Deal-Street Africa [May 24-28]: DFC & FMO Launch USD 75 Mn Co-Financing Facility For SMEs

By  |  May 31, 2021

Here is a recap of last week’s notable deals on the African continent; Healthtechs took the lead with 33.3%.

Mali’s SolarX Raises Additional Funding From Energy Access Ventures

SolarX, a West African supplier of renewable energy equipment, received additional funding of an undisclosed amount from Energy Access Ventures (EAV). The startup plans to the latest equity and quasi-equity funding to support a pipeline of projects in Mali and Burkina Faso for commercial and industrial clients.

Nigerian Startup Bongalow Secures Funding From UNCOVERED FUND

Bongalow, a Nigerian home financing startup, raised seed funding of an undisclosed amount from UNCOVERED FUND, a Japanese venture capital company focusing on Africa. Bongalow seeks to use the capital to solidify its presence in the market.

Egyptian Network Platform Tays Raises Pre-seed Funding Round For Expansion

Tays, a Cairo-based professional network platform that connects users based on business interests, raised a seven-figure pre-seed round from a group of angel investors. The startup did not reveal the names of the investors or the amount of money raised.

Egyptian Startup Mozare3 Raises Pre-Seed Round For Expansion

Mozare3, an Egyptian Agri-Fintech platform, closed a seven-figure pre-seed funding round to help it expand. Algebra Ventures and Disruptech Ventures led the round, which also included EFG-EV and a group of reputable angel investors.

Nigerian API Fintech Mono Raises USD 2 Mn Seed Funding

Mono, a Nigerian API fintech startup, raised USD 2 Mn in seed funding to help fuel the African Internet economy. Investors in the round included Entrée Capital, Kuda co-founder and CEO Babs Ogundeyi; Gbenga Oyebode, partner at TCVP; and Eric Idiahi, co-founder and partner at Verod Capital. New York but Africa-based VC Lateral Capital also invested after taking part in Mono’s pre-seed.

DFC & FMO Launch USD 75 Mn Co-Financing Facility For SMEs

The United States International Development Finance Corporation (DFC) and FMO, the Dutch entrepreneurial development bank, announced the DFC-MASSIF COVID-19 Response Co-Financing Facility launch. The USD 75 Mn facility aims to provide liquidity to financial intermediaries to help micro, small, and medium-sized businesses affected by the COVID-19 crisis and encourage new investment to help developing countries achieve economic sustainability.

SolarWorks! Mozambique Receives USD 320 K Grant From USAID

SolarWorks! Mozambique received a USD 320 K grant from the United States Agency for International Development (USAID), leading the Power Africa project to build solar photovoltaic systems in 92 health centers in the Mozambican province of Sofala.

Disruptors’ Lab Innovation Program Awards Three Startups A Total USD 18 K

Disruptors’ Lab Innovation Program awarded three health startups a total of USD 18 K. The initiative was made possible by the collaboration of Techne, Roche, AUC Venture Lab, and Falak Ventures. The 3 startups include; Liber Health in first place awarded USD 10 K; in second place: Sehatech awarded USD 5,000; third place: Yashfii awarded USD 3,000.

Teachiy Awarded As Winner Of Techne Drifts Competition

Teachiy was awarded the prize of EGP 100,000 (USD 6.4 K) as the winner of the Techne Drifts Competition. The goal of Techne Drifts is to encourage and strengthen entrepreneurs in the startup community and create more synergy in the ecosystem, fueled by entrepreneurs’ optimism, innovation, and perseverance.

South African e-Health Company LifeQ Raises USD 47 Mn Funding Round

LifeQ, a South African company that provides biometrics and health data obtained from wearable devices and utilized in world-leading health management solutions, raised USD 47 Mn in capital to help it scale operations. Investors in the round include; Invenfin, 4Di Capital, Mogul Capital, Tenhong Holdings, Analog Devices, Hannover Re, Convergence Partners, Stellar Capital Partners, Nedbank Corporate and Investment Bank, Delos, OneBio Seed Investment Fund, Virgin Group, Lireas, Allen & Co, and Acequia Capital.

Kenya’s d.light Raises USD 10 Mn From Proparco To Scale Operations

d.light, a Kenyan solar home systems supplier, raised USD 10 Mn from Proparco, the French Development Agency (AFD) group responsible for private sector financing. d.light plans to use the investment to develop its development activities worldwide, particularly in Africa.

Nigerian Healthtech Startup CribMD Closes USD 2.6 Mn Seed Round

Nigerian healthtech startup CribMD closed a USD 2.6 Mn seed round for product growth and team expansion. The funding round was led by Sputnik ATX, a US-based venture capital firm, Norrsken, a Swedish accelerator, and mass media company, The Guardian Nigeria.

ABC Fund Grants Loans To Three West African Agriculture Companies

The Agri-Business Capital Fund (ABC Fund) has granted loans to three agribusinesses to help them meet their working capital needs and expand, resulting in increased rural employment and market access for farmers in their respective sectors. The three companies include; Kaworo, a producer of grains and seeds, received EUR 45,000 (USD 548 K); Mali’s Etablissement Yaffa et Freres (EYF) received EUR 250,000 (USD 304 K); Ivory Coast’s ROCFED received EUR 300,000 (USD 365 K).

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