This week, we recorded impressive fundraising activities in the African startup ecosystem. In case you missed it, here are the highlights:
InstaDeep, a Tunisian enterprise AI startup that leads in advanced AI decision-making systems for solving real-world problems, raised $100 million in its Series B funding round. Alpha Intelligence Capital and CDIB led the investment round. Other investors that participated in the funding round include BioNTech, Chimera Abu Dhabi, Deutsche Bahn’s DB Digital Ventures, Google, G42 and Synergie.
Nala, a Tanzanian cross border payment company, specialising in international money transfers, raised a $10 million seed funding round. This investment round was raised from Amplo, Accel, Bessemer Partners, DFS Lab. Other angel investors that participated include Jonas Templestein, Vladimir Tenev, Alex Bouaziz, Laura Spiekerman and Peeyush Ranjan.
South African Startups
Orderin, a South African B2B on-demand delivery-as-a-service startup, raised $4.7 million in a pre-Series B funding round. The investment round will be used to scale up its infrastructure and enhance last-mile delivery for enterprises and SMEs.
Floatpays, a South African on-demand pay provider that helps employees achieve financial wellbeing, raised a $4 million seed funding round. This investment round was from Global Founders Capital, Base Capital, Finca Ventures, Raba Partnership, 4DX Ventures, Alan Rutledge, Shaun Hurwitz, Youcef Oudjidane, Olugbenga Agboola. The company gives employees instant access to their earned but unpaid income to cover unplanned expenses. It also provides them with access to financial education and the tools to plan and manage their budget.
TallOrder, a South African startup developing advanced cloud-based point of sale (POS) solutions for small and medium-sized enterprises (SMEs), raised $3.1 million in additional Series A funding. This investment was raised by their existing investors, including Investec Private Capital and Nurture Investment Management.
CompariSure, a South African startup that offers financial service providers end-to-end online sales solutions through always-on conversational AI, raised a $980,000 pre-Series A investment round from HAVAÍC and featuring 4Di Capital.
Sote, a Kenyan startup building the digital logistics infrastructure and the largest B2B marketplace in Africa with a focus on supply chain finance, raised a $4 million seed extension round. Social Capital led this investment round. Other investors that participated in the round include Justin Saslow, Harry Hurst of Pipe, MaC Venture Capital, and K50 Ventures. The company will use this funding round to expand its offering into financial services.
OZE, a Ghanaian startup that provides digital recordkeeping tools with embedded finance products to SMEs, raised a $3 million pre-Series A round. The investment round was led by Speedinvest, with participation from Cathay AfricInvest Innovation Fund, Savannah Capital and other angel investors.
SplendApp, an Egyptian startup that offers a software-as-a-service (SaaS) platform for users to develop high performance and affordable mobile apps in only 48 hours, raised an undisclosed pre-seed funding round from Saudi Arabia-based angel investors.
From Africa to the World
Vesti, a Neobank for Migrants that provides peer-to-peer payments and migration-related fees settlement for Africans and access to investment opportunities, raised $500,000 in its pre-seed funding round. This investment round from Oxygen Group, Microtraction, Prunedge Technologies, Terramax Ventures, GB Digitals, and Midlothian Angel Network.
And it is a wrap for this week!