Financing Startups in Africa

Here’s a recap of what happened last week—Week 03 2022 — across #Africa‘s #startup ecosystem

𝗗𝗲𝗮𝗹 𝗼𝗳 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸:
• Copia Kenya, a Kenyan B2C e-commerce company, raised a $50M Series C led by Goodwell Investments (cc: Tim Steel)

• poa! internet, a Kenyan internet service provider, announced the first close of a $28M Series C led by AfDB-backed Africa50 (cc: Andy Halsall)

• Asaak, a Ugandan asset financing platform, raised a $30M (debt & equity) pre-Series A from Resolute Ventures, and others (cc: Kaivan K. Sattar)

• Carry1st, a South African publisher of mobile games & interactive content for the African market, raised a $20M Series A extension round led by Andreessen Horowitz (a16z) (cc: Cordel Robbin-Coker)

• Finclusion Group, a pan-African financial services group, raised a $20M (debt & equity) pre-Series A (cc: Timothy Nuy, CFA)

• Float (YC W’20), a Ghanaian cash flow management and digital lending platform for SMEs, raised a $17M seed round ($7M equity/$10M debt) co-led by Tiger Global and JAM Fund, and with Cauris providing the debt portion (cc: Jesse Ghansah)

• Orderin, a South African Delivery-as-a-Service (DaaS) platform raised a $4.7M pre-series B (cc: Thembani Biyam)

• Paps, a Senegalese tech-enabled B2B logistics & delivery platform, raised a $4.5M pre-Series A co-led by 4DX Ventures and Orange (Bamba LÔ 蒂布兰)

• Sote, a Kenyan/American tech-enabled customs clearing/forwarding & supply chain finance platform, raised a $4M seed extension round led by Social Capital (cc: Felix Orwa)

• ExpandCart, an Egyptian e-commerce platform focused on the MENA region, raised a $2.7M Series B led by the Betatron Venture Group (cc: Amr Shawqy)

• Orcas, an Egyptian digital live learning platform, raised a $2.1M pre-Series A co-led by CIRA’s NFX Ventures and Access Bridge Ventures (cc: Hossam Taher)

• ORDA, a Nigerian restaurant management operating system, raised $1.1M pre-seed led by LoftyInc Capital (cc: Guy Futi)

• Zanifu, a Kenyan SME financing platform, raised a $1M seed round from Saviu Ventures, Launch Africa Ventures, Sayani Investments, and others (cc: Sebastian Kilimo)

• Frain, a Nigerian platform building global developer tools, raised a $473K pre-seed led by Rally Cap Ventures (cc: Subomi Oluwalana)

• – YC S21 – Ecom and Fintech app for retailers in French-speaking Africa , raised an undisclosed bridge round at a $100M valuation led by Khwarizmi Ventures, Air Angels and Afri Mobility (cc: Ismael Belkhayat)

• Eight African startups were accepted into Y Combinator’s Winter 2022 batch (beU DeliveryNumida (YC W22)Tendo (YC W22)Topship (YC W22)Moni Africa (YC W22)IdentitypassDojah(YCW22), and Touch and Pay Technologies Ltd ).

Click the link below for details on the above deals and more👇

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