We recorded four funding activities last week involving Waza, Open Access, Energy, Wattnow, and Kredete. Waza secured $8 million from Lateral Frontiers VC, and Open Access Energy also obtained $750k in the 1st tranche of its $1.5m seed fund from Factor[e] Ventures. Elsewhere, Wattnow and Kredete wrapped up funding rounds but the details were not made public.
Funding
Open Access Energy
Funding round: Seed ($750,000)
Investors: Factor[e] Ventures
Founded: 2021, South Africa
Founders: Gerjo Hoffman and Christoff Albertyn
Products: Open Access Energy operates a multilateral wheeling platform that automates the matching of generation and consumption loads, enabling energy wheelers to execute wheeling transactions easily.
The company’s two products are Amptera which enables utilities and municipalities to access smart meters and Energypro, a wheeling software solution that uses direct access to smart meter data to create accurate multilateral wheeling transactions. Essentially, the company provides energy solutions for IPP and aids energy delivery to local municipalities. The company’s solutions aim to enhance grid reliability and reduce the environmental impacts of energy generation.
What Next?: The new investment will enable the company to improve its operations and develop new technology that will help it strengthen its position in the South African energy sector.
Wattnow
Funding round: Undisclosed
Investors: Lateral Frontiers VC
Founded: 2018, Tunisia
Founders: Issam Smaali
Products: Wattnow operates a smart energy management system which enables companies to monitor and gain actionable insights into their energy consumption. The system was designed to identify usage trends, waste sources, and anomalies to help companies identify how they can maintain optimal energy consumption.
What Next?: Wattnow recently expanded its operations into France, an indication of its ambitious growth plans. As such, it is expected that the new funding will also be channelled into furthering the company’s growth.
Waza
Funding round: Debt and Equity ($8 Million)
Investors: Y Combinator, Byld Ventures, Norrsken Africa, Heirloom VC, Plug and Play Tech Center, Olive Tree Capital, and Timon Capital.
Founded: 2023, Nigeria
Founders: Emmanuel Igbodudu, Maxwell Obi
Products: Waza operates a payment and liquidity platform tailored for emerging businesses. The platform provides an easy avenue for businesses to receive and make payments locally and internationally
What Next?: Fueled by the funding, the company is set to take its business beyond the borders of Nigeria and Ghana as it expands into new markets. Additionally, it will begin the delivery of new top-tier trade finance solutions to its clients
Kredete
Funding round: Undisclosed
Investors: Launch Africa Ventures
Founded: 2022
Founders: Adeola Adedewe
Products: Kredete operates a digital lending marketplace that connects individuals with various loan options that match their credit history and financial profile. The marketplace not only makes it easy for people to access loans but also for lenders to assess potential clients to make well-informed lending decisions. In addition, the company provides financial services for Africans in North America, enabling them to easily send money to people in other countries and build their credit.
What Next?: The company is set to continue improving its digital lending platform and financial services for users.
Opportunities
Global Entrepreneurship Festival Competition
