The last two weeks have seen fewer headline deals than a typical African startup week, though activity from last week was still stronger than the lull from the week preceding it. Investments touched fintech, mobility, and clean energy, with Bluworks, Wahu Mobility, and Plentify leading the rounds. Institutional fund commitments added scale, but overall, the ecosystem moved at a measured pace.
FUNDING
SolarSaver
Funding Round: USD 60 Million Equity (Swedfund: USD 10 Million)
Investor(s): Inspired Evolution’s Evolution III Fund (Lead), FMO, Swedfund
Founder(s): Sedgeley Energy and its investment partners; Tim Frankish
Founded in: South Africa / Namibia (2015)
About Company
SolarSaver develops and operates distributed solar and battery systems for small and medium enterprises across Southern Africa. The company installs rooftop PV and lithium-ion storage on client premises and provides power through long-term PPAs and rent-to-own contracts. Its offerings enable businesses to adopt clean energy with no upfront cost while reducing exposure to unstable grid supply and expensive diesel generators. Its systems support manufacturers, agribusinesses, retailers, and logistics firms that require reliable electricity for equipment and cold-chain operations.
What’s Next
Swedfund’s USD 10 million investment, part of a USD 60 million round, will accelerate SolarSaver’s deployment of commercial solar and storage systems. The company will scale installations across Southern Africa using long-term development finance capital. Swedfund will support SolarSaver through an Environmental and Social Action Plan to strengthen ESG practices and improve risk management. The new funding positions SolarSaver to expand its clean energy footprint, increase system reliability, and widen access to flexible financing for SMEs.
Bluworks
Funding Round: USD 1 Million Seed
Investor(s): A15, Enza Capital, Beltone Venture Capital, Acasia Ventures, Strategic Angels
Founder(s): Hussein Wahdan, Farah Osman
Founded in: Egypt (2021)
About Company
Bluworks is a Cairo-based startup that provides digital tools for HR professionals to manage blue-collar workforces across Egypt and the broader MENA region. The platform combines scheduling, attendance tracking, payroll automation, and compliance features into a single system. It serves sectors including food and beverage, retail, manufacturing, construction, and facility management. Many businesses still rely on pen-and-paper workflows, which leads to delays and errors. Bluworks automates payroll processing, cutting the time from seven to ten days down to a single day, while ensuring adherence to Egyptian labor and payroll regulations.
What’s Next
Bluworks will use the seed funding to deepen operations in Egypt and prepare for regional expansion across MENA. The capital supports scaling partnerships, onboarding more SMEs, and integrating additional workforce-management services. Investors highlight the large, under-digitised blue-collar market in the region and the potential for transformative impact on payroll and labour management. The round reinforces the startup’s role as a backbone for digital workforce operations in underserved industries, supporting faster growth and broader adoption across the region.
Plentify
Funding Round: Series A, USD ~15 Million Total
Investor(s): Secha Capital, Buffet Investments, E3 Capital, Fireball Capital, Endeavor SA Harvest Fund, Satgana, Family Offices
Founder(s): Jon Kornik, Kailas Nair
Founded in: South Africa (2017)
About Company
Plentify offers a smart energy platform that links household appliances to an AI-driven load management system. The company connects water heaters, batteries, and solar devices to optimise energy consumption, reduce electricity costs, and ease grid stress. The company’s solutions support residential properties, including large-scale deployments with partners such as Balwin Properties, Conlog, and Wetility. Plentify’s HotBot device manages demand in real time, creating a virtual distributed power plant effect. The system monitors usage patterns, shifts consumption to cheaper or cleaner energy periods, and improves reliability for utilities and households. The platform currently manages nearly 100 MWh of controllable loads and has avoided around 9.9 GWh of electricity consumption, generating substantial cost savings for customers.
What’s Next
The Series A funding will accelerate Plentify’s international expansion to markets including the UK, Australia, and Brazil. Capital will support engineering, product development, and pilot projects while strengthening commercial teams for global deployment. The company plans to scale AI-driven demand management solutions for residential networks and property developers. Investors point to rising electricity prices and global grid instability as key drivers for adoption.
Wahu Mobility
Funding Round: Undisclosed
Investor(s): Sahara Impact Ventures
Founder(s): Valerie Labi
Founded in: Ghana (2018)
About Company
Wahu Mobility develops electric two-wheelers for Ghana and the wider West African market. The company designs and assembles e-bikes suited to local road conditions, providing corporate and consumer fleets with leasing options. Wahu supports riders with fleet monitoring, rider services, and a digital platform. Its CKD assembly plant uses solar power, supports local jobs, and enables battery recycling. Wahu integrates a climate finance model approved under Article 6.2 of the Paris Agreement, allowing carbon credit sales to finance lower-cost e-bikes.
What’s Next
Sahara Impact Ventures’ investment will support Wahu’s regional expansion and accelerate e-bike deployment in Ghana. The company plans to scale to 117,000 e-bikes by 2030 and strengthen partnerships with financing and delivery networks. The Hero App supports riders in locating charging points, purchasing parts, accessing financing, and managing maintenance.
Lula
Funding Round: ZAR 170 Million (USD 10 Million) Loan
Investor(s): IFC
Founder(s): Trevor Gosling, Neil Welman
Founded in: South Africa (2014)
About Company
Lula is a South African fintech lender that provides digital, unsecured working-capital loans to micro and small businesses. Its platform uses AI-driven credit scoring that draws on bank statements and alternative data to evaluate borrowers, including first-time business owners. Lula addresses a financing gap affecting 95% of formal SMEs, which limits job creation and growth in a sector contributing over 34% of national GDP. Loans are disbursed quickly, with automated approval and sizes up to ZAR 5 million. The company focuses on digital lending, speed, and accessibility for underserved SMEs, supporting cash flow, inventory, and operational expansion.
What’s Next
The IFC loan, structured in local currency, reduces exchange risk for borrowers and increases rand-denominated credit supply. Lula will direct at least 80% of funds to micro and small enterprises, expand digital onboarding, and test new products such as revolving credit and embedded lending. The funding strengthens Lula’s long-term mission to close South Africa’s SME finance gap, enhance financial inclusion, and support sustainable growth for underserved business segments. The fintech plans to improve AI-based risk scoring and extend reach into townships and emerging markets.
EXITS
Ata Capital Exits Novare Holdings
South Africa’s Ata Capital has sold its 26% stake in Novare Holdings to the company’s management team through a management buyout. The transaction, pending regulatory approval, transfers full control to Novare’s executives and signals a strategic milestone for Ata Capital. CEO Lelo Rantloane described the exit as timely, noting that service businesses like Novare thrive under owner-management leadership. Ata Capital praised Novare’s management for navigating economic challenges, restructuring operations, and laying the foundation for long-term growth.
During Ata Capital’s 2019–2025 investment, Novare achieved Level 1 B-BBEE status, expanded regionally with EDGE-certified offices in Zambia, and earned awards including HedgeNews Africa’s “Best Fund of Hedge Fund (Multi-Strategy)” and IFC EDGE Champion recognition in 2023. Novare also joined IFC’s Greening Real Estate Investment Portfolio and won ABSIP’s “Best Multi-Manager or Asset Consultant of the Year” in 2024. The exit marks a new chapter as management assumes full control, while Ata Capital continues its mission to enable empowerment-led, locally-driven businesses. Novare’s real estate portfolio spans Nigeria, Mozambique, Zambia, and South Africa, including malls and office developments, with a strong ESG and sustainability focus.
INVESTOR ACTIVITIES
SEFA Mobilizes €50 Million at COP30
The African Development Bank’s Sustainable Energy Fund for Africa (SEFA) secured nearly €50 million in pledges at COP30 in Belém, Brazil, from Germany and Italy. The funding will accelerate energy access across Africa and support a just energy transition. Germany contributed €14 million for universal energy access and €30 million for a green hydrogen programme, while Italy pledged €5 million to mobilise private investment in renewables.
The capital will advance Mission 300, a joint AfDB–World Bank initiative aiming to connect 300 million Africans to electricity by 2030. SEFA will use blended finance, combining concessional loans, equity, and technical assistance to de-risk renewable energy projects. Key projects include Obelisk, a 1 GW solar PV and 200 MWh battery system in Egypt, BURN’s clean cooking initiatives, and Project Zafiri, a $40 million platform for decentralised energy solutions. SEFA has disbursed $46.3 million of its $533 million portfolio to date, reinforcing its role in driving industrial decarbonization, green hydrogen adoption, and climate-focused infrastructure development across the continent.
Novastar Ventures Raises US$10M from Spanish Agency for Fund III
Novastar Ventures has secured US$10 million from Spain’s Agency for Development Cooperation (AECID) for its Africa People and Planet Fund III. The $200 million fund focuses on early- and growth-stage startups addressing climate and social impact, including renewable energy, e-mobility, circular economy, smart logistics, and regenerative agriculture. Fund III operates in Kenya, Nigeria, Rwanda, South Africa, and Egypt, targeting scalable solutions for vulnerable populations.
The fund aims to avoid or remove over 30 million tonnes of CO₂, sustainably manage 8 million tonnes of waste, and reach 25 million people with climate and social impact solutions. The Green Climate Fund anchors the vehicle with $40 million, while Swedfund and JICA each committed $10 million. Novastar has deployed $3.5 million into Sistema.bio, a biogas technology company converting farm waste into renewable energy and organic fertiliser, integrating digital monitoring to track environmental impact. Fund III underscores growing global investor interest in African climate-tech startups.
JICA Commits $50 Million to Helios Fund VJICA
The Japan International Cooperation Agency (JICA) has invested $50 million in Helios Fund V, supporting high-growth African companies across multiple sectors. The partnership is part of JICA’s Project for Promotion of Industrial Development in Africa by Private Equity Fund, which channels private capital into scalable businesses to enhance competitiveness, foster industrialisation, and expand access to finance.
Helios Fund V will operate across approximately 30 African countries, providing capital and operational support to mid- and large-scale enterprises in sectors such as financial services, healthcare, ICT, renewable energy, and consumer goods. The fund integrates ESG and SDG frameworks, including climate action, gender equality, decent work, and reduced inequalities. JICA’s participation reflects a strategic commitment to impact investing, leveraging private equity to stimulate industrial development, create jobs, and promote long-term, inclusive growth in Africa’s emerging markets.
