the company will commence its expansion plans as it aims to extend its solution into Saudi Arabia and other countries in the MENA.
Acquisition
Egypt’s Fintech Giant MNT-Halan Acquires Turkish Finance Company Tam Finans
In a move to expand its operations into Turkey and further its spreading influence in the Middle East and Asia, Egyptian Unicorn Fintech MNT-Halan has acquired Turkish commercial finance company, Tam Finans.
This acquisition comes off the back of MNT Halan’s recent $157 Million fundraising which allowed the company to acquire the stakes to Tam Finans from Regional PE firm, Actera and the European Bank for Reconstruction and Development.
Having recently expanded into Pakistan, MNT-Halan’s acquisition of Tam Finans highlights the company’s intention to solidify its presence in the Middle East and become a more dominant force in the MENA.
MNT-Halan operates a fintech solution that makes financial transactions easy for consumers, vendors, and enterprises in addition to offering ride-hailing and logistics services to commuters.
