Here’s What Happened in the African Investment & Deal Landscape between Aug 30th and Sept 3rd, 2021
Rwandan Health-tech Startup Viebeg Technologies Secures Pre-seed Funding
Viebeg Technologies, a Rwanda-based health-tech startup that utilizes an innovative data-driven procurement platform to deliver high-quality medical supplies and equipment throughout Central and East Africa, received its first investment from Beyond Capital Ventures, a new impact venture capital firm. Beyond Capital Ventures joins co-investment partners Beyond Capital Fund and Eckenstein Geigy Stiftung in the funding round
Nigerian B2B Marketplace Sabi Raises Seed Funding Round
Sabi, a Nigerian B2B marketplace serving Africa’s informal economy, received seed funding from investors, including CRE Ventures, Janngo Capital, Atlantica Ventures, and Waarde Capital. The startup intends to use the funding to expand the company’s network across Nigeria, bringing on more merchants and service providers.
Ghanaian Startup ear1 Raises USD 520 K Pre-Seed Round
ear1, a Ghana-based social media startup that allows people to talk to influencers and professionals for a nominal fee, secured a USD 520 K pre-seed round led by Danny Oyekan of Dan Ventures, with Alkesh Thavrani of Stellar International and Prosper Otemuyiwa (CTO of EdenLife) as well as other participants. The startup intends to use the funds to expand the startup’s platform, engage the influencer community, promote the app, and collaborate with creators.
Pan-African VC LoftyInc Capital Launches Third Fund At USD 10 Mn
LoftyInc Capital, a pan-African venture capital firm, announced the launch of its third USD 10 Mn fund, LoftyInc Afropreneurs Fund 3, for tech startups in Africa. The firm has reached the first close of USD 5.5 Mn. Some of the limited partners in the vehicle include those from its second fund, FBNQuest Funds, syndicates from The Green Investment Club, HNIs from multinationals like Google, Facebook, and ExxonMobil; and Andela CEO Jeremy Johnson, among others.
Ugandan e-Logistics Platform Ridelink Raises USD 150 K pre-Seed
Ridelink, an e-logistics platform based in Uganda, closed a USD 150 K pre-seed round to develop its technology and expand its marketing activities. The investment was made possible by a partnership between the startup and Ortus Africa Capital, Omidyar Network, and the African Leadership Academy’s Young Entrepreneurs Fund (Anzisha).
DIGGIPACKS Acquires Egypt’s E-commerce Solution Provider FWRUN
Saudi Arabia-based last-mile delivery and logistics services provider, DIGGIPACKS, acquired Egypt-based e-commerce solutions provider FWRUN as it looks to expand its presence in the Egyptian market.
Nigerian Startup Bumpa Raises USD 200 K pre-Seed Funding
Bumpa, a Nigerian startup that helps retailers manage and grow their businesses from their mobile phones, announced the close of its USD 200 K pre-seed round. The round included Greencap Equity, HOAQ Club, Whogohost Venture Arm, Rizq Investment Group, Microtraction, DFS Labs, Aidi Ventures, Prosper Otemuyiwa, Oo Nwoye, Perfect Makanju, and a few other angels.
Moroccan Startup Lacaisse.ma Startup Secures Funding
Lacaisse.ma, a Moroccan fintech startup working towards digitizing local shops through its unique points of sale solutions, secured funding from WitaMax, a company founded by Southbridge A&I and the Axxam Family Office. Lacaisse.maplans to use the funds to modernize physical point-of-sale management in Morocco and internationally.
Nigerian Startup Agricorp Raises USD 17.5 Mn Series A Funding Round
Agricorp, a Nigerian tech-enabled spices exporter, raised USD 17.5 Mn in Series A funding to help it expand its production capacity to 7,000 metric tonnes. The Nigeria-based Vami led the funding round with USD 11.5 Mn in equity, while One Capital LLC and AFEX provided working capital financing for the company.