africa

Nigerian digital freight provider MVX lands $1.3M to help shippers move cargoes faster

In Africa, chartering vessels and processing ocean freight can be challenging. The sector is largely inefficient and fragmented. Merchants also struggle to access finance to perform cross-border trade

Naspers leads $11M investment in South African insurtech Naked

South African insurtech platform Naked has raised $11 million in a Naspers-led round. Existing investors Yellowwoods and Hollard also participated in the funding round. This comes barely two weeks aft

Kenya’s Wapi Pay raises $2.2M pre-seed for cross-border payments between Africa and Asia

According to the World Bank, it is more expensive to send money to sub-Saharan Africa than to any region in the world. It is also the most expensive region to send money from. In Q1 2020, people spent

South Africa’s Khula closes $1.3M seed to scale its software-for-agriculture platform

The myriad challenges faced by smallholder farmers in Africa -- inadequate financing, education and input distribution -- persist and greatly affect the agricultural output on the continent.

Extra Crunch roundup: Livestream e-commerce, growth marketing interviews, CEO for a day

Thanks very much for reading Extra Crunch this week; have a great weekend.

Egyptian ride-sharing company Swvl plans to go public in a $1.5B SPAC merger

Queen's Gambit Growth Capital, the women-led SPAC in charge of the deal, called Swvl 'a disruptive platform that solves complex challenges and empowers underserved populations.'

Field Intelligence targets 11 African cities to expand its pharmacy inventory-management service

The company's Shelf Life project aims to remedy the inventory-management issues in Africa's retail pharmacies.

Ivorian fintech Julaya raises $2M to digitize business payments in Francophone Africa

Julaya enables companies to streamline their accounting and improve their operational efficiency by digitizing payments to workers and suppliers instead of relying on cash.

African startups join global funding boom as fintech shines

Startups across Africa have never had more access to capital than they do right now.

South African payments startup Yoco raises $83M Series C backed by Dragoneer

Despite South Africa's high card and mobile penetration rates of over 70%, the country's SMEs still struggle to accept cards. Yoco's portable card machines proved masterful in solving this problem.

One of Nigeria’s high-profile angel investors is launching a fund for African startups

Olumide Soyombo is one of the well-known active angel investors in Nigeria tech startups and Africa at large. Since he began angel investing in 2014, Soyombo has invested in 33 startups, including Str

What we learned from selling a blockchain service to African governments

Africa is a smaller addressable market. If you’re looking to pitch a product or service to governments, it’s helpful to keep in mind that your first customer might be from a smaller country.

Nigerian investment platform Chaka secures $1.5M pre-seed after bagging country’s first SEC license

When Robinhood raised its $3 million seed round in 2013, it was a couple of months old, with huge ambitions of democratizing securities access to the underserved and unserved. Robinhood has since take

Kenya’s AIfluence closes $1M for its AI-powered influencer marketing platform

Influencer marketing is one of the fastest-growing and one of the most impactful media channels today. There’s a growing ad-blocking movement and key demographics are spending less time in front

Nigeria leads mobile app market growth in Africa as use of gaming apps surge 44% from Q1 2020

The pandemic’s effect on the global app market has not been hard to miss. In the first quarter and first half of this year, consumer spending in mobile apps hit new records at $32 billion and $6

Kenya’s MarketForce raises $2M, plans to focus on its B2B retail marketplace RejaReja

A 2016 study by global consultancy PwC states that an estimated 90% of sales in Africa’s major economies come through informal channels like markets and kiosks. In sub-Saharan Africa, 90% of the

Smile Identity raises $7M to build KYC and identity verification tools for Africa

An estimated one billion people worldwide face the challenge of proving who they are, according to a World Bank Group report that states that 81% of this number live in sub-Saharan Africa and South As

A year after expanding to Europe, Nigerian fintech Lidya raises $8.3M to scale lending operations

Nigerian fintech and lending startup Lidya today announced that it has completed its $8.3 million pre-Series B funding round. Alitheia Capital led the investment via its uMunthu Fund. Other investors

MAGIC Fund raises $30M to scale its global founders-backing-founders fund

Influential entrepreneurs like Paul Graham and Naval Ravikant always preach the need for startups to have founders-turned-investors on their cap table. As Ravikant puts it, “founders want to know th

MaxAB, the Egyptian B2B food and grocery delivery startup, raises $40M for expansion

Globally, food and grocery delivery startups have been raising mega-rounds of late, especially those in Europe as the pandemic has given rise to more people ordering online more than ever. This growth
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