The African tech ecosystem seemed to have taken a funding break for the first fourteen days of the year but then resumed activities with a bang as six new major funding deals were announced in just two days.
The first and biggest funding beneficiary this week is Nigerian fintech company Lemfi, which raised $53 million. The five other deals involved startups receiving millions of dollars in capital support for their ventures. As usual, this newsletter issue also features several other fundraising and development opportunities for African startups.

Funding

Lemfi

• Funding Round: Series B ($53 Million)
• Investors: Highland Europe, Left Lane Capital, Palm Drive Capital, Y Combinator, and Endeavor Catalyst.
• Founded: 2020, Nigeria
• Founders: Ridwan Olalere and Rian Cochran

About the Company:
Lemfi is a pan-African financial solutions provider that serves Africans in the diaspora, enabling them to easily conduct cross-border money transactions. Its digital platform allows Africans in North America, Europe, and Asia to securely send remittances to African countries. Additionally, Lemfi offers fraud detection solutions to protect users from scams.

The company currently operates in 27 send-from markets and 20 send-to markets.

What’s Next?
The $53 million capital infusion will fuel Lemfi’s expansion into more countries across Asia and Europe. This will enable the company to acquire more customers and grow its customer base, further empowering diaspora communities to support their families and friends in Africa.

Conservio

• Funding Round: Pre-Seed ($1 Million)
• Investors: E4E Africa, Volve Capital, Living Hope Ventures, Jonathan Smith
• Founded: 2020, South Africa
• Founders: Lara Dendy Young, Justin Rijnberg 

About the Company:
Conservio is a digital travel solutions provider connecting travelers with eco-conscious accommodations and short-let apartments in South Africa, Mozambique, and Namibia. Its online booking platform features over 500 properties across these countries, offering vacationers and travellers stylish and sustainable getaways.

What’s Next?
Conservio aims to use the funding to expand its customer base and increase its property listings to 2,000 accommodations in Southern Africa. The goal is to establish itself as the go-to brand for nature-based travel in Southern Africa.

The Awareness Company

• Funding Round: Seed ($1.6 Million)
• Investors: NEXT176, Holocene, Catalyst Fund, E Squared, Aions, and Jozi Angels
• Founded: 2018, South Africa
• Founder: Priaash Ramadeen, Estelle Lubbe, and Shazia Vawda

About the Company:
The Awareness Company is a SaaS solutions provider that helps businesses leverage data to improve operations and sustainability. Its proprietary HYDRA technology integrates AI, IoT, and data analytics to address challenges in agriculture, conservation, security, and smart infrastructure.

What’s Next?
The funding will be invested in  improving the company’s marketing and sales efforts as well as enhancing the AI capabilities of HYDRA. This will enable The Awareness Company to continue innovating in the sustainability space.

Purple Elephant Ventures (PEV)

• Funding Round: Seed ($4.5 Million)
• Investors: Clear Creek Investment B.V, Klister Corp., Fede Pirzo-Biroli, Ian McCaig
• Founded: 2020, Kenya 
• Founder: Ben Peterson

About the Company:
PEV is a venture studio revolutionizing African tourism by focusing on regenerative tourism, a concept where visitors and vacationers are encouraged to leave their holiday destination in better conditions than they found. It operates several high-impact startups addressing gaps in the hospitality industry.

Riding on the influence of the Tourism industry being the third largest sector in Africa, PEV aims to lead Africa’s tourism to a more sustainable future and further improve its profitability.

What’s Next?
The funding will help PEV scale its portfolio and launch improved initiatives to set new standards for regenerative tourism, boosting economic growth, protecting biodiversity, and preserving Africa’s cultural heritage.

FARO

• Funding Round: Seed ($6 Million)
• Investors: JP Zammitt, Presight Capital, Garage Ventures, Mato Perić (MPGI), Leonard Stiegeler
• Founded: 2024, South Africa
• Founder: David Torr, Amber Penney

About the Company:
FARO is a recommerce fashion startup tackling textile waste in developed markets and unsustainable practices in Africa by acquiring unsold inventory from major brands and reselling them at discounted prices. Despite operating only four stores, FARO generated over $2 million in revenue in 2024, a remarkable result considering that it’s just breaking into the industry.

What’s Next?
With the new capital injection, the company intends to scale its operations to  1,000 stores within a decade and expand into other African markets.

Ilara Health

• Funding Round: Debt ($1 Million)
• Investor: U.S. International Development Finance Corporation
• Founded: 2019, Kenya
• Founder: Emilian Popa, Maximilian Mancini,  

About the Company:
Ilara Health is a health care startup company that provides equipment and resources support for private outpatient clinics in peri-urban and rural areas, offering diagnostic devices, health management systems, and pharmaceuticals. It currently serves over 3,000 clinics in Kenya.

What’s Next?
The funding will help Ilara Health improve service delivery, enabling private outpatient clinics to provide better treatments for patients in rural areas. The company is also working on introducing working capital loans of up to $15,000 for clinics to enhance patient care.

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Other Startup Funding Opportunities

Mastercard Foundation EdTech Fellowship (Cohort III)

This initiative, in partnership with Co-Creation Hub, aims to transform learning and improve access to quality education across Africa by supporting EdTech startups with innovative solutions. The program seeks startups creating tools for interactive learning, educational content, learning management systems, or platforms that bridge gaps in accessibility and affordability.

• Perks:
  • $100,000 equity-free funding
  • Access to a network of investors and key stakeholders in the education sector
  • Tailored mentorship to scale and refine business models
• Eligibility:
  Open to early-stage EdTech startups focused on African markets.
• Deadline: January 31, 2025
• Apply Here

Hub71 Access Program

Organized by the UAE government, this program offers founders, investors, skilled professionals, and exceptional students the opportunity to relocate to Abu Dhabi under a comprehensive incentive scheme. Entrepreneurs will gain access to capital, infrastructure, and a thriving tech ecosystem.

• Perks:
  • A “Golden Visa” granting long-term residency in the UAE
  • AED 500,000 (approx. $136,000) in project funding incentives
  • Access to a dynamic innovation hub and partnerships with global corporations
• Eligibility:
  Open to founders and teams working on innovative tech solutions in any industry.
• Deadline: February 1, 2025
• Apply Here

Clean Energy & Mobility Innovation Program

A collaboration between Delta40 Venture Studio and Lemelson Foundation, this 10-month program is designed for entrepreneurs developing sustainable energy and mobility solutions in underserved regions. The program aims to foster the development of transformative technologies that address energy access and mobility challenges.

• Perks:
  • Grants for conducting feasibility studies and market research
  • Access to mentorship from industry leaders and subject matter experts
  • Opportunities to pitch at global events and showcases
  • Networking with other startups and organizations in the energy sector
• Eligibility:
  Startups and founders working on innovative solutions in clean energy, electric mobility, or energy-efficient transportation.
• Deadline: February 7, 2025
• Apply Here

Bayer Foundation Women Entrepreneurs Award

This award recognizes 15 exceptional women entrepreneurs working on transformative solutions in the health and food sectors. The initiative aims to empower women driving sustainable innovations that address pressing global challenges.

• Perks:
  • €25,000 cash prize for scaling their ventures
  • Six-month mentorship and training through an accelerator program
  • Networking opportunities within the Bayer Foundation Alumni Community
  • Sponsored travel for the award ceremony
• Eligibility:
  Women entrepreneurs from Asia, Latin America, Africa, and the Middle East addressing challenges in health, agriculture, and food systems.
• Deadline: February 18, 2025
• Apply Here

Visa Accelerator Program (Cohort IV)

Visa’s accelerator program is geared toward supporting African startups with innovative, market-ready solutions in digital payments, e-commerce, financial inclusion, and fintech. The program offers resources to refine their products and grow their customer base.

• Perks:
  • Tailored mentorship to develop and scale solutions
  • Access to Visa’s extensive global network and market insights
  • Opportunities for collaborative projects with Visa and its partners
• Eligibility:
  Open to seed to Series A stage startups with established MVPs (Minimum Viable Products).
• Deadline: March 15, 2025
• Apply Here