Issue #132: Zepz $267m raise, alongside other significant deals

The last two weeks have seen a flurry of activities in the African startup funding scenes. Most notably, Zepz, formally known as WorldRemit secured a whopping $267 million in a series F funding round. Several other companies including Winich Farms, TUNL, Amaka Studio, Waribei, Scale, Littlefish, WiASSURE, and Dexude also raised funding from numerous investors. Funding Waribei Funding round: Pre-Seed ($817,000) Investors : Mstudio and Saviu Ventures Founded : 2023, Ivory Coast Founders : Ladislas Pham and Frédéric Fameni Products: Waribei operates a fintech solution that connects entrepreneurs with banks and other similar financial institutions making it easier for the entrepreneurs to access credit financing for purchasing goods. The platform also manages the credit facilities ’ payment terms. What Next?: The company intends to use the funding to improve its integration with financial institutions, so it can better tailor its services to meet the specific needs of merchants, empowering them to boost their sales and long-term sustainability. Zepz Funding round: Series F ($267 Million) Investors : Accel , Leapfrog Investments , TCV , and IFC Founded : 2010 Founders : Ismali Ahmed Products: Zepz operates WorldRemit and Sendwave, financial services infrastructures that enable clients to conduct cross-border transactions without accruing high transaction fees. What Next?: The new funding will contribute to the company’s expansion across African markets and beyond. TUNL Funding round: Seed Investors : E4E Africa , Jozi Angels, Utopia Capital Management , 54Collective , and Digital Africa Ventures Founded : 2020, South Africa Founders : Matthew Davey and Craig Lowman Products: TUNL operates a digital logistics management infrastructure designed to facilitate exports for manufacturers and merchants across Africa. The company also partners with courier companies to provide express courier services through its digital platform. What Next?: The new funding round will be used to enhance the marketing support provided by the company to small and medium-sized enterprizes. Winich Farms Funding round: Pre-Series A (3 Million) Investors : Acumen Resilient Agriculture Fund , Climate Resilient Africa Fund , Marula Square , Plug and Play , Tekedia Capital , and Sahel Capital Founded : 2020, Nigeria Founders : Richies Attai , Chichebem Jibunoh Products: The Agtech startup operates a digital supply chain and inventory management infrastructure designed to simplify market access for small-scale farmers in Nigeria, making it easier for them to get their products to off-takers and consumers at competitive prices. What Next?: Fueled by the funding, the company intends to further improve its solution to better connect farmers with farm produce buyers and secure competitive pricing for their products. Amaka Studio Funding round: Seed ($2 Million) Investors : Equitane , Morgan Stanley Inclusive Ventures Lab, Silverbacks Holdings Founded : 2020, Founders : Adaora Oramah Products: The company operates a digital platform that leverages automated tools to connect creators and brands enabling them to easily network and develop working relationships What Next?: The company initiated the fundraising to finance its mission to empower creators of African descent worldwide. Having secured the finances, it will proceed to execute its goal by launching AMAKA Gigs, a platform aimed at revolutionizing the creator economy by streamlining collaborations between brands and creators. Littlefish Funding round: Undisclosed Investors : TLcom Capital Founded : 2019, South African Founders : Brandon Roberts Products: The fintech company provides a digital platform designed to streamline financial operations for banks enabling them to match up to fintechs and better serve SMEs by offering digital payment processing, and facilitating access to credit. What Next?: Littlefissh is on a mission to help banks match up to the growing popularity of fintech and adjust to efficiently serve SMEs. The funding will be channelled into fulfilling this mission. Scale Funding round: Pre-Seed ($700,000) Investors : 54Collective , First Circle Capital , and Sunny Side Venture Partner s Founded : 2023 Founders : Miranda Perumal and Barbara Woollams Products: The company operates an issuer orchestration platform (Scale’s orchestration Issuing Layer, SOIL) that enables fintechs to issue cards to their clients, achieving faster go-to-market strategies and accelerating their revenue growth. What Next?: The new funding will pave the way for the company’s expansion into Zambia, Kenya, and Côte d’Ivoire WiASSUR Funding round: Undisclosed Investors : AXIAN Investment Founded : 2019, Ivory Coast Founders : Teva Fontaine Products: WiASSURE is an insurance broker operating a dedicated client portal which enables clients to conveniently track and manage their insurance claims, streamlining the relationship between insurers and clients. What Next?: With the investment, AXIAN becomes the seco