Deal-Street Africa [August 2- 6]: Seven African Tech Startups Secure Funding

By  |  August 9, 2021

Nigerian Fintech Kuda Raises USD 55 Mn Series B Round

Nigerian fintech startup, Kuda, secured a USD 55 Mn Series B funding round co-led by Valar Ventures and Target Global. The startup intends to use this new investment to double down on new services for Nigeria and expand into other Africa countries. The startup plans to use the fund to broaden its product offerings and expand into new markets.

South Africa’s Khula Closes USD 1.3 Mn Seed Round

South African agritech startup Khula announced the close of a USD 1.3 M seed round to scale its software-for-agriculture platform. AECI led the funding round with participation from South African impact investor E Squared Investments.

Kenyan Fintech Wapi Pay Raises USD 2.2 Mn pre-Seed Round

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Kenyan fintech Wapi Pay raised USD 2.2 Mn pre-seed funding to scale its global payments and remittances between Africa and Asia. Investors in the round included, China-based fund MSA Capital,  EchoVC, Kepple Africa, Future Hub, and Pan-Asian firms Transsion Holdings and Gobi Ventures. Wapi Pay will also use the investments to engage regulators for licensing across Africa and geographical expansion.

AI Company Macro-Eyes Secures USD 2.1 Mn Funding For Expansion

Macro-Eyes, a machine learning company that improves access to care, received USD 2.1 Mn to expand the deployment of STRIATA in Sierra Leone in conjunction with the Ministry of Health and Sanitation (MoHS) and expand into two more nations. Macro-Eyes will also deploy expert in-the-loop machine learning to capture ground truth context for enhancing STRIATA’s intelligence. 

South African Insurtech Naked Raises USD 11 Mn Series A Funding Round

Naked, a fully digital insurance platform offering comprehensive and quick cover for automobiles, homes, goods, and standalone items in South Africa, raised a ZAR160 million (USD 11 Mn) Series A fundraising round headed by Naspers Foundry to help support its expansion goals.

Kenyan Healthtech Startup My Health Africa Group Raises Seed Funding

Nairobi-based My Health Africa Group announced that it had raised an undisclosed amount of seed funding led by startup accelerator Founders Factory. According to the startup, a few angel investors also joined the round.

Nigerian Digital Freight Provider MVX Raises USD 1.3 Mn To Scale

Nigerian-based digital freight provider MVX announced a USD 1.3 Mn seed funding round to support its efforts. Investors in the round included, Africa-focused firms Kepple Africa, The Continent Venture Partners, Founders Factory, Launch Africa, and Capital Oak. Some angel investors in the U.S., Japan, Nigeria, and South Africa also participated. The startup plans to use the investment to scale its operations, hire staff and improve its technology.

E-commerce Startup Teegara Closes pre-Seed Funding Round

Teegara.com, the Cairo-based e-commerce startup, closed a five-figure pre-Seed follow-on funding round led by the Alexandria Angels Network and angel investors from Saudia Arabia, Egypt, and the Netherlands.

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