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Uganda’s Tech-enabled Asset Finance Firm Tugende Secures $17m Funding

Uganda’s Tech-enabled Asset Finance Firm Tugende Secures $17m Funding

Ugandan fintech lender, Tugende, specializing in asset lending in Kenya and Uganda, has closed a $17m investment round. The funds raised will assist the organization in meeting client demand as well as supporting other technological advancements. The Nordic Microfinance Initiative (NMI) ($5m), Symbiotics ($6m), and the Lendahand crowdfunding site ($1m)

Nigerian edtech startup, Teesas, raises $1.6M pre-seed to expand across Africa

Nigerian edtech startup, Teesas, raises $1.6M pre-seed to expand across Africa

Teesas, a Nigerian Edtech startup has raised $1.6 million in a pre-seed funding round to expand its operations into new markets and also launch a marketplace that will connect learners with tutors for private lessons. The investment round was led by Haresh Aswani, Tolaram Group’s Africa managing director,

AfDB Invests in Janngo Start-up Fund to Boost Innovation Across Africa

AfDB Invests in Janngo Start-up Fund to Boost Innovation Across Africa

African social startup studio, Janngo Capital has announced the first close of its Start-Up Fund at $12 million (€10.5m). The pooled funds comprise $7.9 million (€7m) provided by the African Development Bank and a $3.9 million (€3.5m) contribution by the European Union and the Organization of

United States’ Aumet Acquires Egyptian Healthcare Supply Chain Solution Platform One

United States’ Aumet Acquires Egyptian Healthcare Supply Chain Solution Platform One

United States’ B2B healthcare marketplace serving the Middle East and North Africa, Aumet, has announced the acquisition of Platform One, an Egypt-based healthcare supply chain solutions startup, for an undisclosed amount. The acquisition will enable Platform One’s full operation across Saudi Arabia, the United Arab Emirates, Egypt, and Jordan,

Nigerian Edtech startup, Stranerd, launches P2P learning platform

Nigerian Edtech startup, Stranerd, launches P2P learning platform

Nigerian self-funded Edtech startup Stranerd has announced the launch of its peer-to-peer learning platform where students can ask and answer homework-related questions, with the service designed to give the smartest students opportunities to offer support to others who may be less skilled in particular subjects. Stranerd which began life as

Moroccan Real Estate Valuation Startup, Agenz, Secures $540k Seed Funding

Moroccan Real Estate Valuation Startup, Agenz, Secures $540k Seed Funding

Moroccan property valuation startup, Agenz, has raised $540K in a seed funding round less than a year after its launch to accelerate the rollout of Agenz across the country. This funding came from Azur Innovation Partners. AGENZ is a Casablanca-based startup launched by brothers, Malik Belkeziz and Badr Belkeziz to

Kenyan Fintech startup, Paylend, bags $2M Seed Investment

Kenyan Fintech startup, Paylend, bags $2M Seed Investment

Kenyan fintech startup, Paylend, announced Tuesday that it has secured $2 million seed investment from Next Chymia Consulting HK Limited, an Asian based company that provides blockchain applications, consultancy services and training to global entities. Founded in September 2019, Paylend is focused on providing access to finance and digitizing MSMEs

Kenyan Fintech Startup IMFact Secures $3.9m

Kenyan Fintech Startup IMFact Secures $3.9m

Kenyan fintech startup, IMFact, has announced it secured $3.9m from FSD Africa Investments (FSDAi), the investment arm of FSD Africa. IMFact is a non-deposit taking financial institution founded in 2019 by Cardano Development (CD), an Amsterdam-based incubator and fund manager, with funding from KfW on behalf of the German

South Africa’s Planet42 gets $30M for its car subscription service, led by Naspers

South Africa’s Planet42 gets $30M for its car subscription service, led by Naspers

Planet42, a South Africa-based car subscription company that buys used cars from dealerships and rents to customers via a subscription model, has raised $30 million in equity and debt. The investment — which co-founder and CEO Eerik Oja called a bridge round — is a prequel to a larger Series A round

SA based SweepSouth, acquires Egyptian home services startup, Filkhedma

SA based SweepSouth, acquires Egyptian home services startup, Filkhedma

SweepSouth, an online home services platform backed by Naspers, has announced the acquisition of Filkhedma, an Egyptian home services startup. Launched in 2014, SweepSouth is an online platform providing on-demand home cleaning services, operating across various South African cities. Filkhedma is Egypt’s home services marketplace operating across three cities

Koniku closes Series A round led by Nigeria's Platform Capital

Koniku closes Series A round led by Nigeria's Platform Capital

Koniku Inc., a Nigerian-founded, California-based biotech company, has announced the close of its Series A financing round led by Platform Capital Investment Partners, a Nigeria-based private equity firm. Founded in 2017 by Oshiorenoya Agabi, a Nigerian-born scientist who now runs the company’s team of engineers in Silicon Valley. Koniku’

Nigerian Mobility Startup, MAX, Raises $31m Series B Round

Nigerian Mobility Startup, MAX, Raises $31m Series B Round

Nigerian transportation tech business, Metro Africa Xpress Inc. (MAX), has raised $31m in a Series B fundraising round. The latest round of funding was headed by Lightrock, a global private equity platform that is making its first investment in the African mobility industry. Global Ventures, a UAE-based international venture capital

Egyptian AIM Technologies raises Seed round from Sequence Ventures

Egyptian AIM Technologies raises Seed round from Sequence Ventures

Cairo-based AI-based customer experience platform AIM Technologies has raised an undisclosed amount in a Seed round, led by Sequence Ventures, a newly-launched Egyptian VC. Sequence Ventures plans to raise $31.76m over the next three to five years, with the first tranche of $9.5m presently being raised. The funds

African Development Fund Grants $1.5M to Smart Africa Alliance for African Startups

African Development Fund Grants $1.5M to Smart Africa Alliance for African Startups

Smart Africa Alliance, an alliance of 32 African countries, international organizations, and global corporations with a vision to create a single digital market in Africa by 2030 has announced it received $1.5m grant funding from the African Development Bank Group to assess policy gaps in the digital trade and

Cameroon’s Mobility Startup, Bee Group, Lands New Funding

Cameroon’s Mobility Startup, Bee Group, Lands New Funding

Cameroonian mobility startup in motorcycle transport and product delivery, Bee Group, has secured funding of $90k to expand its program to improve mobility in Africa. Cameroon Angel Network (CAN) and Catalytic Africa, a new endowment fund established by African Business Angles Network (ABAN) led the round. Bee Group was launched

Ventures Platform launches a $40m fund for African Startups

Ventures Platform launches a $40m fund for African Startups

Ventures Platform announced a $40m fund for African tech startups. The new fund which has reached the first close is being led by the Nigeria Sovereign Investment Authority (NSIA). The round also saw participation from other experienced investors and some new leading names including UAC Nigeria, VFD Group, Gbenga Oyebode,

SafeBoda Receives Investment from Google’s Africa Investment Fund

SafeBoda Receives Investment from Google’s Africa Investment Fund

Ugandan super app and mobility provider, SafeBoda, has become the first startup to receive investment from Google’s Africa Investment Fund. The undisclosed funding came from the $50m Africa Investment Fund announced two months ago by Alphabet CEO Sundar Pichai. Targeted at early- and growth-stage startups on the continent, Google

Nigerian Solar Energy Startup, NXT Grid Secures $1.4million

Nigerian Solar Energy Startup, NXT Grid Secures $1.4million

Nigerian solar mini-grid provider, NXT Grid, has announced it has secured $1.4m from investors All On and Katapult Climate to expand its operations. This latest investment follows All On’s initial investment in 2020, which enabled the deployment of Nigeria’s first mini-grids. NXT Grid was founded in 2019

Kenyan Influencer Marketplace, Wowzi Raises $3.2m to Expand Across Africa

Kenyan Influencer Marketplace, Wowzi Raises $3.2m to Expand Across Africa

Kenyan influencer marketplace, Wowzi, has announced that it has raised a total of $3.2m in a seed funding round. The startup raised a $2m seed round led by 4DX Ventures. To.org, Golden Palm Investments, LoftyInc Capital, Afropreneur Angels, Future Africa, Andela co-founder Christina Sass and alumni Jessica Chervin,

Nigerian Edtech Platform, Edukoya, raises $3.5M Pre-seed fund

Nigerian Edtech Platform, Edukoya, raises $3.5M Pre-seed fund

Nigerian Edtech platform, Edukoya, an Africa-focused online learning platform, has raised $3.5m in a pre-seed round led by Target Global. The investment round also saw participation from angel investors including European and African founders such as Shola Akinlade – CEO and co-founder of Paystack (acquired by Stripe), Babs Ogundeyi and

Kenyan Healthtech Startup, Zuri Health, Expands To Senegal

Kenyan Healthtech Startup, Zuri Health, Expands To Senegal

Kenyan health-tech startup, Zuri Health, has announced its expansion into Senegal via a partnership with Expresso Senegal- a subsidiary of the Expresso Telecom Company, providing 4G internet, voice, and SMS services, as well as business and roaming solutions. Zuri Health was launched in 2020 by Daisy Isiaho and Ikechukwu Anoke

South African Device Authentication Firm, Entersekt, Secures Funding From US Investor

South African Device Authentication Firm, Entersekt, Secures Funding From US Investor

The United States-based technology-focused private equity firm, Accel-KKR, has made an undisclosed investment in Entersekt, a major player in the device entity and authentication space situated in Stellenbosch, South Africa. Entersekt was launched in 2008 by Altus van Tonder, Christiaan Brand, Dewald Nolte, Niel Müller and Schalk Nolte. Entersekt is

Facebook introduces 7.5% Tax on adverts from Nigeria

Facebook introduces 7.5% Tax on adverts from Nigeria

Starting from 1st January 2022, Facebook has announced that Nigerians will pay 7.5 percent value-added tax (VAT) for all ad placements. The charge will apply to adverts running on Facebook for business or personal purposes. According to the statement released by Facebook, “Due to implementation of a value-added tax

Nigerian Edtech startup, uLesson raises $15 million in Series B funding round

Nigerian Edtech startup, uLesson raises $15 million in Series B funding round

Nigerian edtech startup, uLesson, has announced that it has closed a $15M Series-B investment from Nielsen Ventures and Tencent, as well as existing investors, Owl Ventures, TLcom Capital, and Founder Collective. This fundraise represents the largest investment in an African Edtech company. With the capital, uLesson plans to continue to

Kenya’s Fintech, Kwara Raises $4m in Seed Round

Kenya’s Fintech, Kwara Raises $4m in Seed Round

Kenyan Fintech startup, Kwara, which is helping to turn traditional savings cooperatives into modern digital banks, has raised $4m in a seed round. Investors who took part in the funding round include Breega VC firm, SoftBank Vision Fund Emerge, Finca Ventures, New General Market Partners, Globivest, Do Good Invest, Rabacap,