Deal-Street Africa [Mar 22-26]: Bankly Raises USD 2 Mn in Seed Funding

By  |  March 29, 2021

Here is a recap of last week’s notable deals on the African continent, Fintechs lead with 35% of last week’s total funding deals.

Nigerian Fintech Company Cowrie Secures Funding From SDF

Cowrie, a Nigerian fintech company, received USD 750 K in funding from the Stellar Development Foundation (SDF) via its Enterprise Fund to scale operations and develop payment systems between Africa and other continents.

Blueloop Joins 9 Other African Startups In Y Combinator’s W21 Batch

Blueloop, a Nigerian fintech startup with its product Flux, a mobile app which allows merchants to receive payments, secured USD 125 K with further support from the accelerator. The startup joined other African participants including Mono, Djamo, NowPay, VendEase, Prospa, Kidato, Dayra, Flextock, and Sendbox in the Y Combinator’s W21 batch.

Afriex Secures USD 1.2 Mn In A Seed Round Led By Launch Africa To Further Expansion

Nigerian fintech startup, Afriex, secured USD 2 Mn in a seed round from Launch Africa, Y Combinator, Future Africa, Brightstone VC, Processus Capital, A$AP Capital, Precursor Ventures, Uncommon Ventures, SoftBank Opportunity Fund, Ivernet Holdings, and several angel investors.

Ghanaian Healthtech Startup RedBird Receives USD 1.5 Mn Seed Funding

Ghanaian healthtech startup, RedBird, received USD 1.5 Mn in seed funding from Johnson & Johnson Foundation, Founders Factory Africa, Newtown Partners (via its Imperial Venture Fund), to scale operations and enter new markets.

Ingressive Capital Invests In Ghanaian Agritech Startup Complete Farmer

Complete Farmer, a Ghanaian agritech company received an undisclosed amount of seed funding from Ingressive Capital to help scale operations, and presence into other markets.

Tunisian Startup NGSign Raises USD 545 K In Funding

NGSign, a Tunisian eSignature company founded by Khadija Ferjani and Mohamed Ali Tarhouni, raised USD 545 K from a number of undisclosed investment funds and institutions to consolidate its positioning in the Tunisian market.

Africa-focused Legaltech Startup Afriwise Secures Strategic Investment

Afriwise, a legaltech startup based in South Africa, secured a significant strategic investment from European investors, Jacques Emsens and Christophe de Limburg Stirum, for further tech development and expansion.

Nigerian Startup Bankly Receives USD 2 Mn In Seed Funding

Nigerian fintech startup, Bankly, received USD 2 Mn in a seed funding round from Vault, Plug & Play Ventures, Chrysalis Capital, and Rising Tide Africa, to increase its customer base.

Sierra Leonean Capitol Foods Ltd. Raises USD 1 Mn From Dutch Impact Investors

Sierra Leonean food & beverage company, Capitol Foods Ltd., secured USD 1 Mn in debt funding from Cordaid Investment Management and Triodos-Hivos Fund to expand its fruit processing capacity.

Zimbabwean Agritech Startup FarmHut Secures USD 100 K Seed Capital

FarmHut, a Zimbabwean Agritech startup secured USD 100 K in seed funding from a global incubation organisation, the Hult Prize Foundation.

CIRT Secures Seed Funding From E Squared Investments

South African infotech startup, Consumption Information Real Time (CIRT), raised an undisclosed amount in seed funding from E Squared Investments to further operations.

Airtel Mobile Commerce To Receive USD 200 Mn From The Rise Fund

Airtel Mobile Commerce (AMC), a wholly-owned subsidiary of Airtel Africa is set to receive USD 200 Mn from the Rise Fund, in return for a minority stake in AMC.

Amethis Buys Stake In Moroccan Company Magriser Group

Amethis bought a majority stake in Moroccan irrigation distributor, Magriser Group via the Amethis MENA Fund II. The investment is to enable Magriser expand activities in Morocco and Africa.

Verto Holding Acquires Controlling Stake In Egyptian Company

Verto Holding Ltd. bought a 90 percent stake in National Drilling Company (NDC), an Egyptian energy & utilities firm which provides oil field drilling services at a value worth USD 21.1 Mn.

EXEO Capital Invests In South Africa’s MAIA Group

Maia Group, a South African company dedicated to consumer healthcare businesses, raised an undisclosed amount of funding from EXEO Capital to enable the firm accelerate its growth strategy.

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