Last week was a relatively slow period in the ecosystem, with only four funding rounds reported. However, Azur Innovation Fund continues to make waves, attracting attention for the second consecutive week by investing $1 million in a startup based in Morocco.
Pre-Seed
Zofi Cash, an Ugandan fintech company, has successfully raised a $1 million pre-seed round from Nigerian investor Advancly.
Founded in 2021 by Gordon Turibamwe and Paul Kirungi, Zofi Cash provides an early wage access platform that allows employees to access their wages before payday or in case of emergencies. The fintech offers salary advances at low-interest rates based on the number of days advanced to the client before their official payday.
The newly acquired funding will enable Zofi Cash to expand its salary advance services and address a substantial backlog of over 20,000 employees currently on its waitlist.
Seed
DataPathology, a Morocco-based healthtech startup, has successfully raised $1 million in seed funding from Azur Innovation Fund.
Founded in 2020 by Mohammed El Khannoussi and Hicham El Attar, DataPathology aims to provide efficient and accurate pathological diagnosis for patient care through remote pathology consultations. The startup’s mission is to address the lack of timely cancer diagnosis, particularly in medically underserved regions, including countries in Africa.
With the new funding, DataPathology plans to expand its network of laboratories in Morocco and other parts of Africa. The company also aims to enhance its proprietary capabilities and increase the volume of data processed on its platform.
Side note: In last week’s issue, we highlighted Azur Innovation Fund’s $1.1 million seed investment in PrestaFreedom, a subscription-based home services platform focused on cleaning and other services for individuals.
Kena Health, a South African healthtech startup, has secured a total investment of $2.1 million from a combination of local and international investors. The funding includes a seed extension of $2 million from NEXT176, an innovation subsidiary supported by Old Mutual, and an additional $100,000 from Tofino Capital, a US-based early-stage investor .
Founded in 2021 by Saul Kornik, Kena Health offers on-demand and scheduled consultations with healthcare professionals, including nurses, general practitioners, and mental health professionals. The platform provides a wide range of healthcare services, such as medical advice, diagnoses, prescriptions, sick notes, and specialist referrals.
With this investment, Kena Health plans to expand its services beyond direct-to-consumer and venture into the business-to-business market. The company aims to reach a significant user base of up to 75 million people across the African continent, positioning itself for substantial growth and impact in the healthtech industry.
Others
Sun King, a Kenya-based off-grid solar energy company, has successfully secured $130 million in a sustainable securitisation deal arranged by Citibank. The deal received backing from Absa Bank Kenya PLC, British International Investment, FMO, Norfund, Stanbic Kenya, and the Southern African Trade and Development Bank.
Founded in 2007 by Patrick Walsh, Anish Thakkar, and Mayank Sekhsaria, Sun King specializes in the sale, installation, and financing of solar home systems for off-grid and under-electrified consumers in Africa and Asia. The company offers a technology-enabled, pay-as-you-go financing service called “Easy Buy,” which allows customers to purchase solar products through affordable and regular installments.
With the successful completion of this sustainable securitisation deal, Sun King is well-positioned to further expand its reach and impact, providing clean and affordable energy solutions to more households across Kenya.
Venture Funds
Goodwell Investments and Alitheia Capital have successfully raised €57 million from investors in the initial close of their joint uMunthu II Fund. The fund aims to raise a minimum of €150 million to support local entrepreneurs who are driving change at the grassroots level, with a specific emphasis on social and environmental impact.
The uMunthu II Fund is an inclusive fund that seeks to empower entrepreneurs by providing them with the necessary resources and support to create positive change in their communities. By investing in these entrepreneurs, the fund aims to drive sustainable development and address social and environmental challenges across various sectors.
Africa Climate Ventures, a venture fund startup, has recently raised £1 million in convertible loans from FSD Africa Investments. The funding will be used to invest in environmentally friendly projects across the African continent.
In addition to the capital investment, FSD Africa will provide £75,000 in grant funding. This grant will support the development of premium carbon credits and the marketing efforts of ACV’s portfolio and pipeline companies. ACV’s goal is to establish a portfolio of climate-positive businesses throughout Africa. Within the next four years, the company plans to launch and scale 15 ventures that contribute to addressing climate change and promoting sustainability on the continent.
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