Last week, African startups and investors witnessed significant funding milestones, showcasing the ecosystem’s resilience and growth potential. From Nigeria’s Billboxx securing $1.6M to Senegal’s Eyone raising $1M for healthcare solutions to the REPP 2 Fund’s remarkable $107M first close, these developments signal a strong trajectory for innovation and impact-driven ventures across the continent. Here’s a roundup of the key players and what’s next on their horizon.
Startup Equity / Debt Funding
Billboxx
Funding round: Pre-Seed ($1.6 Million)
Investors: Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures
Founded: 2023, Nigeria
Founders: Justus Obaoye, Abdulazeez Ogunjobi
Products: Billboxx offers a B2B SaaS platform that enables companies to automate their business billing and payment workflows. Using the platform, businesses get to expedite their payments, improve cashflow management and reduce transaction processing times.
What Next?: Now with sufficient financial backing, the company will commence its expansion plans, extending its solutions range and improving its offerings to serve more SMEs across Nigeria
Eyone
Funding round: ($1 million)
Investors: Sonatel Group, BICIS
Founded: 2015, Senegal
Founders: Henri Ousmane Gueye
Products: Eyone offers curated health solutions through a digital platform that connects patients with healthcare service providers including hospitals, clinics, insurers, and even government agencies. Primarily, the company’s solution is focused on creating an interconnected healthcare ecosystem in Africa.
What Next?: The funding provides Eyone a much-needed boost for expansion, allowing the company to increase its digital health offerings as well as widen its reach across Africa.
Other Startup Funding
SAYeTECH
Funding Type: Startup Challenge Winner’s Prize ($50,000)
Funding Providers: Mest Africa Challenge (MAC)
Founded: 2018, Ghana
Founders: Theodore Ohene-Botchway
Products: SAYeTECH specialises in manufacturing agricultural machinery specifically to suit the demands of African farming practices. The company’s innovative solutions are tailored to empower smallholder farmers in Africa with equipment that enhances their productivity and efficiency.
What Next?: While the funding may be relatively small, it is still expected to contribute to SAYeTECH’s product scaling plans as the company intends to increase its production capacity and reduce delivery times.
Investor Funding
Seedstars Africa Ventures
Funding Type: $42 Million (First Close)
Investors: EIB Global, African Development Bank Group
Founders: Maxime Bouan, Tamim El Zein, Bruce Nsereko Lule
Focus: Seedstars African Ventures is a fund curated for investing in sectors that are critical to Africa’s sustainable development. It primarily invests in solutions that promote climate resilience, energy access, food systems, internet connectivity, and financial inclusion.
What Next?: The fund intends to expand its portfolio by participating in seed and series A investments involving companies that provide solutions that align with its goals. Essentially, the company aims
REPP 2 Fund by Camco
Funding Type: $107 Million (First Close)
Investors: Green Climate Fund (GCF), Norfund, FMO, BIO, Ceniarth:
Focus: Camco is a climate and impact fund manager that invests in solutions with the potential to have meaningful climate, economic and gender impacts while accelerating Sub-Saharan Africa’s energy transition.
What Next?: The Renewable Energy Performance Platform fund is dedicated to advancing energy transition in emerging economies, as such, the fund will be channelled into investing in ventures that display solutions that align with the REPP objectives.
Caurice Finance
Funding Type: $40 Million
Founded: 2021
Focus: Caurice Finance is an impact-focused investor that provides debt finance tailored to a variety of business models including trade finance, mobility solutions, and financial services.
What Next?: The new financial injection will enable Cauris to scale its reach and expand its portfolio supporting more African startups as a key economic partner.
