Ecosystem Insider

Issue #130: LabLabee raises $3.4m, Settle Payments obtains $2m while five other companies also raised significant funding

September 24, 2024

Last week was a busy one for several investors and startups in the African ecosystems. No less than seven funding rounds were recorded as Edtech company, LabLabee led the way with a seed round of $3.4m. Egyptian fintech, Settle Payments, secured a Pre-seed funding of $2m, South Africa’s Happy Pay also obtained $1.8m, while Nigerian AML solutions provider, Regfyl also raised $ 1.1 million.

Funding

Kwiks

Funding round: $827,000

Investors: Azur Innovation Management (AIM)

Founded: 2022, Morocco

Founders: Jihane Belkacemi, Amine Khayatei Houssaini and Karim Kaoukabi

Products: Kwiks operates a digital solution designed to streamline human resource management processes. The platform connects companies with freelance headhunters, helping them to easily find the right talents for their teams.

What Next?: Fuelled by the fund, the company is set to accelerate the development of its AI-driven recruitment solutions.

Settle

Funding round: Pre-Seed ($2 Million)

Investors: Shorooq Partners, El Sewedy Capital Holding, Acasia Ventures, and Plus VC

Founded: 2023, Egypt

Founders: Kamil Sayour and Mostafa Mobarak

Products: Settle offers a comprehensive web-based B2B payment platform designed to modernize financial operations for businesses while providing them with real-time cash flow insights.

What Next?: Having already processed over $ 1 million in transactions in its testing phase, the company intends to invest the funding into expanding its reach into global markets and further improving its platform.

LabLabee

Funding round: Seed ($3.4 Million)

Investors: Reach Capital, Classera, Brighteye Ventures and e& Capital

Founded: 2021, Algeria

Founders: Samir Tahraoui and Mahfoud Sidi Ali Mebarek

Products: LabLabee operates an Edtech solution that gives users access to hands-on training in telecom networks. The company’s digital training platform focuses on courses in Telco, Telco Cloud, Private Cloud, Industry 4.0, and Networking.

What Next?: Lablabee plans to utilise the funding to expand its operations into the US market, develop new technologies, and introduce additional training programs.

Regfyl

Funding round: Pre-Seed ($1.1 Million)

Investors: Techstars, RallyCap Ventures, DCG Expeditions, Africa Fintech Collective, Musha Ventures

Founded: 2023, Nigeria

Founders: Dr. Tunde Ibidapo-Obe and Dr. Tomiwa Erinosho

Products: Regfyl offers a digital fraud detection and digital identity verification solution designed to help financial institutions combat financial crimes and improve anti-money laundering compliance.

What Next?: The financial support will enable Regfyl to continue developing and improving its solutions while simultaneously expanding its operations

RentScore

Funding round: Undisclosed

Investors: Baobab Network

Founded: 2022, Kenya

Founders: Christabel Ojuok and David Kimani

Products: Rentscore provides a digital solution tailored for renters, tenants, and property investors. The company makes property investment accessible for individuals and businesses with affordable rent-to-own accommodation plans.

What Next?: Rentscore is focused on empowering Kenyans to achieve affordable homeownership by converting rent payments into equity. The funding will enable the company to offer more accessible home loans to tenants in Kenya.

Happy Pay

Funding round: Pre-Seed ($1.8 Million)

Investors: E4E Africa, 4Di Capital, DotExe Ventures, Launch Africa Ventures, Equitable Ventures, Felix Strategic Investment, and Gaingels.

Founded:2022, South Africa

Founders: Wesley Billett, Mark Geary and Patrick Postrehovsky

Products: Happy Pay offers a comprehensive fintech solution that empowers consumers with zero-cost instalment payments, help them improve their credit score, and gain access to financial services.

What Next?: The funding is expected to accelerate the company’s drive to improve financial inclusion and offer zero-cost credit solutions across South Africa

Farid

Funding round: Pre-Seed ($250,000)

Investors: Amal bint Abdulaziz Al-Ajlan.

Founded: 2024, Egyptian

Founders: Mahmoud Hussein

Products: Farid provides a comprehensive learning platform focused on character education, and mental health support for children and youth aged 3 to 18. The platform offers personalized sessions and training for certified educators across the MENA region.

What Next?: The funding will enable the company to expand across the MENA region into Saudi Arabia and the UAE, as well as develop new training content for users.

Other Fundings

Three Companies Win $250,000 at the U.S-Tanzania Challenge

JamiiForums, Smart Foundry, and The Launchpad Tanzania have emerged as winners of the Tanzania Tech Challenge, announced by the United States Embassy in Tanzania.

The U.S.-Tanzania tech challenge aims to promote information integrity, enhance engagement, and equip individuals with skills to create and utilize digital information effectively. Over 100 companies applied for the challenge but only eight finalists were selected.

A panel of judges from the U.S and Tanzania decided the winners of the challenge after examining the solutions and presentations of the finalists.

Coming in the first place, Jamii Forums will receive $100,000, while Smart Foundry Ltd will receive $80,000, and The Launchpad Tanzania will get $70,000 of the total prize pool.

Acquisitions

Xero Acquires South African Syft Analytics

South African Syft Analytics has been acquired by Xero for a reported fee of $70 Million. Syft Analytics was established in 2016 and operates a data analytics software designed to enable businesses to interpret and leverage financial data effectively.

Xero operates an app store with special features that allow users access to advanced custom reporting and visualization capabilities.

The acquisition will see Syft continuing operations as a standalone solution for small businesses, bookkeepers, and accountants but under a new parent company.

Sultan Ventures Acquires Egypt’s Acasia Group

Venture Capital company, Sultan Ventures has announced its acquisition of angel investment organization, Acacia Group. The US-based venture capital firm acquired the Egyptian investment syndicate to expand its presence in the MENA Region.

Acacia Group, which split from Acasia Ventures earlier this year was originally established in 2011 as Cairo Angels. The company operates multiple incubators as a regional angel investment syndicate to support Egyptian entrepreneurs.

Sultan Ventures was established in 2009 and primarily focuses on early-stage investments and developing startup ecosystems.