For the second week in a row, there were more than five funding activities in the African ecosystem. Two off-grid solar system distributors, Yellow, and RDG Collective secured financing from Acumen’s Hardest-to-Reach initiative. EV manufacturer, Zeno, also secured a $9.4 million seed fund, and Userguest raised $2.4 million. In West Africa, Ghanaian startup Kofa raised $5 million, while Nigerian Edtech, Tespire, secured an undisclosed pre-seed fund.
Funding
Yellow
Funding round: ($2 Million)
Investors: Acumen’s USD 250 M Hardest-to-Reach (H2R) initiative
Founded: 2017, Malawi
Founders: Mike Heyink and Maya Stewart
Products: Yellow manages a distributed network of renewable energy resource sales agents, helping to improve the distribution of solar home systems and mobile phones to underserved populations.
What Next?: The new investment will enable the company to provide solar energy access to more areas in Malawi and improve support for local economic growth.
RDG Collective
Funding round: ($1.25 Million)
Investors: Acumen’s USD 250 M Hardest-to-Reach (H2R) initiative
Founded: 2018, Zambia
Founders: Rune Gunner Dige
Products: RDG Collective is a clean energy solutions provider. They design, manufacture, finance, and distribute Solar Home systems and Productive Use Appliances to households, businesses, and communities
What Next?: With the investment, RDG Collective is expected to provide energy access to 66,000 people and further contribute to the efforts to cut down CO2 emissions in Africa significantly.
Tespire
Funding round: Pre-Seed
Investors: Undisclosed
Founded: 2016, Nigeria
Founders: Abdulkadir Suleiman Lapai and Umar Madugu
Products: Tespire provides schools with digital tools and equipment making digitised education more accessible and also simplifying administrative processes by digitizing manual procedures for teachers and school administrators.
What Next?: The investment will enable the company to expand the reach of its data-driven educational solutions. The company aims to address learning gaps while helping schools and stakeholders make informed decisions.
Zeno
Funding round: Seed ($9.5 Million)
Investors: Lowercarbon Capital, Toyota Ventures, 4DX Ventures, Active Impact, Advantedge, MCJ, and RedBlue
Founded: 2022
Founders: Michael Spencer
Products: Zeno designs, manufactures, finances, and distributes electric vehicles, providing reliable electric mobility to the general public.
What Next?: With the funding, Zeno aimed to mass-produce affordable electric motobikes and offer them for sale or rent to the populace. The startup intends to capitalize on the growing e-vehicles market in East Africa and offer its products in Ethiopia, Rwanda, and Kenya.
Userguest
Funding round: Seed ($2.4 Million)
Investors: CDG Invest, Saviu Ventures, UM6P Ventures, Kalys VC, Plug & Play, Philippe Limes and Thane Kuhlman.
Founded: 2018, Morocco
Founders: Hicham Benyebdri, Assil Bernossi and Ahmed Chami
Products: Userguest operates a software solution designed specifically to help businesses in the hotels and hospitality industry boost revenue and maximize occupancy by optimising direct bookings as well as offering personalised messages and incentives to website visitors.
What Next?: The newly secured funding will support the company’s growth, providing the necessary resources for the development of new features and products in the company’s solution stack as well as the expansion of its sales team.
Kofa
Funding round: $5 Million
Investors: PASH Global, Shell and TEA
Founded: 2021, Ghana
Founders: Erik Nygard
Products: Kofa is operating an innovative Battery-as-a-Service business model wherein they swap and dispose of machine batteries. The company’s business model allows customers to access advanced batteries for their EVs and other machines without needing to outrightly purchase them. The company provides e-bike asset financing
What Next?: With the funding, the company plans to expand its battery-swapping operations network in Ghana to promote cleaner energy access by offering backup power solutions that reduce reliance on petrol generators, helping to minimise fumes and noise pollution in urban areas.
Opportunities
Africa Ignite Pitch Competition 2024( Up to $1,000,000 Investment Prize)
MTN-WWF Africa PachiPanda Challenge 2024 for youth-led SMEs
