Here’s what happened in the African Investment & Deal landscape between Sept. 6 – 10
Tunisian Startup Biware Raises USD 1.2 Mn Seed Round
Tunisia-based data management and analysis startup Biware, raised MAD3.5 million (USD 1.2 Mn) in its seed funding round from CDC Gestion and Zitouna Capital. Biware aims to utilize this funding to grow its team to hundred engineers and establish three African and European branches by 2025.
Nigerian Blockchain Platform Bitmama Raises USD 350 K pre-Seed
Nigerian blockchain payments platform, Bitmama, announced a pre-seed raise of USD 350 K as it looks to expand its product offerings into other African countries, grow its operational presence, and increase its team. The round was led by San Francisco-based VC Flori Ventures, with participation from Nigeria-based VCs, Emergence Capital, Fedha Capital, and a host of other Angels and VCs.
Nigerian B2B Payments Startup Verto Raises USD 10 Mn Series A Round
Verto, a B2B payments platform that provides a fast, simple, and reliable way for small and medium-sized enterprises (SMEs) to make payments to their suppliers, raised a USD 10 Mn Series A round to boost its geographical expansion. The funding round was led by Quona Capital, alongside The Treasury, Middle East Venture Partners (MEVP), TMT Investments, Unicorn Growth Capital, Zrosk Investments, and P1 Ventures.
South Africa’s Stone Three Secures Funding For Expansion
Stone Three, an industry solution business, secured expansion capital from venture capital firm Knife Capital to further enhance its enterprise product offerings and accelerate growth by putting the future of work in practice. Amenli, a YC-backed startup that provides insurance services in Egypt, has received a USD 2.3 Mn seed round investment. GFC, P1 Ventures, Liquid2 Ventures, Anim Fund with Costanoa VC, Liquid2 Ventures, Cliff Angels, and other angel investors were am.
PropTech Venture Builder Castle One Secures Investment
Castle One, a South African prop-tech venture building group, received a significant investment from HL Hall and Sons Holdings. According to the company, the investment will unlock new, synergistic value for the benefit of the real estate industry, both locally and abroad.
Logistics startup Kamtar Secures Equity Investment
Kamtar, a Francophone logistics platform, secured an equity investment from Kenyan tech-logistics startup Sendy and Toyota Tsusho Corporation. Other investors in the round include Mobility 54 Investment SAS and CFAO’s corporate venture capital arm.
Moroccan Startup Chari.ma Raises USD 5 Mn For Expansion
Chari.ma, a fintech and e-commerce startup, raised USD 5 Mn in a round jointly led by Rocket Internet, Global Founders Capital, and P1 Ventures with participations from Plug and Play, Y Combinator, Village Capital, MetLife Foundation, Orange Digital Ventures, Air Angels, SPE Capital, Pincus Private Equity and Reflect Ventures. The Chandaria family, Propertyfinder CEO and founder Michael Lahyani, and the management company of an American Ivy League university also joined the round. The startup plans to use the funding to expand its operations in Africa, offer new fintech offerings, such as buy now pay later.
West Africa’s Adiwale Partners Closes First Fund At USD 69 Mn
Adiwale Partners, an SME investment fund, has announced the complete closing of its first USD 69 Mn West African investment fund, Adiwale Fund I. The vehicle will focus on four countries, Côte d’Ivoire, Senegal, Mali, and Burkina Faso, which are underserved by the private equity market, but whose economic prospects open up opportunities. The fund plans to invest between EUR 3 and EUR 8 Mn per transaction in medium-sized companies that are well established in their markets and capable of rapidly growing.
Google Sets Up USD 50 Mn Fund To Invest In African Startups
Google announced that it plans to invest up to USD 50 Mn in African early- and growth-stage startups via its Africa Investment Fund, in an effort to support more businesses on the continent. So far, 50 startups have been selected to participate in the Africa program starting on October 13th. Each will receive up to USD 100 K in equity-free capital along with credits from Google Cloud, Google.org ads grants, and additional support.
Africa-focused Private Equity Firm DPI Raises USD 900 Mn
Development Partners International (DPI), a leading African investment firm, announced that it had raised USD 900 Mn in its third round of funding. The ADP III fund will invest in established and growing companies in industries that benefit from Africa’s fast-growing middle class and the increasing digital transformation of the continent. ADP III secured capital from a broad range of leading pension and sovereign wealth funds, development finance institutions, endowment and foundations, insurance companies, fund-of-funds, asset managers, and impact investors.
Cameroonian Crypto Startup Raises USD 2 Mn Funding
Ejara, a Cameroonian crypto startup, raised USD 2 Mn to pioneer the usage of crypto and investment services in francophone Africa. The round was led by CoinShares Ventures and Anthemis Group. They are joined by Mercy Corps Ventures, Lateral Capital, LoftyInc Capital, and NetX Fund. Two angel investors, Pascal Gauthier of Ledger and Jason Yanowitz of Blockworks, and a syndicate social fund also participated. The company plans to diversify into providing other assets, including fractional shares, stocks, and commodities.