Africa’s startup ecosystem saw a notable surge this week, reversing the slower pace of the past two weeks. Key deals spanned clean transport, fintech, education, and affordable housing, led by BasiGo’s electric buses, Ridelink’s AI-powered logistics, and Jobomax’s regional housing expansion. Strategic exits and acquisitions, including InfiniLink’s buyout by GlobalFoundries, highlighted growing investor confidence. Multiple new funds launched across insurtech, AI, and digital inclusion, signalling renewed capital flows and operational support for early- and growth-stage startups. This flurry of activity underscores a return to momentum for the continent’s innovation landscape.
- FUNDING
- EXITS
- ACQUISITIONS
- INVESTOR ACTIVITIES
- FSD Africa Launches Inclusive Insurtech Fund
- Summit Africa Raises Capital for Second Private Equity Fund
- AfDB Commits to Adenia Fund 1
- PIC Backs Enko Capital’s Private Credit Fund
- Chui Ventures Closes Debut Fund for African Startups
- GSMA Launches AI Innovation Fund for Ghanaian Startups
- Clarrio.ai Joins Launch Africa Fund II to Expand Healthtech Platform
- B20 South Africa Unveils Digital Inclusion Fund
- Morocco Launches Catalytic Fund-of-Funds for Startups
- SANAD Elevate Her Programme Backs Female-Led Startups
FUNDING
BasiGo
Funding Round: Not disclosed
Investor(s): Proparco
Founder(s): Jonathan Green, Jit Bhattacharya
Founded in: Kenya (2019)
About Company
BasiGo is an e-mobility company deploying electric buses across Kenya and Rwanda. The startup combines local assembly with a pay-as-you-drive financing model, lowering upfront costs for operators. BasiGo operates a growing fleet that has transported millions of passengers while cutting operating costs for bus operators. Its network includes managed charging depots that support daily operations. The company’s buses reduce carbon emissions and noise, improving air quality in urban corridors. BasiGo’s model supports clean urban transport and offers measurable environmental benefits. Operators report significant cost savings and more predictable fleet performance, while passengers benefit from cleaner, quieter journeys.
What’s Next
Proparco’s investment will accelerate BasiGo’s Road to 1000 plan, aiming to deploy 1,000 locally assembled electric buses across East Africa. The capital will support the expansion of assembly operations, the development of additional charging infrastructure, and long-term financing for transport operators. BasiGo will continue scaling in Kenya and Rwanda and plans to extend its model to new cities in the region. The company expects to strengthen the adoption of electric mobility and expand its environmental impact while reinforcing sustainable urban transit systems.
Jackfruit Network
Funding Round: $5 Million Facility
Investor(s): TLG Capital, IDP Foundation
Founder(s): Robert Alhadeff
Founded in: Kenya (2016)
About Company
Jackfruit Network provides working capital loans to low-cost private schools in Kenya. The startup uses a local currency lending model supported by a guarantee from IDP Foundation, protecting schools from foreign exchange risk. Jackfruit targets schools that operate on thin margins and often struggle to access affordable credit. The platform allows school leaders to plan cash flows predictably and expand student enrollment. Its model serves underserved communities and prioritises women-led schools. Jackfruit Network has already partnered with hundreds of schools and reaches over 200,000 students. By aligning commercial capital with education outcomes, the company helps schools maintain operations and improve the quality of teaching.
What’s Next
The facility will enable Jackfruit to scale from 758 to over 1,500 partner schools and reach more than 500,000 learners. It strengthens the company’s capacity to issue Kenyan shilling-denominated loans and reduces financial volatility for borrowers. Jackfruit will continue expanding access to school financing and explore opportunities to replicate its local-currency lending model across other African education markets.
Stokvel Academy
Funding Round: Not disclosed
Investor(s): E Squared Investments
Founder(s): Busisiwe Skenjana
Founded in: South Africa (2017)
About Company
Stokvel Academy supports community savings groups in South Africa through financial education, governance training, and structured tools. The organisation addresses the challenges of informal group savings systems, which are prone to errors and mismanagement. Its new initiative, the Stokvel Agent Accelerator, will recruit youth agents to digitise group record-keeping, strengthen governance, and deliver financial literacy to communities. The programme targets savings groups in Soweto and the Vaal, reaching thousands of members. By combining digital tools with local agents, Stokvel Academy helps groups create reliable financial histories, improving transparency and opening pathways to formal financial services.
What’s Next
The funding supports an 18-month pilot to digitise over 3,400 stokvels and provide training for nearly 28,000 members. Stokvel Academy aims to create a scalable model for community financial governance that combines technology, education, and job creation. If successful, the initiative will expand to additional communities and support national adoption of digital financial management.
Cinch Markets
Funding Round: Not disclosed
Investor(s): UM6P Ventures
Founder(s): Alexander Fankuchen, Richard Gadbois
Founded in: Kenya (2017)
About Company
Cinch Markets aggregates smallholder farms into professionally managed plots, improving productivity and supply reliability. Farmers lease their land while retaining ownership and receive lease payments, wages, and dividends. The model boosts smallholder income and ensures consistent production for buyers. Cinch provides agronomy support, infrastructure investment, and quality control. By professionalising farm management, the company reduces fragmentation in smallholder farming and strengthens rural employment. The platform currently operates in Kenya and Ghana and aims to expand across Africa.
What’s Next
UM6P Ventures’ backing includes capital and strategic support through university-linked resources. Cinch will scale farm aggregation, expand crop portfolios, and strengthen farmer training programs. The startup is preparing for a future Series A round and plans to introduce new business lines, including agroforestry, while maintaining a focus on inclusive growth and food supply reliability.
Jobomax Homes
Funding Round: Not disclosed
Investor(s): Nimba Fund
Founder(s): Robert Hornsby, Jonathan Halloran
Founded in: Guinea (2015)
About Company
Jobomax Homes develops and sells affordable housing across West Africa. The startup combines land development, construction, and financing solutions to enable local and diaspora buyers to acquire homes. Its model delivers predictability for households and addresses structural gaps in housing supply. The company recently merged with Kado Partners to form JOBO.AFRICA platform, enhancing operational capacity and expanding offerings. Jobomax supports local economic activity by generating construction jobs and enabling homeownership.
What’s Next
Nimba Fund’s investment will help Jobomax scale affordable housing delivery, introduce local-currency financing, and improve regional integration. The company plans to expand operations, strengthen technology support, and increase homeownership opportunities across Guinea and other West African markets. The deal positions Jobomax as a key player in affordable housing and housing finance solutions in the region.
Ridelink
Funding Round: $1.1 Million Pre-Seed
Investor(s): Morgan Stanley Inclusive & Sustainable Ventures, Fuzé Fund, Orbit Ventures, Expert Dojo, Google Black Founders Fund
Founder(s): Daniel Mukisa, Amon Nyesigye
Founded in: Uganda (2017)
About Company
Ridelink is an AI-powered logistics platform connecting SMEs and enterprises with vetted transport operators. Its AI engine optimises routing, pricing, and carrier matching, reducing delivery times and costs. The platform also offers embedded finance through Boo$T, providing working capital and trade credit to previously underserved SMEs. Ridelink operates in Uganda, Kenya, and Tanzania, supporting thousands of businesses and transport operators while improving reliability and efficiency across supply chains.
What’s Next
The new funding will expand Ridelink’s corridor coverage, enhance automation, and scale embedded finance offerings. The company plans regional expansion, improving logistics operations and financial inclusion across African markets. The pre-seed round positions Ridelink for a future seed or pre-Series A raise.
Konnadex
Funding Round: $20,000 Grant
Investor(s): Lisk
Founder(s): Ugochukwu Okoro
Founded in: Nigeria (2023)
About Company
Konnadex is a fintech platform enabling stablecoin payments for African merchants. The startup provides cross-chain payment processing, automated settlement, and merchant tools to improve speed and reliability. The platform addresses challenges of slow and costly legacy payment systems and targets SMEs and online businesses that need practical digital currency solutions. Konnadex recently completed Lisk’s Cohort 2 incubation programme, validating its approach to blockchain-based payments.
What’s Next
The grant will accelerate the development of Konnadex’s payments gateway and improve merchant flows and platform integration. The company aims to scale adoption of stablecoins, reduce transaction friction, and create a reliable merchant-focused digital payment network across Africa.
GOGO Electric
Funding Round: $1 Million
Investor(s): ElectriFI
Founder(s): Jakob Hornbach
Founded in: Uganda (2019)
About Company
GOGO Electric operates an e-mobility network of electric motorcycles in Uganda, supported by a battery-swap model. The startup manufactures batteries locally and runs swap stations that allow riders to replace depleted batteries quickly. Its approach reduces upfront costs, lowers operating expenses, and supports cleaner transport. GOGO Electric integrates local assembly, battery production, and swap infrastructure, strengthening Uganda’s e-mobility ecosystem and creating local jobs.
What’s Next
The funding will expand battery-swap stations, increase electric motorcycle deployment, and enhance local manufacturing capacity. GOGO Electric plans to scale adoption across Uganda, improve operational efficiency, and support the country’s transition to sustainable transport.
EXITS
Egypt Ventures Exits InfiniLink Following Acquisition by GlobalFoundries
Egypt Ventures has successfully exited its investment in InfiniLink after the Cairo-based deep-tech startup was acquired by GlobalFoundries. The transaction underscores the rapid growth of frontier technology in Egypt, coming just months after InfiniLink closed its seed funding.
InfiniLink, founded by Ahmed Aboul-Ella and Botros George, develops optical chips that move data using light, designed for high-speed, energy-efficient data transmission in data centres. The acquisition gives GlobalFoundries access to the startup’s engineering talent, intellectual property, and chip designs, helping the company strengthen its optical connectivity offerings.
For Egypt’s deep-tech ecosystem, this exit signals that local engineering talent can compete on the global stage. Egypt Ventures’ CEO highlighted the achievement as a validation of the country’s semiconductor capabilities and a clear example for investors considering frontier-tech startups in the region. InfiniLink’s journey illustrates how fast-moving, highly skilled teams can attract strategic global partners while putting Egypt on the map for advanced technology innovation.
ACQUISITIONS
AIIM Expands Cold-Chain Network with Port Elizabeth Cold Storage
African Infrastructure Investment Managers (AIIM) has acquired a controlling stake in Port Elizabeth Cold Storage, extending the reach of its Commercial Cold Holdings platform. The facility adds important capacity to AIIM’s network across Southern Africa and strengthens its role in export-driven agriculture.
Situated in South Africa’s Eastern Cape, the Port Elizabeth site serves a major citrus-producing region and integrates with key transport routes. By linking the facility with existing operations, AIIM improves reliability during peak seasons and expands its presence in export markets. Plans are underway to implement renewable energy solutions and battery storage at the site, reflecting a focus on sustainability and operational efficiency.
The acquisition will support permanent jobs at the facility and aligns with AIIM’s broader strategy to enhance food security and trade capacity across the continent. It builds on previous expansions in the cold-chain sector, positioning AIIM as a leading pan-African operator in temperature-controlled logistics.
GlobalFoundries Acquires InfiniLink to Boost Optical Capabilities
GlobalFoundries has completed acquisitions of Egypt-based InfiniLink and Singapore-based Advanced Micro Foundry. The deals bring together design talent, intellectual property, and manufacturing experience to strengthen the company’s optical technology offerings.
InfiniLink contributes a highly skilled engineering team and expertise in optical data solutions, while AMF adds production scale and process knowledge. The combined capabilities allow GlobalFoundries to accelerate the development of high-speed optical connectivity for data centres and other applications.
These acquisitions highlight Africa and Asia as emerging sources of frontier technology talent. By integrating design and manufacturing capabilities, GlobalFoundries positions itself for faster delivery of optical solutions and improved energy efficiency in high-demand computing networks. The move underscores the potential for regional startups and engineering teams to contribute to global technology supply chains.
INVESTOR ACTIVITIES
FSD Africa Launches Inclusive Insurtech Fund
FSD Africa has launched a new fund to support early-stage insurtech startups across the continent. The initiative focuses on companies that are building accessible insurance solutions and climate-focused financial products.
The fund provides both capital and strategic support, drawing on experience from FSD Africa’s earlier accelerator programmes. It also offers guidance for navigating regulatory frameworks, helping startups scale faster and reach underserved populations.
African startups already backed under FSD Africa’s programmes have expanded access to insurance for households and small businesses, demonstrating the potential for early-stage investment to transform financial protection. The fund aims to further this impact by fostering innovation, strengthening financial resilience, and supporting entrepreneurs with solutions tailored to local markets.
Summit Africa Raises Capital for Second Private Equity Fund
Summit Africa has secured commitments for its second private equity fund, targeting companies across Southern Africa. The fund focuses on supporting small and mid-market businesses in sectors such as financial services, technology, and food supply chains.
The fund will work with businesses that have growth potential and can create employment opportunities, while also delivering social impact. Summit Africa plans to leverage its previous fund experience to deploy capital efficiently and help portfolio companies scale operations sustainably.
AfDB Commits to Adenia Fund 1
The African Development Bank has committed to Adenia Entrepreneurial Fund 1, a private equity vehicle supporting small and mid-cap businesses across Africa. The fund aims to strengthen operational capacity, improve governance, and expand market reach for portfolio companies.
Adenia Fund 1 will actively support investee companies with strategic guidance, operational improvements, and cross-border growth initiatives. The investment aligns with broader goals of inclusive economic growth and SME development, offering African entrepreneurs access to both capital and expertise.
PIC Backs Enko Capital’s Private Credit Fund
South Africa’s Public Investment Corporation has invested in Enko Capital’s private credit fund, designed to support mid-market companies across the continent. The fund offers structured financing solutions that help businesses scale operations while providing predictable returns to investors.
This investment reflects growing confidence in Africa’s private credit market and demonstrates institutional interest in building financial infrastructure to support expanding companies. Access to reliable financing is expected to strengthen operations, employment, and economic resilience in key sectors.
Chui Ventures Closes Debut Fund for African Startups
Chui Ventures has closed its first fund, targeting early-stage startups across Sub-Saharan Africa. The fund prioritises gender-inclusive and youth-focused investments, supporting founders building solutions in fintech, health, e-commerce, and logistics.
The fund has already invested in multiple startups, contributing to job creation and financial inclusion. Chui Ventures plans to raise a second, larger fund while maintaining its focus on local founders and mass-market solutions, demonstrating how homegrown capital can fuel African startup growth.
GSMA Launches AI Innovation Fund for Ghanaian Startups
GSMA has launched a new fund to support Ghanaian startups deploying AI through mobile technology. The initiative targets solutions that address challenges in health, education, agriculture, and financial inclusion, particularly for communities with limited digital access.
The fund combines grants with venture-building support, enabling startups to scale mobile-first AI solutions. Selected companies are developing platforms that optimise business operations and provide personalised education services. GSMA’s support signals growing recognition of African AI innovation tailored to local realities.
Clarrio.ai Joins Launch Africa Fund II to Expand Healthtech Platform
Healthtech startup Clarrio.ai has secured investment from Launch Africa Fund II to expand its platform for chronic disease management. The company aggregates data from wearables, hospital systems, and daily-life signals to provide personalised care insights.
Clarrio.ai’s platform has shown early success in improving patient monitoring and reducing medical crises. The investment will support expansion across Africa and global markets, strengthening the company’s ability to provide predictive healthcare solutions.
B20 South Africa Unveils Digital Inclusion Fund
South Africa has launched a $100 million fund aimed at accelerating digital access across the continent. The initiative supports startups in fintech, healthtech, agritech, and digital skills, prioritizing solutions that improve connectivity and inclusion.
The fund pairs financial resources with mentorship and market access, offering startups the support needed to scale technology solutions. It reflects a strategic push to expand digital ecosystems and promote inclusive growth across African economies.
Morocco Launches Catalytic Fund-of-Funds for Startups
Morocco has launched a fund-of-funds to strengthen its startup ecosystem, targeting early-stage and growth-stage companies. The program channels capital through local fund managers to support technology and innovation across fintech, agri-tech, digital health, and climate-tech sectors.
The initiative encourages private investment by reducing risk through government-backed guarantees, aiming to increase the number of startups and attract venture capital. It marks a strategic effort to build a more structured and resilient startup ecosystem in the region.
SANAD Elevate Her Programme Backs Female-Led Startups
Seedstars and SANAD TAF have launched the Elevate Her Programme, providing mentorship, training, and investment readiness support to female-led startups across Africa and the Middle East.
The programme focuses on sectors where women founders can drive measurable economic and social impact, including sustainability, agrifinance, and fintech. By bridging gaps in access to finance, networks, and markets, the initiative aims to strengthen women-led businesses and create lasting impact in emerging markets.
