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Today, a new activity takes us to Morocco, where YC-backed company Chari just raised a $5 million seed round at a valuation of $70million. Rocket Internet, Global Founders Capital and P1 Ventures co-led the round, which is the largest of its kind in Morocco at the moment. “The more we grow, the more we have funding.
of Africans are insured , which is less than half the global average of 6.3%, making it the least insured continent in the world. It is used by over 100 companies, including banks, fintechs, logistics and e-commerce platforms across eight African markets: Nigeria, Ghana, Kenya, Uganda, Tanzania, Rwanda, Morocco and Egypt.
Now, the last-mile distribution e-commerce company has received more investment: a $15 million Series A led by Tiger Global. The round, which closed sometime in March, is Tiger Global’s second investment in the B2B e-commerce space after backing Wasoko in its mega Series B round. Chari offers an identical offering in Morocco.
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.
Two years ago, the African tech ecosystem saw newfound attention from global players that translated to the continent’s best year of receiving venture capital. What’s a record year of funding without some unicorns? From varying sources, it is estimated up to $2 billion went into African tech startups in 2019. billion and $2.8
That might be a thing of the past for some businesses as African payments company Flutterwave today is announcing a collaboration with PayPal to allow PayPal customers globally to pay African merchants through its ‘Pay with PayPal’ feature. Going by this partnership, we can expect the majority of them to be global plays.
They join existing investors (Y Combinator, Rocket Internet, Global Founders Capital, Plug n Play, Orange Ventures, Harvard University Management Company, Village Capital and P1 Ventures) who invested in Chari’s $5 million seed round last October at $70 million. But Chari opted not to.
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.
“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. Africa has the lowest insurance penetrations globally. Chari (Morocco).
To understand how much growth has occurred, African startups raised a meagre $400 million in 2015 compared to the $2 billion that came into the continent in 2019, according to Africa-focused fund Partech Africa. Investments did pick up, and from July, VC funding on the continent had a bullish run until December. billion and $1.8
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.
Cross-border remittances — when people living and working abroad send money back home to friends and family — continues to be a huge part of how those living in developing countries, off the global financial grid, can be helped. on 2020, as parts of the global economy started to claw back growth after a tough 2020 due to Covid-19.
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.
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
In March 2021, the San Francisco-headquartered and Lagos-based startup raised $170 million in a Series C round from Tiger Global and Avenir at a valuation of $1 billion. After scaling its payments product across sub-Saharan Africa, Flutterwave has expanded its services up north to Egypt and Morocco. it didn’t run any operations there.
seed funding. As the adoption of telehealth continues, Ponea targets to grow its customer base by 500,000 in the next three years, and establish a presence in four other markets including South Africa, Nigeria, Egypt and Morocco. “We We look at strategic engagement by allowing API integration at a global level,” said Macharia.
million in seed funding. The mix of positives such as a fast-growing population–the youngest globally–, solid smartphone penetration, increasing crypto adoption, and negatives like low GDP per capita across board and unemployment makes Africa the next ripe ground for web3.
But t he used cars market isn’t only enormous in Egypt; it is in almost every country with a large population globally. VC firms Algebra Ventures, Nuwa Capital, 1984 Ventures, and Global Founders Capital participated, with several regional and global angel investors taking part as well.
A true public/private partnership, the funding partners include Microsoft and craiglist Charitable Fund. In addition to Zoetica, implementation partners include SMEX Beirut , TechSoup Global , and Meedan directly, plus a network of in-country teams and training partners.
” The conference marked the end of an 18-month capacity building program that trained more than 220 NGOs in Jordan, Lebanon, Morocco and Tunisia on how to use social media effectively to advance civil society. 83% of participants are applying their social media skills to engage local and global communities.
Ending the Book Famine: the Marrakesh Treaty The World Blind Union talks about the global book famine experienced by blind people, and the negative impacts on education and employment on many millions of people around the world. Ten years ago, I was one of a handful of leaders who got together to create a first draft of a global treaty.
April 28, 2023 ChatGPT parent company OpenAI closes $300M share sale at $27B-29B valuation VC firms including Sequoia Capital, Andreessen Horowitz, Thrive and K2 Global are picking up new shares, according to documents seen by TechCrunch. A source tells us Founders Fund is also investing.
Through a global network operating in nine countries across the MENA region, EFE trains young people with the skills necessary to succeed in work and life and then matches the next generation of ready-to-work talent with businesses in need of qualified employees. .
Kavita Ramdas, President and CEO, GlobalFund for Women. Kavita Ramdas is the President and CEO of the nonprofit, the GlobalFund for Women. We simply don't have the resources to be able to fund all of those, and we need to make some hard choices. It works in over 160 countries around the world.
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.
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