Deal-Street Africa [July 19- 23] Twelve African Startups Secure Funding

By  |  July 26, 2021

South African Fintech Akiba Digital Raises USD 1.1 Mn Pre-Seed Funding

Akiba Digital, a fintech startup that lowers the barriers to entry for small businesses to get financing through their lending partners, raised more than USD 1.1 Mn in pre-seed capital to help it expand its market share. The funding round was led by Expert DOJO and Oui Capital. It also included Basecamp Fund, Soma Capital, Hustle Fund, Future Africa, LoftyInc, a former PayPal executive, and a handful of angel investors. Akiba Digital plans to use the funds to expand its market share in South Africa and link over 20,000 SMEs to lenders via its ecosystem.

Healthtech Startup CribMD Acquires Charisland Pharmaceuticals

CribMD, a healthtech startup, announced the acquisition of Charisland Pharmaceuticals Group to ensure that its patients in Nigeria receive fast and efficient one-hour drug deliveries. CribMD’s acquisition of the pharmaceutical chain, rather than constructing a solution in-house, will allow it to take advantage of its huge network of pharmacies to supply prescriptions to subscribers faster.

Moroccan Startup LNKO Raises USD 335 K Investment

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LNKO, a trendy eyewear eCommerce business, secured a 3 million Dirham (USD 335 K) investment from CDG Invest, the CDG group’s investment arm. This seed money will assist LNKO to move from seed to acceleration, allowing the firm to speed its growth in the MENA region, starting with the United Arab Emirates, a larger market than the Moroccan market. The young company plans to build its own models and expand into other industries with its new funding.

E-commerce Startup Taager Raises USD 6.4 Mn Funding Round

Taager, a social e-commerce startup, secured a seed funding round of USD 6.4 Mn to help it build its platform and expand throughout the Middle East. The round was led by led by 4DX Ventures and also included Raed Ventures, Beco Capital, Breyer Capital, and several key private investors, including Magnus Olsson. The new funds will help to boost Taager’s fast-expanding operations and presence in Egypt and around the world. The company also plans to scale and boost its technology and expand its world-class talent pool.

South African Startup Strove Raises USD 277 K Seed Funding Round

Strove, a South African employee wellness platform, raised ZAR4 million (USD 277 K) in seed capital to help it expand to the United Kingdom. The funding round was led by  VC firm Launch Africa and featuring a handful of angel investors. The startup plans to expand to the UK and has already started onboarding local partners to create a rewards ecosystem that will best motivate UK employees.

Nigerian Startup SmartHotel Raises USD 1 Mn Pre-Series A Round

SmartHotel, a hospitality software startup, raised USD 1 Mn in a Pre-series A round of funding to expand its services across Africa and Europe. Existing investor Smok Ventures led the round of funding, which also included LT Capital Ventures and Next Road Ventures. Wiktor Schmidt, co-owner of Netguru (one of Europe’s largest software development companies), and Mirosaw Janik, former Vice President of Wincor Nixdorf Group, are among the others in the round.

Nedbank Raises USD 64.5 Mn to Finance Green Projects In South Africa

Nedbank, a South African financial services company, raised R910 million (USD 64.5 Mn) to fund green infrastructure projects in the country. According to Nedbank, the sum was raised through a combination of South African Rand renewable energy bonds, green tier-two instruments, climate-related USD lending facilities, and the new green additional tier one instrument.

Nigerian Startup Chaka Raises USD 1.5 Mn Pre-seed

Chaka, a Nigerian fintech startup, secured a USD 1.5 Mn pre-seed investment from Breyer Capital. Future Africa, Golden Palm Investments, Seedstars, Musha Ventures, and 4DX Ventures are among the other investors in the round. The company intends to expand to other West African countries, hire more talent, develop more partnerships, and integrate more advanced functions into their investment and wealth management solutions with this new round of funding.

Aleph Holdings Acquires 86% Of Egypt’s Connect Ads

Aleph Holding, the global partner to one of the world’s biggest digital media players, announced its acquisition of 86% of Connect Ads in a cash and shares’ swap transaction. The acquisition sees Aleph Holding entering the MENA market as it continues its drive to expand globally and increase its presence in new territories, now reaching 90 markets and territories.

Egyptian Healthtech Estshara Raises USD 500 K Seed Round

Estshara, a Cairo-based healthtech startup and teleconsultation platform raised USD 500 K from Egypt Ventures in a seed fundraising round. Estshara intends to use its new capital to expand its current user base to six million by the end of 2021 by adding new features and improving customer service.

South African Startup Kandua Raises pre-Series A Funding Round

Kandua, a Johannesburg-based online marketplace for home services, raised an undisclosed pre-Series A round of capital to help it extend its product offering and development. The investment came from a consortium of investors, including Knife Capital and Allan Gray E-Squared Ventures (AGEV).

Healthtech Startup RxAll Raises USD 3.15 Mn Funding

RxAll, a startup based in the United States and Nigeria that employs deep technology to provide high-quality medication to patients, raised USD 3.15 Mn in funding to expand into new countries and further enhance its technology. Launch Africa led the funding round, with participation from SOSV’s HAX and Keisuke Honda’s KSK fund.

South Africa’s Feelgood Health Secures USD 280 K Investment

Feelgood Health, a consumer healthcare company, based in Cape Town specializing in natural health products, secured ZAR4 million (USD 280 K) investment from Enygma Ventures to scale its business and reach a wider market. Enygma Ventures handpicked the company for this seed investment after graduating from the Startup Circles investor readiness program.

South African Insurtech Ctrl Receives USD 2.3 Mn Funding From Naspers

Ctrl, a South African short-term insurance advice platform connecting brokers, consumers, and insurers to a single platform, raised R34 million (USD 2.3 Mn) from Naspers Foundry. Ctrl’s digital solution will allow traditional insurance brokers to automate and streamline their company operations.

Kenyan Startup KOSA AI Raises Pre-seed Funding Round

Kenyan startup KOSA AI raised an undisclosed pre-seed funding round to help it develop. KOSA AI is an automated responsible AI systems platform. The funding round was led by EchoVC Partners and with participation from APX, Dale Matthias, Fineday Ventures, The Continent Venture Partners, and Arch Capital. 

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