Issue #130: LabLabee raises $3.4m, Settle Payments obtains $2m while five other companies also raised significant funding

Last week was a busy one for several investors and startups in the African ecosystems. No less than seven funding rounds were recorded as Edtech company, LabLabee led the way with a seed round of $3.4m. Egyptian fintech, Settle Payments, secured a Pre-seed funding of $2m, South Africa’s Happy Pay also obtained $1.8m, while Nigerian AML solutions provider, Regfyl also raised $ 1.1 million. Funding Kwiks Funding round: $827,000 Investors : Azur Innovation Management (AIM) Founded : 2022, Morocco Founders : Jihane Belkacemi , Amine Khayatei Houssaini and Karim Kaoukabi Products: Kwiks operates a digital solution designed to streamline human resource management processes. The platform connects companies with freelance headhunters, helping them to easily find the right talents for their teams. What Next?: Fuelled by the fund, the company is set to accelerate the development of its AI-driven recruitment solutions. Settle Funding round: Pre-Seed ($2 Million) Investors : Shorooq Partners , El Sewedy Capital Holding , Acasia Ventures , and Plus VC Founded : 2023, Egypt Founders : Kamil Sayour and Mostafa Mobarak Products: Settle offers a comprehensive web-based B2B payment platform designed to modernize financial operations for businesses while providing them with real-time cash flow insights. What Next?: Having already processed over $ 1 million in transactions in its testing phase, the company intends to invest the funding into expanding its reach into global markets and further improving its platform. LabLabee Funding round: Seed ($3.4 Million) Investors : Reach Capital , Classera , Brighteye Ventures and e & Capital Founded : 2021, Algeria Founders : Samir Tahraoui and Mahfoud Sidi Ali Mebarek Products: LabLabee operates an Edtech solution that gives users access to hands-on training in telecom networks. The company’s digital training platform focuses on courses in Telco, Telco Cloud, Private Cloud, Industry 4.0, and Networking. What Next?: Lablabee plans to utilise the funding to expand its operations into the US market, develop new technologies, and introduce additional training programs. Regfyl Funding round: Pre-Seed ($1.1 Million) Investors : Techstars , RallyCap Ventures , DCG Expeditions , Africa Fintech Collective , Musha Ventures Founded : 2023, Nigeria Founders : Dr. Tunde Ibidapo-Obe and Dr. Tomiwa Erinosho Products: Regfyl offers a digital fraud detection and digital identity verification solution designed to help financial institutions combat financial crimes and improve anti-money laundering compliance. What Next?: The financial support will enable Regfyl to continue developing and improving its solutions while simultaneously expanding its operations RentScore Funding round: Undisclosed Investors : Baobab Network Founded : 2022, Kenya Founders : Christabel Ojuok and David Kimani Products: Rentscore provides a digital solution tailored for renters, tenants, and property investors. The company makes property investment accessible for individuals and businesses with affordable rent-to-own accommodation plans. What Next?: Rentscore is focused on empowering Kenyans to achieve affordable homeownership by converting rent payments into equity. The funding will enable the company to offer more accessible home loans to tenants in Kenya. Happy Pay Funding round: Pre-Seed ($1.8 Million) Investors : E4E Africa , 4Di Capital , DotExe Ventures , Launch Africa Ventures , Equitable Ventures , Felix Strategic Investment , and Gaingels . Founded :2022, South Africa Founders : Wesley Billett , Mark Geary and Patrick Postrehovsky Products: Happy Pay offers a comprehensive fintech solution that empowers consumers with zero-cost instalment payments, help them improve their credit score, and gain access to financial services. What Next?: The funding is expected to accelerate the company’s drive to improve financial inclusion and offer zero-cost credit solutions across South Africa Farid Funding round: Pre-Seed ($250,000) Investors : Amal bint Abdulaziz Al-Ajlan. Founded : 2024, Egyptian Founders : Mahmoud Hussein Products: Farid provides a comprehensive learning platform focused on character education, and mental health support for children and youth aged 3 to 18. The platform offers personalized sessions and training for certified educators across the MENA region. What Next?: The funding will enable the company to expand across the MENA region into Saudi Arabia and the UAE, as well as develop new training content for users. Other Fundings Three Companies Win $250,000 at the U.S-Tanzania Challenge JamiiForums , Smart Foundry , and The Launchpad Tanzania have emerged as winners of the Tanzania Tech Challenge, announced by the United States Embassy in Tanzania. The U.S.-Tanzania tech challenge aims to promote information integrity, enhance engagement, and equip individuals with skills to create and utilize digital information effectively. Over 100 companies applied for the challenge but only eight finalists were selected. A