Here is a recap of last week’s notable deals on the African continent; Egyptian startups take the limelight this week.
Egypt’s Digital Bank Telda Raises USD 5 Mn Pre-seed Round
Egypt’s newly launched digital bank Telda raised USD 5 Mn in a pre-seed round to help Egyptians save, give, and invest money digitally. American VC firm Sequoia Capital led the round with participation from Global Founders Capital and Class 5 Global.
Egyptian Startup Bosta Raises USD 6.7 Mn Series A For Expansion
Egypt-based e-commerce logistics startup Bosta announced that it had closed a Series A funding of USD 6.7 Mn to expand to Saudi Arabia and other markets. The round was led by U.S. and Middle East VC agency Silicon Badia with participation from 4DX Ventures, Plug and Play Ventures, Wealth Well VC, Khwarizmi VC, and other regional and world traders.
Egyptian Startup Homzmart Raises USD 15 Mn Series A Funding Round
Egyptian e-commerce startup Homzmart closed a USD 15 Mn Series A funding round to help speed up its already impressive growth. The capital raise was led by global investment firm MSA Capital and Nuwa Capital. Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures also participated in the round.
Five Kenyan Startups Awarded USD 9 K Each By Standard Chartered
Five female-founded Kenyan startups were awarded KES 1 Mn (USD 9 K) in grant funding to finalize the Women in Tech incubation program run by Standard Chartered Bank in partnership with @iBizAfrica-Strathmore University. The successful startups include; Ecila Films, Viwanda Africa Group, Runnovate, and Mandevu Beard care.
Consolidated Bank Secures USD 50 Mn From EBID For Infrastructure Development
Consolidated Bank Ghana Limited (CBG) was granted a USD 50 Mn facility by the ECOWAS Bank for Investment and Development (EBID) to finance Ghana’s road infrastructure development.
Djibouti’s Salaam African Bank Acquires Kenya’s Uwezo Microfinance
Djibouti lender Salaam African Bank (SAB) acquired a 100% stake in Kenya’s Uwezo Microfinance Bank in a transaction completed on March 25, 2021. The acquisition is set to help strengthen the business model of Uwezo Microfinance.
Twelve African Fintech Startups Selected For CATAPULT; Inclusion Africa
Twelve African fintech startups were chosen to participate in the third edition of CATAPULT: Inclusion Africa, a program that helps scale financial inclusion-focused businesses. The program aims to create bridges between Africa and Europe by highlighting companies focusing on financial inclusion in Africa. The twelve African startups include four Kenyan fintechs; Kotani Pay, RePay Africa, Asilimia, and Vooli; three from Nigeria, namely Abawah, Igugu Global, and Crop2cash. Also selected are Uganda’s Emata, Ivory Coast’s Moja Bank, Sierra Leone’s Mosabi, Tanzania’s Mipango, and Ghana’s Nokwary Technologies.
South Africa’s Startup Circles Secures USD 150 K Funding
Startup Circles, a South African coaching and mentoring platform for getting entrepreneurs ready for investors, raised ZAR 2.1 Mn (USD 150 K) from Enygma Ventures, a US-based private investment fund focused on investing in women-led businesses southern Africa.
Ascent Capital Raises USD 100 Mn For Its Ascent Rift Valley Fund II
Nairobi-based private equity fund manager Ascent Capital announced the first rolling close of its Ascent Rift Valley Fund II (ARVF II) at more than USD 100 Mn. The ARVF II fund invests in leading Eastern African small and medium-sized enterprises (SMEs) with an aim to acquire substantial minority or majority stakes.
Flat6Labs Raises USD 13 Mn For Its FAC Egypt Fund
Flat6Labs, a Cairo-based seed accelerator, and fund raised EGP 157 million (USD 10 Mn) for its Egyptian fund’s second close, taking the total fund size to EGP 207 million (USD 13 Mn) up from EGP 50 million (USD 3 Mn). The FAC Egypt fund aims to invest in 100+ innovative startups across Egypt over five years, focusing on tech-enabled solutions.