Deal-Street Africa [September 20-24]: Ten Startups Funded; Two Acquisitions
Egypt’s B2B2C Payments Platform dopay Secures USD 18 Mn Series A Round
dopay, a B2B2C payments network aimed at serving unbanked workers in emerging markets, closed a USD 1.8 Mn Series A round. The investment round has reportedly been led by Force Over Mass Capital, FMO, and NN Group. Mbuyu Capital and Alder Tree Investments also made considerable contributions.
Egypt’s Cartona Closes USD 4.5 Mn pre-Series A Round
Cartona, an Egypt-based B2B platform, secured USD 4.5 Mn in a pre-Series A round led by Global Ventures, with Kepple Africa Ventures, T5 Ventures, and a number of angel investors also participating. The funding will be utilized to expand the technology’s capabilities in order to improve user experience and bring embedded finance into the product and order cycle.
Ethiopian Startup ConDigital Raises pre-Seed Funding Round
ConDigital, an Ethiopian construction-tech startup, raised pre-seed funding round to help it expand its presence in Ethiopia and across East Africa. The round was led by a USA investor with participation from angel investors from East Africa, Europe, and Asia.
Ugandan Startup gnuGrid Raises USD 612 K Seed Round
Ugandan startup gnuGrid increased the size of its seed funding round to USD 612.5 K as it pivots its product offering to move into the fintech space. The cash comes from a handful of individual angel investors.
Egyptian Marketplace Shiphaly Raises Six-figure Investment
Shiphaly, the Cairo-based startup connecting shoppers and travelers, raised an undisclosed six-figure round from angel investors in Saudi Arabia and Egypt. The round is led by Faisal Abdulsalam, an active investor in Saudi Arabia and Egypt, with the participation of well-known angel investors in Saudi Arabia. The startup plans to use the new investment to expand its stores to Africa and other countries in the Middle East and launching new product features.
Egypt’s Contactcars Acquires Auto Auctions Platform Sa3ar
Egypt-based automotive marketplace Contactcars.com, a subsidiary of Contact Financial Holding, acquired Sa3ar Technology Solutions, a platform that digitizes auto auctions deals. The acquisition will enable Contact to enhance the user experience by offering a holistic pricing tool catering to both dealers and car traders. Contactcars.com aims to simplify the process of buying, selling, and owning a new or used car through a faster, better experience.
Egyptian Social Commerce Startup Brimore Secures Investment
Egyptian social commerce startup, Brimore, raised funding from e-payments solutions and banking services provider Fawry, as part of its upcoming Series A round. The investment will see Fawry leverage its role as a strategic investor to engage, support, and encourage growth at the company and in Egypt’s wider digital ecosystem.
Fintech Startup Finclusion Acquires South Africa’s HelloHR
Fintech startup Finclusion Group acquired HelloHR, a South African payroll software startup, in a move that will allow Finclusion Group to provide employers with holistic financial wellness products such as wage-streaming, financial wellbeing, and insurance.
Nigerian Fintech Infibranches Technologies Secured USD 2 Mn Funding
Infibranches Technologies Limited, a Nigeria fintech startup, secured USD 2 Mn funding from All On, an investment company backed Shell to provide energy solutions to communities across Nigeria. Infibranches enjoys support from The Nigerian Off-Grid Market Acceleration Programme, a not-for-profit initiative backed by UK and USAID.
Nigeria’s Reelfruit Raises USD 3 Mn Series A Funding
ReelFruit, a premium dried fruit firm known for its high-quality nutritional snacks, announced that it has received a USD 3 Mn Series A investment. Alitheia IDF led the round with participation from Samata Capital and Flying Doctor Healthcare Investment Company. ReelFruit intends to expand its existing relationship with Nigerian fruit farmers as part of its attempts to acquire high-quality raw materials.
South African Startup HelloChoice Secures Investment
HelloChoice, a South African agri-fintech startup, received funding from Standard Bank as it looks to solidify its position as one of the leading digital fresh produce and agricultural marketplaces. The bank has invested in the startup in return for a 25% equity stake in the business.
Zola Electric Closes USD 90 Mn Funding Round To Scale Technology
Distributed renewable energy solutions provider Zola Electric raised EUR 76.7 million (USD 90 Mn) in capital, which will allow the company to develop next-generation hardware and software and enter new markets. The amount raised is a combination of debt and equity, USD 45 Mn each. The equity bit was led by TotalEnergies Ventures; SF-based impact VC firm DBL Partners; Helios Investment Partners; Vulcan Capital, the investment arm of Paul Allen; Lyndon and Pete Rive; and Electron Capital Partners. The balance of the capital raise comes in the form of debt provided by Dutch entrepreneurial development bank FMO and solar financier Sunfunder, among other Energy Access lenders.
