Deal-Street Africa [November 8-12]: Jumo Secures USD 120 Mn To Expand

By  |  November 15, 2021

African Fintech Jumo Secures USD 120 Mn To Expand And Scale

JUMO, a fintech startup based in South Africa and London that provides financial services to emerging market entrepreneurs and enterprises, raised USD 120 Mn in a fresh round of funding led by Fidelity Management & Research Company. The round also included technology giant Visa and London-based investment management firm Kingsway Capital. Jumo plans to utilize the investment to improve and expand the number of financial solutions it offers to small and medium businesses and expand into Nigeria and Cameroon. It also intends to provide merchants and larger enterprises with long-term financing options.

Egyptian Startup Sympl Secures Investment From VC Firm A15

Sympl, an Egypt-based fintech startup, secured an undisclosed investment from A15, a venture capital firm supporting entrepreneurs in the Mena region.

SA Adtech Startup Adbot Raises USD 500 K Funding Round

Adbot, a South African adtech startup that provides online advertising solutions for African small and medium-sized businesses (SMEs), raised ZAR7 million (USD 500 K) in funding from Enygma Ventures to help it expand its user base.

Nigerian Logistics Startup Errand360 Raises Pre-seed Funding Round

Errand360, a logistics startup built to serve users with demand for quick and short errands within their communities and on-demand delivery services, raised an undisclosed amount of pre-seed funding to expand across Africa. The funding round was led by Prof Ndubuisi Ekekwe of Tekedia Capital and will be used to acquire infrastructure, expand, and grow its business across the whole of Africa.

Kenyan Health Startup Shamiri Raises USD 1 Mn For Expansion

Shamiri Institute, a mental health startup, raised USD 1 Mn in funding from the Templeton World Charity Foundation to tackle the scourge of mental health in Kenya and the rest of the African continent. The startup will use the funding to build strategies for promulgating their character-based data-driven interventions to African youth and to scrutinize the long-term health objectives and outcomes of these interventions.

MFS Africa Raises USD 100 Mn To Scale Operations

MFS Africa, one of Africa’s largest digital payments networks, raised USD 100 Mn through an equity and debt financing round. The round was co-led by AfricInvest FIVE and existing investors Goodwell Investments and LUN Partners Group. New investors included CommerzVentures, Allan Gray Ventures, Endeavor Catalyst, and Endeavor Harvest. ShoreCap III returned as an existing investor. Lendable and Norsad provided the debt financing. The new funding will enable MFS Africa to hire additional talent in Africa and globally to support its exponential growth.

Fintech Company Pngme Secures Investment From Aruwa Capital

Pngme, a fintech company with a focus on driving financial inclusion by providing mission-critical data infrastructure and machine learning models to financial institutions, received an undisclosed investment from Aruwa Capital Management (Aruwa), an early-stage growth equity and gender lens fund investing in Nigeria and Ghana.

Egyptian EdTech Startup OTO Secures USD 400 K To Expand Services

Egyptian digital learning platform OTO received USD 400 K in cash and in-kind services from EdVentures, a corporate venture capital that invests in startups. The goal of the investment is to develop the company’s platform and further expand its services to include a broader segment of users particularly, middle and secondary school students, by delivering educational programs in a variety of areas/subjects.

Moroccan B2B e-Commerce Startup Sle3ti Raises USD 1.3 Mn Seed Round

Sle3ti, a Casablanca-based B2B marketplace, connecting FMCG retailers to wholesalers and distributors, raised DH12 million (USD 1.3 Mn) from the investment fund of the Richbond Group. Sle3ti will be able to fuel its expansion into its home market and improve its user experience with the new funding.

Egypt’s E-grocery Rabbit Raises USD 11 Mn pre-Seed Round

Cairo-based e-grocery Rabbit closed its pre-Seed funding round of USD 11 Mn from Global Founders Capital, Foundation Ventures, Raed Ventures, MSA Capital, and Goodwater Capital. The startup plans to use the funding to cover several major cities and expand its operations to process hundreds of thousands of orders per month.

Kenyan Startup mSwali Raises Pre-seed Funding Round

mSwali, a Kenyan quizzing startup, raised an undisclosed pre-seed funding round to enable it to expand its mSwali Quiz MVP from USSD to a web app.

Kenyan Edtech Startup Craydel Raises USD 1 Mn for Africa Expansion

Edutech startup Craydel has announced it raised USD 1 Mn to expand outside of Kenya to serve more students on the continent. The funding round was led by the tech-focused pan-African venture capital fund, Enza Capital. Other investors include BriteGaze, Future of Learning Fund, Bisk Ventures, Tekton Ventures, Chandaria Capital and, LoftyInc Afropreneurs.  The funding will also be used to improve its search and recommendation engine, enhance its proprietary online career resources and technology.

Nigeria’s Helium Health Acquires Qatar’s E-Health Platform Meddy

Helium Health, a health IT startup, acquired Meddy, a Qatar- and UAE-based doctor booking platform, for an undisclosed amount. As part of the acquisition, Meddy’s CEO Haris Aghadi and COO Abed Alkarim Khattab will join Helium’s leadership team. 

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