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And in trying to sweet-talk investors, what’s not taken into context or often disregarded is that Africa is a fragmented $3 trillion market. Trade has the least startup activity in a market that received $5 billion in VC funding last year. The continent is also home to more than 1.2
The Togo- and Singapore-based company received investment from AAIC, Thunes (TransferTo), Momentum Ventures (SMRT), Innoport Ventures (Schulte Group), CMC Ventures (National Express) and Liil Ventures (Mobility ADO). The startup kicked off operations in Togo in 2018 as a motorcycle ride-hailing service. Image Credits: Gozem.
million in seed funding. Pan-African venture capital fund 4DX Ventures and unicorn Flutterwave are the investors in the round, and it signifies two particular markers for the pair. ” CinetPay said the seed investment gives it the opportunity to boost its sales and marketing efforts across the markets in West and Central Africa.
Automotive e-commerce company Autochek has expanded to new markets in Africa after acquiring CoinAfrique, a classified ad marketplace, nearly two months after the Nigerian startup acquired Moroccan auto marketplace KIFAL Auto , marking its foray into North Africa. CoinAfrique classifieds ads marketplace is active in 12 Francophone markets.
WaystoCap took its cross-border services to Ivory Coast and Togo, and at some point, was processing over $3 million worth of transactions per quarter. The Maghreb market is new territory for MaxAB and the acquisition positions it as the most funded and largest B2B e-commerce platform for retailers and suppliers.
The company also just closed on $14 million in funding to expand its business across Africa. One is access to markets , which alone is a huge source of food waste, and the other is food security because of a lack of stable growing conditions exacerbated by climate change. We’re growing to be the largest solar company for Africa.”
In Ivory Coast, one of Francophone Africa’s largest mobile money markets, 75% of the population own a mobile money account, compared to 20% who hold bank accounts. European venture capital fund Speedinvest led Julaya’s pre-Series A extension round. Byld Ventures, a $15M fund, backs fintechs in Africa. “I Image Credits: Julaya.
Founded by Olaoluwa Awojoodu , the company’s agent banking platform, PayCentre Africa, is present in Nigeria, Niger, Burkina Faso, Ivory Coast and Togo. The startup plans to go live across the five markets where E-Settlement is present, serving digital financial services to consumers, small business owners and merchants.
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