Deal-Street Africa [October 25-29]: Seven Startups Funded; 1 Fund Launch
Nigerian Agritech Startup Vendease Closes USD 3.2 Mn Seed Round
Vendease, a Nigerian agri-tech startup backed by Y Combinator, raised USD 3.2 Mn in seed funding to expand operations and develop its technology. The round was led by Global Founders Capital with participation from Y Combinator, Hustle Fund, Liquid 2 Ventures, and Soma Cap.
Nigeria’s Autochek Raises USD 13.1 Mn Seed Funding Round
Autochek, the automotive technology company facilitating auto financing across Africa, secured USD 13.1 Mn in seed funding. Co-led by follow-on investors, TLcom Capital and 4DX Ventures, the round also included participation from existing investors, Golden Palm Investments, Enza Capital, Lateral Capital, and new participants, ASK Capital and Mobility 54 Investment SAS (the venture capital arm of Toyota Tsusho Corporation / CFAO Group). The capital will be used to support its core auto loan processing platform and deepen its footprint in West Africa, starting with its recent entry into Cote d’Ivoire.
Nigerian Food Delivery App Jise Raises USD 100 K Angel Funding
Jise, a Nigerian food-only delivery platform, announced the successful raise of USD 100 K angel funding from investors in Europe and Nigeria. Notable investors in the round include Backroom Capital (Nigeria), Winston Capital (Ireland), and a few angel investors including Jonny Enagwolor, Co-Founder Treepz Inc.
Algerian Startup Financing Fund Raises USD 7.2 Mn To Support Local Startups
The Algerian Startup Financing Fund raised DA1 billion (USD 7.2 Mn) to fund startups in Algeria. The funding will be utilized to support the non-established startups, aiming to develop financial inclusion for a better mobilization of financial resources. The funding is aimed at founders who have not yet created their startups.
South African Fintech Stitch Raises Additional USD 2 Mn Funding
Stitch, a South African API fintech startup, extended its seed round to USD 6 Mn from the USD 4 Mn announced earlier in the year, and confirmed its expansion into Nigeria. The new round included leading global fintech entrepreneurs like Tom Blomfield, co-founder of Monzo; Matt Robinson, co-founder of GoCardless; Emilie Choi, president of Coinbase; and Charlie Delingpole, founder of ComplyAdvantage.
Zambian Fintech Startup Union54 Raises USD 3 Mn Funding
Union54, a Zambian fintech startup, raised USD 3 Mn in seed funding. The Y Combinator-backed startup saw investments from Tiger Global, ACE & Company, and Runa Capital. The funding will go into building strong engineering, product, and sales teams.
South Africa’s RecoMed Raises USD 1.5 Mn To Scale
RecoMed, a South African online healthcare marketplace, raised USD 1.5 Mn in funding. The round was led by South Africa-focused venture capital firm Vunani Fintech Fund with participation from existing investors AAIC, Growth Grid Venture Capital Partners, and Kenyan-based Push Ventures. RecoMed intends to use the funds to integrate new products into its platform.
Egyptian Startup ShipBlu Raises USD 2.4 Mn Seed Round To Expand
Egypt-based last-mile delivery startup ShipBlu raised a USD 2.4 Mn seed round led by Nama Ventures with participation from 1984 Ventures, Orange Ventures, Starling Ventures, and other VC funds and angel investors. The startup plans to use the investment to accelerate expansion plans and grow its client base.
