2026 Mata 21, Kuwa kabiriIkoranabuhanga, ibigo bishya n'imari ku rwego mpuzamahanga — ku Banyafurika.
The dip in funding activity that we observed last week continued, with less than five disclosed funding deals recorded across the African tech ecosystem this week. However, we witnessed the launch of Flourish Ventures’ Madica, a specialised investment initiative for African pre-seed stage tech startups. Satgana, a climatetech VC firm, also announced the first close […]
By AU Startups
The dip in funding activity that we observed last week continued, with less than five disclosed funding deals recorded across the African tech ecosystem this week.
However, we witnessed the launch of Flourish Ventures’ Madica, a specialised investment initiative for African pre-seed stage tech startups. Satgana, a climatetech VC firm, also announced the first close of its €30 million VC fund.
Let’s get straight into the details.
Seqoon, an Egypt-based proptech, has secured $500,000 in a pre-seed round through Banque Misr‘s pilot program to support startups in Egypt, with other angel investors participating.
Founded in 2022 by Omar Eldessouky and Mohamed Elkhatieb, Seqoon allows customers to share ownership of a vacation house. The company will use this funding to expand its team after launching its first co-ownership destination in El Gouna.
Kollider, a Bitcoin derivatives exchange based in Seychelles, has raised $2.35 million in seed funding led by Lemniscap, with participation from Castle Island Ventures, Polychain Capital, Alameda Ventures, Pfeffer Capital, Okex, and other investors.
The company’s core product is a Lightning-native derivatives exchange, which it claims to be the first of its kind. In addition, the company is developing bitcoin-backed synthetic stablecoins and a Lightning-enabled bitcoin wallet.
The cash will be used to develop the company’s exchange operation and add more Lightning-native financial solutions to its existing product lineup.
KarmSolar, an Egypt-based cleantech company, has received $2.4 million in investment from Qatar National Bank ALAHLI (QNB ALAHLI) as part of the Phase 2 expansion of its existing solar microgrid system.
Founded in 2011 by Ahmed Zahran, Omar Hosny, and Tamer Essawy, KarmSolar supplies renewable energy to numerous sectors in Egypt as part of its goal to expand the private clean energy industry.
The new funding will finance the solar Power Purchase Agreement (PPA) battery storage system in Egypt, as well as KarmSolar’s plans to implement battery solutions on a larger scale in Egypt and throughout the region.
Moove, a Nigerian automobile financing company, has raised £15 million from Emso Asset Management to scale its recently launched UK operations.
Founded in 2019 by Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs.
The company intends to expand its operations in the United Kingdom in order to assist drivers to switch to electric vehicles and accelerate the electrification of mobility.
Spatialedge, a provider of artificial intelligence solutions, has acquired Cape AI, a South African-founded tech start-up on a mission to help organizations develop by empowering people to make smart decisions using artificial intelligence technology.
Spatialedge is a big data and applied machine learning solutions company that helps businesses design and deploy powerful machine learning solutions quickly. Cape AI will be integrated into the Spatialedge business as part of the acquisition.
Flourish Ventures, a global venture capital firm that invests in mission-driven fintech entrepreneurs, has announced the launch of its affiliate Madica, a structured investment program for Africa’s pre-seed stage technology startups.
Madica will invest funds in tech startups and provide founders with specialised mentorship and world-class company-building support. Madica aims to provide 25-30 African entrepreneurs with up to $200,000 each over the next three years, in addition to multi-year programming support.
Satgana, a climatetech venture capital firm that invests in startups that provide technological solutions to the climate emergency in Europe and Africa, has announced the first closing of its €30 million VC fund, which is backed by more than 30 LPs, the majority of whom are high net worth individuals and family offices.
Satgana, “a nice company” in Sanskrit, makes pre-seed and seed investments of up to €500,000. Having previously invested in three firms, the firm plans to expand into Europe and key African markets, while adding a diversity and inclusion lens both before and after investment.
Peach Payments, a South African digital payments gateway, and API fintech Stitch have partnered to enable online retailers across the country to accept secure, low-cost instant EFT payments.
Peach Payments enables small and large merchants across the African continent to accept, manage, and make digital payments by providing a toolkit that allows them to accept, manage, and make payments via mobile and the web. While Stitch, which launched in February 2021, is active in South Africa and Nigeria with its payments and financial data API.
17 funds that could power your net-zero start-up (VentureBurn)
What start-ups think about ESG and why it matters (VentureBurn)
When will Africa start building for the world? (TechCabal)
Do you run a francophone African startup? Then you’re eligible to apply for the Digital Africa Funding ($48k)
Andela has opened an application for its EPIC Tournament ($10k). Find more details here.
Applications are now open to join Antler Nairob’s 8th cohort starting in January 2023! Learn more here.
And that’s a wrap on this week’s AU-Startups African funding review. Remember to share with your friends and colleagues if you received any value at all.
