Home Issue #144 – Payhippo Rebrands to Rivy, Raises $4m as Enza and others also Secure Significant Funds

Issue #144 – Payhippo Rebrands to Rivy, Raises $4m as Enza and others also Secure Significant Funds

The African startup ecosystem is getting back on track after enduring a slow start to March. In the last seven days, we’ve seen seven funding rounds involving startups across different sectors. Most notably, Eyone emerged as the winner of the African Business Heroes competition, securing the $300k prize money and all the other 1st place perks. Elsewhere, Payhippo rebranded to Rivy, Grinta acquires Citi Clinic after completing a funding round, and Cascador unveiled its $2 million catalytic fund.

Jem HR

Funding Round: Pre-Series A debt and equity ($3.3 million)
Investors: Next176
Founders: Simon Ellis
Founded: 2019, South Africa

About the company:
Jem HR is a human resources technology startup focused on streamlining workforce management for businesses in Africa. The company initially started as SmartWage, offering on-demand salary access to clients before growing into a comprehensive solutions provider incorporating automated payroll solutions, compliance tools, and data-driven HR analytics into its services with the aim of helping companies optimise their workforce operations.

What next?
The newly secured funding will be used to accelerate Jem HR’s growth by enhancing its platform capabilities, expanding its customer base across South Africa, and exploring potential regional expansions.

Rivy

Funding Round: Pre-Series A, debt and equity ($4 million)
Investors: EchoVC and Shell’s All On
Founders: Dami Olawoye
Founded: 2019, Nigeria

About the company:
Known as Payhippo until its very recent rebrand, Rivy had always operated as an SME Lender, i.e a financial services company that provides quick and accessible financing solutions for small and medium-sized enterprises (SMEs). However, the company has since pivoted to financing primarily clean energy solutions and projects. The startup enables local solar energy vendors and businesses to access funding with minimal paperwork.

What next?
The startup plans to deepen its presence in Nigeria and explore expansion into new markets, positioning itself as a key player in Africa’s clean energy transition.

Enza

Funding Round: Seed ($6.75 million)
Investors: Algebra Ventures and Quona Capital
Founders: Andrew Key, Hany Fekry, Hamish Houston
Founded: 2023, Egypt

About the company:
Enza is a fintech startup revolutionizing digital payments and financial solutions in Africa. The company provides a modernized payment infrastructure to businesses, enabling seamless and secure transactions across various channels.

What next?
This funding round marks Enza’s first external investment, which it intends to use to scale its digital payment ecosystem, expand partnerships with financial institutions, and drive customer acquisition.

Juridoc

Funding Round: Undisclosed
Investors: 216 Capital and Go Big Partners
Founders: Assali Kais, Maya Boureghda Chebeane, and Anis Wahabi
Founded: 2021, Tunisia

About the company:
Juridoc is a legal-tech startup that provides AI-powered document automation solutions for businesses. Its platform simplifies legal processes, making it easier for companies to generate, review, and manage contracts efficiently. Essentially, the company is modernising legal services through its AI-powered search engine, which gives legal professionals quick access to legal insights.

What next?
The company aims to enhance its AI-driven legal solutions, expand into new markets, and secure additional strategic partnerships.

Grinta

Funding Round: Undisclosed
Investors: Beltone Venture Capital and Raed Ventures
Founders: Mohamed Azab, Yosra Badr, Ali Youssef, and Hamza Mohamed
Founded: 2021, Egypt

About the company:
Grinta is a health-tech startup focused on digitizing the pharmaceutical supply chain in Africa. It provides a B2B marketplace connecting pharmacies with suppliers, streamlining procurement and inventory management.

What next?
Following the funding, Grinta has acquired Citi Clinic, a primary healthcare chain. This acquisition signifies the beginning of Grinta’s transition from a B2B pharmaceutical supply chain operator to a healthcare service provider. Going further, Grinta plans to further scale its operations and increase its footprint across Egypt and neighboring markets.

Trade Shield

Funding Round: $824K
Investors: Vumela Enterprise Development Fund, Edge Growth
Founders: André Stürmer
Founded: 2023, South Africa

About the company:
Trade Shield is a financial services startup that provides risk management solutions for small and medium enterprises (SMEs). The company operates a SaaS platform that helps businesses navigate financial uncertainties by offering innovative trade finance solutions and insurance products. The AI-driven solution helps businesses to automate credit risk assessments using advanced data collection and analytics.

What next?
The funding will be used to expand Trade Shield’s product offerings, enhance its risk assessment technology, and scale its customer base across South Africa.

Investor Funding

Cascador

Funding Round: Catalytic Fund ($2 million)
Founders: Dave DeLucia
Founded: 2019, Nigeria

About the company:
Cascador is an accelerator and investment firm focused on supporting African entrepreneurs in scaling their businesses. The company provides mentorship, funding, and strategic guidance to startups across various industries.

What next?
Cascador has unveiled the $2m fund with the aim of bridging the funding gap for its alumni. The company plans to help improve access to funding and drive sustainable growth for Nigerian businesses. Essentially, the company plans to expand its accelerator program and reach more businesses in Nigeria.

Other News

Eyone Wins Africa’s Business Heroes

Senegalese telemedicine and e-health company Eyone has won the 2024/2025 edition of the Africa Business Heroes. The startup beats 20,000 others across 54 African countries to the final prize of $300,000.

Founded by Henri Ousmane Gueye, John Paul Diatta in 2015, Eyone aims to enhance medical interoperability. The company operates a digital health register where medical professionals and patients can access and update medical records in real-time.

The African Business Heroes competition is an initiative backed by the Jack Ma Foundation and Alibaba Philanthropy, intended to identify and support outstanding African entrepreneurs.

While 20,000 startups applied for this year’s ABH competition, only 10 finalists were selected, of which Eyone emerged victorious. As the winner, Eyone will not only get the prize money, but they will also get access to mentorship training for the founders and networking opportunities.