Omniful, a supply chain and e-commerce enablement startup, emerges from stealth with $5.85M

Supply chain and e-commerce enablement startup Omniful has today emerged from stealth with $5.85 million seed funding led by VentureSouq, with participation from 500 Global, DASH Ventures, Jahez Group

Egypt’s Mtor nabs $2.8M pre-seed for its online auto parts marketplace

Egyptian online auto parts marketplace Mtor has raised $2.8 million in pre-seed investment led by Egypt-focused venture capital firm Algebra Ventures. Other investors that participated in the round in

Salesforce Ventures and Female Founders Fund back Kenyan climate-tech Amini in $4M seed round

Amini, a Kenya-based climate-tech startup bridging the environmental data gap in Africa, has raised $4 million in a seed funding round led by Salesforce Ventures and the Female Founders Fund. Climate-

Saviu Ventures’ second fund reaches €12 million first close to back Francophone Africa startups

Saviu Ventures, a VC firm targeting startups in Francophone Africa, has made an initial close of €12 million for its second fund with the backing of private investors, including French and Kenyan fa

FrontEdge raises $10M in debt, equity from TLG, Flexport to facilitate trade for African exporters

In the dynamic landscape of African international trade, a prevalent challenge looms large: A mere 30% of trade volumes find financial intermediaries in banks. This glaring gap in financing disproport

Cameroonian healthtech Waspito gets $2.5M seed extension to scale, tap offline patients

Cameroonian health startup Waspito has secured a $2.5 million seed extension from DP World through Newtown Partners, Saviu Ventures, AAIC Investment, Axian Ventures and CFAO’s Health54 to spur its g

Online grocery startup Pricepally to expand in Nigeria backed by $1.3M funding

Paystack reduces operations outside of Africa, affecting 33 employees in Europe and Dubai

African payments company Paystack has reduced its operations outside of Africa, trimming its workforce in Europe and Dubai. This decision comes as part of a streamlining effort, particularly in market

InDrive launches ventures and M&A arm to invest $100M in startups across emerging markets

InDrive, the “bid-based” ride-hail platform popular in Latin America and Asia, has launched a new venture and merger and acquisition division named New Ventures to invest up to $100 millio

Jumia reports GMV growth in physical goods across five countries and lowest losses since IPO

In Q3 2023, Jumia reported an adjusted EBITDA loss of $15 million, marking the lowest since its IPO in 2019 (outperforming the $27 million recorded in Q1 and $19.3 million in Q2) and a substantial dec

Shekel Mobility, a B2B marketplace for auto dealers in Africa, raises $7M led by Ventures Platform and MaC VC

The World Economic Forum states that Africa has an average annual demand for 2.4 million cars and 300,000 commercial vehicles. This demand is increasing because of a continent-wide increase in disposa

Flutterwave cleared as Kenyan court okays agency’s request to withdraw second case

African fintech Flutterwave is off the hook in Kenya after the high court allowed the country’s Asset Recovery Agency (ARA), an agency that investigates and recovers proceeds of crime, to withdraw t

Meta pressed to compensate war victims amid claims Facebook inflamed Tigray conflict

Meta is facing growing calls to set up a restitution fund for victims of the Tigray War, which Facebook is alleged to have fueled leading to over 600,000 deaths and the displacement of millions across

Japan’s SBI Holdings commits $40M to anchor Novastar Ventures’ future funds

SBI Holdings, a Japanese financial services conglomerate and one of the largest venture capital firms in the East Asian country, has made a $40 million multifund commitment to anchor Pan-African VC fi

Egyptian health tech Almouneer raises $3.6M to scale its platform for treating diabetes and obesity

Obesity and prediabetes are major health concerns in Africa and the Middle East, affecting more than 40% of the population. In Egypt, 20% of adults have diabetes; the figure in Saudi Arabia is 30%. In

MarketForce exits three markets, set to launch a social commerce spinout

Kenyan B2B e-commerce company MarketForce has shut down operations in three of its five markets in Africa and is in the early stages of launching a social commerce spinout. TechCrunch has learned that

African VCs and startups are eyeing the Middle East for new capital, but there’s a catch

African startup funding has seen a significant decline of more than 50% over the past three quarters compared to the previous year, as reported by The Big Deal. To date, startups on the continent have

Sukhiba eyes expansion to power WhatsApp conversational commerce in Africa

The social commerce market size in Africa is expected to continue growing as businesses and micro-entrepreneurs embrace digital media, driven by the rising usage of apps like WhatsApp, TikTok and Inst

In the wake of Dash’s closure due to fraud, 5 investors talk due diligence in Africa

It’s been a tough year for tech startups globally. These struggles have manifested in layoffs, down rounds and complete shutdowns caused by current market conditions, utter mismanagement or fraud.

New solar mini-grids in Africa to be powered by Husk Power Systems’ $103M Series D

Husk Power Systems, a clean energy company at the forefront of fueling rural electrification since 2008 and that announced plans to launch 500 solar mini-grids in Nigeria over the next five years, has
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