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San Francisco-based venture capital firm Runa Capital, Ace & Company, Todd & Rahul Angel Fund and Vibe VC participated. Mlambo stated that when the company was raising this round, it prioritized speed and looked for a global partner due to the limitations imposed by its primary location in Zambia.
Zola Electric , one such provider, is announcing today that it has closed $90 million in new funding to enter new markets and drive distributed renewable energy. ” The $90 million funding raised is a combination of debt and equity, $45 million each. “This group brings more than just capital to the equation.
Sudo Africa , a fintech that provides a card-issuing API for developers and businesses in Nigeria, has raised $3.7 million in pre-seed funding. And o n the platform lets businesses control and program cards to their taste , build their features, and securely integrate with other services. . Here’s a granular explanation.
Tiger Global leads $3M round in Zambia’s Union54 for its card-issuing API. And if anything were to happen, we would wake up and would not have access to our funds,” said Mlambo, who founded the company with his spouse and COO Alessandra Martini. Union54 hopes to create a homegrown alternative to Mastercard or Visa.
Namibian business-to-business e-commerce startup JABU confirmed to TechCrunch that it has raised a $3.2 Last year saw venture capital firms and institutional investors scramble to back newly formed and existing business-to-business e-commerce retail startups. million financing round.
One of the largest solar companies in Africa and Asia, Sun King , has raised $260 million in series D funding to deliver off-grid energy technologies to more people across the two continents. Part of the funding will be used to expand the business’ presence. Sun King has previously raised $170 million in equity and debt funding.
In a year marred by the coronavirus pandemic, it seems that early-stage startups on the African continent are continuing to see some notable growth, both in terms of their business and from investors looking to back them. . Being entrepreneurs in the past, some of these investors know what it takes to build a startup in the U.S.
Other investors in the round include Slack Fund and Cleveland Avenue , with Mike Gamson , Sterling Road , and Concrete Rose Capital as repeat investors. With the new funding, Five to Nine plans to expand its engineering teams, create new products, and increase hiring. “What we’re doing is super needed in the market.”
“This is the largest batch we have ever funded and it’s about 50% international. Nigeria leads the way again with five startups, while Egypt has four, Morocco has two, and Kenya, Ghana, Zambia and South Africa each have one. Managers of delivery businesses handle hundreds or thousands of delivery points every day.
As managing partner at Class 5 Global, a San-Fransisco venture fund that has backed startups like Careem and Meliuz, Oudjidane was central to the VC’s efforts in assessing investment opportunities across emerging markets. We think the right way to build a business is to go after the largest opportunity first. So why Sudan? “We
Other investors in the round include Slack Fund and Cleveland Avenue , with Mike Gamson , Sterling Road and Concrete Rose Capital as repeat investors. With the new funding, Five to Nine plans to expand its engineering teams, create new products and increase hiring. “What we’re doing is super needed in the market.”
JUMO , a South Africa- and London-based company that offers financial services to entrepreneurs and businesses in emerging markets, has raised $120 million in a new round of funding led by Fidelity Management & Research Company. It also plans to provide longer-term lending options for merchants and bigger businesses.
The concept is ubiquitous in East Africa, but since mobile money is a telecom operators-led initiative, there are technical complexities in creating a unified infrastructure for businesses that need it. based fund 88mph co-led the round with China-based MSA Capital, with participation from Zagadat Capital, Kepple Ventures and Vunani Capital.
The trained lawyer did all this while running the Africa Payments Club, a platform that brought together a pool of founders, experts and investors in the tech space to connect and address common business challenges as well as to scout for opportunities in Africa. This in addition to helping 1,000 startups raise funds.
Agriculture insurance has traditionally relied on farm business. Social enterprises like One Acre Fund, startups like Apollo Agriculture, and agribusiness giants like Flour Mills and Export Trading Group are also among Pula’s clients. “With our latest funding, now is the time to break into new ground. In the U.S.
Private equity fund AfricInvest FIVE co-led the Series C round with existing investors Goodwell Investments and LUN Partners Group. New investors CommerzVentures, Allan Gray Ventures, Endeavor Catalyst and Endeavor Harvest also joined the round , while ShoreCap III returned as an existing investor with other funds.
Klasha has a suite of business- and consumer-facing products connected via one API. KlashaCheckout allows merchants outside Africa to collect payments from six countries on the continent — Nigeria, Zambia, Tanzania, Uganda, South Africa and Kenya — and get paid in G20 currencies like dollars, pounds or euros.
In its expansion phase, backed by a $3 million pre-seed funding, the startup looks to tap some of the biggest distributors and e-commerce players in Ghana, and later Nigeria, to grow beyond Kenya, Tanzania, Uganda, Zambia and Zimbabwe. A SaaS provider for businesses, logistics providers and marketplaces.
The company also just closed on $14 million in funding to expand its business across Africa. While pursuing a business degree at NYU Ibrahim met Nichols, who had been working on large-scale solar projects in the U.S., But growing up, Ibrahim was told stories about East Africa. at an event for budding entrepreneurs in New York.
In one development of that theme, today, Taptap Send — one of the startups building tools to manage these money transfers — is announcing $65 million in growth funding as it continues its mission to enable remittances specifically to the most overlooked countries.
mPharma disclosed to TechCrunch that it has acquired a 55 percent stake previously held by the Abraaj Group, a private equity firm that collapsed after investors, including the Bill and Melinda Gates Foundation, sounded an alarm over the administration of its $1 billion healthcare fund. Vine used to be the biggest pharmacy chain in Uganda.
Founded in 2013 by Rockson , Daniel Shoukimas and James Finucane , mPharma is one of the well-funded startups across Africa raising over $50 million since inception, this includes a Series C round of $17 million, led by UK’s development arm CDC Group, it received last year. We currently have five centers open.
In January, the company had over 6,000 merchants using its platform across Namibia, South Africa and Zambia. Akinin says what differentiates his startup from others is how it is creating a supper and much broadly an ecosystem for small businesses rather than just a marketplace. CEO David Akinin said that number has increased by 50%.
This next stage of growth comes against the backdrop of a recent $4 million seed funding from several investors. “We Already, CBDCs are taking off in Africa, with Zambia and Kenya being the latest countries to test their viability. Emtech has now moved into production following the successful pilot in Ghana last year.
Kenyan startup Wowzi has secured new funding to expand the reach of its platform, which turns social media users into brand influencers, to West and Southern Africa — as it taps the increasing usage of social sites across the continent driven by the proliferation of smartphones and a deepening internet penetration.
Hello and welcome back to Equity , a podcast about the business of startups, where we unpack the numbers and nuance behind the headlines. We are sitting on the precipice of a very busy few weeks, so let’s get right to work! Every Monday, Grace and Alex scour the news and record notes on what’s going on to kick off the week.
That’s why we’re all in this business. So that leaves about 20% of the funding pool to organizations like you. And you can leverage that kind of credibility if you have that kind of brand to raise more money because fundamentally, people like to do business with people they like, trust, and know. Remember that.
We radically transformed the way that we did our business, and designed a process through which the refugees themselves would get all of that experience. He was actually on a business trip, on his bike, to Uganda. He showed so much leadership and promise that we ended up sponsoring him to a university through our FORGE education fund.
In February 2020, as the world was shutting down, and as businesses downsized on account of the Covid pandemic, John Kamara was busy establishing another new startup Adanian Labs in Nairobi, Kenya’s capital. It may have been a tough period to build a business but they sailed through with their mission. “We Africa-wide Growth.
million in seed funding. Still, unlike well-known guilds whose business models involve taking percentages of profit from its users, his company doesn’t plan to take a cut from its users’ earnings. Zhang said Jambo wants to build that infrastructure.
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