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If there’s a sector that has seen the biggest uptick in the number of startups and venture capital in emerging markets since the start of last year, it has to be the digitization of mom and pop stores. Rocket Internet, Global Founders Capital and P1 Ventures co-led the round, which is the largest of its kind in Morocco at the moment.
According to a McKinsey report, most African countries have experienced double-digit insurance growth in CAGR in local currency over the last five years, thus positioning the region as the second-fastest growing for insurance globally after Latin America. As many as 2.8% Despite the abysmal number, there’s some good news.
The startup is announcing the acquisition of Morocco-based B2B e-commerce and distribution platform WaystoCap for an undisclosed amount. That business model got WaystoCap into Y Combinator’s Winter batch in 2017, making it the first company accepted from Morocco. The company subsequently raised a $3 million seed round.
Like many startups playing in the B2B e-commerce space across the continent, Chari digitizes the largely fragmented FMCG sector in Morocco and Tunisia. Chari, a Moroccan startup digitizing mom and pop stores, raises $5M at $70M valuation. It allows these merchants to handle the credit they give to their clients.
E-Mediat is funded by the Middle East Partnership Initiative (MEPI) of the United States Department of State with support and in-kind donations from Microsoft, Cisco and craigslist Charitable Fund. E-Mediat is working with more than 220 NGOs in Jordan, Lebanon, Morocco, Tunisia, and Yemen. Rami Al-Karmi, N2V Lab.
“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. Chari (Morocco). Freterium (Morocco). Amenli (Egypt). FloatPays (South Africa).
Last year, MaxAB , the food and grocery B2B e-commerce and distribution platform serving a network of traditional retailers across Egypt and Morocco, raised its $55 million Series A in two tranches ; the latter accompanied its acquisition of the Morocco-based and YC-backed WaysToCap. million orders within this timeframe.
Stephen Deng, the co-founder and partner of DFS Lab, a firm that invests in digital commerce startups, serially compared the 2016 Southeast Asia funding landscape to where Africa might be in 2021, at $3 billion. What’s a record year of funding without some unicorns? billion and $2.8
Yassir , an African super app platform that offers on-demand services such as ride-hailing, food and grocery delivery, and payments, has raised $150 million in Series B funding, five times what it raised in its previous priced round last November. . Mary Meeker’s Bond has closed its second fund with $2 billion.
Appetito , the Egyptian platform that delivers groceries and household products to customers from 11 dark stores across three cities in the North African country, is acquiring Lamma , an identical startup with operations in the Maghreb regions of Tunisia and Morocco. . The deal is expected to close by the end of Q3 2022.
More venture capital keeps trooping into Africa’s B2B e-commerce retail, a space where startups are digitizing informal trade to get thousands of merchants to operate more efficiently. Chari offers an identical offering in Morocco. B2B e-commerce platform Chari is acquiring the credit line of Axa Assurance in Morocco for $22M.
They include Algeria, Botswana, Egypt, Kenya, Lesotho, Malawi, Mauritius, Morocco, Mozambique, Senegal, Seychelles and South Africa. Next , they request the funds via bank transfer, leading to more incurred costs or use other cross-border money platforms like WorldRemit.
AfricInvest, through its Cathay AfricInvest Innovation Fund (CAIF) and French-based development finance institution Proparco, co-led the early-growth round. In addition to Tunisia, GOMYCODE is present in Bahrain, Morocco, Egypt, Algeria, Ivory Coast, Senegal and Nigeria. This brings GOMYCODE’s total financing to $8.85
While incumbents have pioneered various enterprise resource planning (ERP) systems to digitize these processes, companies would still get four to five different software platforms to complete multiple tasks. CDG Invest, Y Combinator, Flexport, Swiss Founders Fund, Outlierz Ventures, and a few angel investors from the U.S.,
But before that, there was shared optimism that African startups would raise more VC funding last year than in 2021 when the continent, for the first time, passed the $4-5 billion threshold. Africa predicted to experience sustained funding slowdown in 2023 Most tech observers share Cuvelier’s thoughts on VC activity in Africa.
A true public/private partnership, the funding partners include Microsoft and craiglist Charitable Fund. The goal is to train over 150-250 NGOs in Jordan, Lebanon, Yemen, Morocco, and other countries and help them put social media skills into practice.
The platform, which will allow broker-dealers, asset managers, pension funds, and institutional investors to access markets outside their own country, is announcing its launch to the public today. million in pre-seed funding from private investors and venture capital firms, including LoftyInc Capital and STEMeIn.
Its platform connects over 6,000 retailers to local and multinational suppliers — such as Namibia Breweries Limited, ABInBev, Bokomo, Coca-Cola, Namibmills — and digitizes orders, payments and logistics. And JABU — profiting from owning its supply chain — is making efforts to digitize its physical cash collection processes via wallets.
Recently, there’s been rapid digitization of this market , with several startups upending incumbents such as classifieds and hoping to define the new era of used-car-sale platforms. Autochek expands to North Africa after acquiring Morocco’s Kifal Auto. Some include U.K.’s
This concept has been pioneered by the Internet Archive with its Open Library can lend a digital copy of a book for a period of time as long as it (or a partner library) owns a physical copy of that book which it holds back from being lent to someone else. We can use the same ebook file to deliver the content ten different ways.
Autochek expands to North Africa after acquiring Morocco’s Kifal Auto. Autochek was previously present in Nigeria, Ghana, Kenya, Ivory Coast, Uganda and Morocco. New report examines Africa’s growth in the digital economy and VC investment landscape. The company, which in October last year raised $13.1
million in seed funding. Since the start of this year, Jambo has already signed up over 12,000 students across 15 countries (Morocco, Nigeria, Ethiopia, Equatorial Guinea, Uganda, Kenya, Congo, Uganda, Rwanda, DR Congo, Tanzania, Zambia, Namibia, Madagascar and South Africa) to take a curated web3 curriculum, both online and offline.
Since its launch in 2018, Carry1st, a publisher of social games and interactive content across Africa, has raised funding from investors such as Google via its Africa Investment Fund and Avenir Growth Capital. We now have, in our minds, the three best funds that focus on gaming and web3. 1 downloaded game in the U.S.
A source tells us Founders Fund is also investing. We’re very excited for the impact they’ll have here at OpenAI,” OpenAI wrote in a brief post published to its official blog. The entire team has joined OpenAI to work on our core products including ChatGPT.”
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