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Investors Rally Behind Ivory Coast’s Susu in $4.8M Deal to Democratize Healthcare Access in Francophone Africa

December 14, 2023

Susu, an Ivorian healthtech startup, has successfully raised 4.5 million euros in a recent fundraising round. Notable investors include INCO Ventures, Al Mada Ventures, Janngo Capital, Open CNP, Health54 (CFAO Healthcare), Launch Africa Ventures, Five35 Ventures, Plug and Play Ventures, and several business angels. The funds raised are earmarked for the expansion of Susu’s healthcare services in Africa, particularly in Côte d’Ivoire, Senegal, and Cameroon, where the company has already gained traction with over 7,000 clients.

Susu, founded in 2019, aims to position itself as a leader in healthtech in Francophone Africa. The startup addresses the pressing healthcare challenges on the continent, where population growth is substantial, and chronic diseases like diabetes and hypertension are on the rise. The investment will be utilized to develop a comprehensive range of health offers, including local and international health insurance coverage and tailor-made health bundles. The startup operates through a 360° digital platform connecting beneficiaries, medical providers, financial contributors, and its internal teams. Additionally, Susu collaborates with top healthcare providers to establish a high-quality medical network. The funding will also support innovative health financing models leveraging third parties, such as the African diaspora, relatives, employers, or charities.

Why the Investors Invested

Investors have committed to Susu due to its compelling mission of democratizing access to healthcare throughout Africa. With a focus on reducing inequalities in health access, Susu aims to deliver quality care through innovative products and financing models. The investors were drawn to Susu’s commitment to addressing the growing healthcare needs on the continent, where life expectancy is increasing, and chronic diseases are becoming more prevalent. The startup’s innovative approach, combining technology, a comprehensive range of health offers, and partnerships, aligns with the investors’ vision of creating economic and social progress in the intersection of financial, insurance, and health services.

Carole Cazassus, Investment Director at Inco Ventures, highlighted the Susu team’s commitment to reducing health inequalities as a key factor in their decision to support the startup. Fatoumata Bâ, Founder and Executive Chair of Janngo Capital, emphasized Susu’s vision, team quality, and unique technological solutions as compelling reasons for leading the funding round. The investors view Susu’s initiative as transformative, contributing to the redefinition of insurability boundaries in the African health sector.

A Look at Susu

Founded in 2019, Susu has rapidly expanded its operations beyond its initial commercial launch in France and Côte d’Ivoire. The startup’s primary markets now include Cameroon and Senegal. With approximately forty employees spread across Paris, Abidjan, Douala, and Dakar, Susu has positioned itself as a key player in healthtech. The startup’s ambition is to leverage the recent funding to accelerate growth by expanding into new African countries in Francophone Africa and North Africa.

Susu’s service offerings revolve around four pillars: a comprehensive range of health offers, a 360° digital platform, a high-quality medical network, and innovative health financing models. The startup’s mission is to democratize access to healthcare across the entire African continent, catering to both healthy and vulnerable individuals. As the startup plans to recruit ten new employees by 2024, its focus extends to bolstering sales, marketing, operations, and finance teams in both France and Africa. Overall, Susu’s innovative approach and commitment to addressing healthcare challenges position it as a key player in transforming the daily lives of millions of Africans.

Susu healthcare Susu healthcare

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

South Africa’s TUNL Secures $1M to Offer Transparent Shipping Solution

TUNL, a South African parcel shipping platform, recently secured $1 million in pre-seed funding from notable investors, including Founders Factory Africa, Digital Africa Ventures, E4E Africa, and Jozi Angels. The investment aims to support TUNL’s expansion within its primary market, South Africa, and lay the foundation for its entry into other key African and emerging markets.

The platform, founded in 2022 by CEO Matthew Davey and COO Craig Lowman, addresses the challenges faced by e-commerce merchants dealing with exorbitant international shipping costs. TUNL’s strategic approach involves forming partnerships with major courier services like UPS and FedEx, negotiating favorable rates, and subsidizing shipping costs for small- and medium-sized enterprises (SMEs) by 50% to 75%. This commitment to transparency and cost reduction enables TUNL to empower businesses of all sizes, fostering international sales and growth.

Why the Investors Invested

Investors were compelled to allocate $1 million in pre-seed funding to TUNL due to a meticulous evaluation of the startup’s value proposition and the prevailing market dynamics. The decision to invest in TUNL can be dissected into several critical factors.

In the first place, the investors recognized the magnitude of the problem TUNL aimed to address — the exorbitant shipping costs for small businesses in emerging markets, especially South Africa. The fact that cross-border shipping challenges were costing African businesses an estimated $50 billion annually underscored the substantial market gap. Investors, driven by a keen sense of market potential, saw TUNL’s solution as not only innovative but also as a means to tap into a lucrative and underserved market segment.

Again, TUNL’s founders, Matthew Davey and Craig Lowman, demonstrated a nuanced understanding of the industry pain points. Davey’s firsthand experience as the managing director of a Dutch company importing South African engineering materials into Europe highlighted the inefficiencies and costliness of existing shipping processes. The investors likely found confidence in the founders’ ability to address a real-world problem with practical industry insights, increasing the likelihood of TUNL’s success in the market.

Furthermore, TUNL’s commitment to transparency and cost reduction in international shipping resonated with investors. The founders’ approach of forming strategic partnerships with established courier services, negotiating favorable rates, and subsidizing SMEs’ shipping costs by 50% to 75% showcased a business model that aligned with both ethical and profitable considerations. Investors saw the potential for TUNL not only to disrupt the existing market but also to create a sustainable and scalable solution.

Lastly, the investors’ decision was likely influenced by the impressive growth metrics and traction that TUNL demonstrated. The month-on-month growth rate of 35%, coupled with over 700 merchants joining its “shipping club” and facilitating the shipment of over 8,000 international parcels in 2023, provided tangible evidence of TUNL’s market acceptance and execution capabilities. Investors, being inherently risk-averse, found assurance in these concrete achievements, validating their choice to back TUNL with substantial pre-seed funding.

A Look at TUNL

Founded in 2022 by Matthew Davey and Craig Lowman, TUNL is a South African startup focused on revolutionizing cross-border shipping for e-commerce merchants. The company’s primary markets include the U.S., the U.K., Europe, and Australia, with two-thirds of its parcels destined for the U.S. TUNL competes with platforms such as ANKA, an Ivorian startup partnered with DHL.

The platform’s growth has been noteworthy, experiencing a 35% month-on-month increase since its launch. With over 700 merchants in its “shipping club,” TUNL has facilitated the shipment of over 8,000 international parcels in 2023, representing exports from South Africa worth R19.5 million. TUNL’s revenue model involves taking margins on orders placed through its platform, which caters to a diverse range of products, including backpacks, fashion footwear, arts and crafts, books, nanofiber materials, high-performance springs, furniture, musical instruments, and nonperishable products like cosmetics.

Looking ahead, TUNL plans to leverage its seed funding to enhance sales processes and streamline onboarding for new merchants, emphasizing a self-service approach. The startup’s success is evident in the positive impact on merchants, with growing businesses attributing their transformations to TUNL’s ability to unlock international markets for South African products.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

South Africa’s Entersekt Strengthens Global Focus with Modirum 3-D Secure Acquisition

In a strategic move to enhance its financial authentication capabilities, Entersekt, the leading player in the field, has successfully acquired the Modirum 3-D Secure software business from Modirum, a renowned digital payment security provider. The acquisition, finalized for an undisclosed sum, marks a significant development in the ever-evolving landscape of financial technology.

Modirum, with a rich history spanning 25 years, has been a trailblazer in facilitating authenticated card-not-present payments. Its cloud-based 3-D Secure (3DS) technologies have been instrumental in authenticating digital payment transactions globally across various payment systems, issuers, and merchants. Entersekt’s acquisition of Modirum’s 3DS business is a strategic move to address the escalating challenges faced by financial institutions in combating fraud threats.

According to Julie Conroy, Chief Insights Officer at Datos Insights, financial institutions grapple with the complexities of using disparate authentication tools across various banking channels, leading to inconsistent user experiences and vulnerabilities in fraud prevention strategies. The integration of Entersekt’s authentication capabilities with Modirum’s 3DS products aims to provide consumers with a seamless, cross-channel user experience and robust protection against evolving fraud schemes.

With this acquisition, Entersekt is poised to expand its customer base significantly, securing over 2.5 billion transactions annually. This move not only affords Entersekt a compelling global footprint but also establishes a clear technological advantage with a solution spanning digital, payment, and data channels for issuers, acquirers, and merchants.

Schalk Nolte, co-founder and CEO at Entersekt, highlights the broader set of solutions and increased data sources resulting from the combination of Entersekt and Modirum. This strategic move allows Entersekt to scale globally, providing the financial world with a comprehensive, cross-channel platform for secure, frictionless, Context Aware™ Authentication of customers and payments.

Entersekt plans to integrate Modirum’s 3DS solutions into its Entersekt Secure Platform for transaction authentication, with the entire Modirum 3DS team joining the company. This acquisition is expected to accelerate product development, enhance Entersekt’s existing product offering, and reinforce the company’s ability to scale and support customers globally.

Moreover, Modirum’s impressive list of customers significantly boosts Entersekt’s market share of financial institutions offering 3DS, making the combined offering the most advanced solution available for financial institutions today. Kumbi Gundani, Head of Telecommunications, Media, and Technology at Standard Bank South Africa, expresses pride in supporting Entersekt’s acquisition, emphasizing the bank’s commitment to promoting African technology on the global stage.

Entersekt’s 13-year track record in helping financial institutions reduce fraud losses, increase revenue, maintain regulatory compliance, and deliver superior customer experiences positions it as a key player in the industry. The incorporation of Modirum’s expertise further strengthens Entersekt’s ability to offer advanced Context Aware Authentication, protecting digital payment transactions against continually evolving fraud threats.

Modirum, founded in 1997, has a global presence in over 50 countries, serving more than 100,000 merchants, hundreds of card issuer banks, and over 100 million cardholders. The alignment of Modirum’s 3DS solution and talented team under the unified brand, Entersekt, signifies a response to the market’s demand for an integrated digital payment security platform.

In the words of Modirum CEO Jari Heikkinen, “Entersekt delivers amplified strengths in both online payment and customer authentication through a single offering, breaking down silos and enabling higher transaction success rates, reduced false declines, and less fraud for financial institutions, ultimately improving the overall consumer experience.”

Entersekt’s strategic acquisition of Modirum’s 3DS business stands as a testament to the dynamic nature of the financial technology sector and sets the stage for a more secure and integrated future in digital payment authentication.

Fawry Partners with Hulul and WideBot to Boost SMEs Through Innovative Fintech Solutions

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Copia Global Secures $20 Million for African E-commerce Dominance

December 13, 2023

Copia Global recently secured $20 million in a Series C extension round, with significant contributions from Enza Capital, co-founded by John Lazar, the former CEO of Metaswitch. Other major participants include LGT, Goodwell Investments, DFC, DEG, Elea, Perivoli Foundation, and Sorenson Foundation. The investment aims to support Copia Global, a Kenyan e-commerce and fintech platform targeting mid- and low-income African consumers in rural areas. The platform employs a network of over 50,000 local agents, facilitating access to goods and services. Copia has experienced annual growth of 100%, emphasizing scale and swift expansion.

Reasons for Investment

The investors, including Enza Capital, have strategically positioned their capital for several compelling reasons.

Tapping into Expanding Consumer Spending

The investment hinges on a keen anticipation of the forthcoming surge in African consumer spending, poised to exceed $2 trillion. Copia’s target demographic — the mid- and low-income consumers in rural areas — aligns seamlessly with this anticipated growth. The sheer scale of approximately 750 million potential consumers in Copia’s crosshairs provides investors with a compelling prospect to tap into a burgeoning market.

Operational Resilience and Fulfillment Network

Beyond financial figures, investors are attracted to Copia’s operational resilience, exemplified by its robust fulfillment network comprising over 50,000 local agents. This on-the-ground presence positions Copia uniquely to address the nuanced challenges faced by consumers in rural areas, from choice limitations to issues of price and reliability. The strategic emphasis on hyperlocal strategies resonates with investors seeking ventures with a granular understanding of diverse markets.

Strategic Alignment and Professional Relationships

Investors, particularly Enza Capital and John Lazar, are not just putting their money into a venture; they are leveraging strategic alignments and established professional relationships. Lazar’s long-standing rapport with the Copia team adds an additional layer of confidence, affirming the strategic vision and execution capabilities of the platform.

Profitability Focus

The recent shift in Copia’s focus, from expansive growth to a targeted pursuit of profitability in Kenya, reflects a nuanced understanding of market challenges. Investors appreciate Copia’s adaptive approach, acknowledging the global capital market’s shifts and its impact on business models. The commitment to achieving profitability in Kenya before scaling up internationally aligns with investors’ expectations for a sustainable and measured growth trajectory.

A Look at Copia

Founded a decade ago, Copia is a Kenyan e-commerce and fintech platform targeting mid- and low-income consumers in rural areas. The platform was established by founders with a vision to address challenges in accessing goods and services faced by consumers in these regions. Copia’s primary markets are in Kenya, where it operates through a network of local agents.

The startup, despite recent changes in expansion plans, maintains a focus on achieving profitability in Kenya. Copia’s approach involves leveraging local agents and logistics, providing a variety of goods to consumers who face challenges in traditional access methods.

The platform’s shift towards digitization reflects a response to increased smartphone penetration, aiming to tap into a market with significant potential. Once achieving profitability in Kenya, Copia plans to extend its operations to 14 other strategically identified countries.

John Lazar, now on Copia’s board, intends to contribute his tech operator experience and investor network to support talent acquisition, sales strategies, and provide insights to the executive team.

Copia Global Copia Global

Emerald Africa Makes Two New Investments in East African Startups

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Fawry Partners with Hulul and WideBot to Boost SMEs Through Innovative Fintech Solutions

In a move set to reshape the landscape for small and medium-sized enterprises (SMEs) in Egypt, Fawry, a pioneer in electronic payments and banking technology, has entered into a strategic cooperation agreement with Hulul, backed by WideBot, the leading Arabic-focused conversational AI chatbot building platform in the MENA region.

Under this groundbreaking collaboration, Fawry will integrate its cutting-edge electronic payment systems with Hulul’s services, leveraging AI-driven chatbots to catalyze digital transformation for SMEs. The aim is to empower emerging institutions, particularly small and medium-sized businesses, by providing them with innovative fintech services. This strategic move is poised to fortify their positions within the Egyptian market.

The core of this collaboration lies in Fawry’s commitment to furnish Hulul’s network of SMEs with the latest in fintech innovation. Through an automated chat feature relying on AI, Fawry will create a seamless payment link, facilitating secure electronic transactions. This initiative is anticipated to expedite the digital transformation journey for these enterprises, bolstering their competitiveness and operational efficiency.

The collaboration seeks to combine Fawry’s expertise in payment solutions with Hulul’s advanced AI-driven digital transformation services. This partnership aspires to revolutionize SME operations in the digital realm, offering them comprehensive tools to drive growth, enhance efficiency, and elevate customer experiences.

Hulul, a subsidiary of WideBot Artificial Intelligence, has positioned itself as a critical player in supporting SMEs to navigate the complexities of digital transformation. With an impressive customer base of 35,000 and having processed over a billion messages, Hulul’s services reach more than 60 million customers in over 40 countries. The platform boasts a market presence that spans 20 regional and global partners.

Heba El-Awady, Chief Business Officer at Fawry, expressed the company’s commitment to fostering startups and small businesses across various industries. She emphasized the provision of innovative payment technology services aimed at propelling growth, aligning with the dynamic entrepreneurial landscape in Egypt, and ultimately contributing to the advancement of the Egyptian economy.

Mohamed Nabil, CEO and co-founder of WideBot, expressed pride in the collaboration with Fawry, highlighting their joint efforts to usher in comprehensive changes to the business flow systems of small, medium, and emerging companies. Nabil emphasized the innovative combination of the latest financial technology and artificial intelligence tools, designed to offer an unparalleled experience through secure and innovative services and solutions.

This strategic partnership between Fawry, Hulul, and WideBot is poised to reshape the digital landscape for SMEs, driving economic growth and innovation within the Egyptian market.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Al Barid Bank and Barid Cash Collaborate with CDG INVEST to Back Fintech Startups in Morocco

December 12, 2023

Al Barid Bank, Barid Cash, and CDG Invest, the Investment Branch of the CDG Group, have signed an agreement aimed at promoting the creation and development of fintech startups in Morocco. This partnership is part of the “212Founders” program by CDG Invest, dedicated to investing in and supporting startups with international ambitions. The “212Founders” program launched by CDG Invest aims to energize the fintech ecosystem in Morocco by establishing a support system for fintech projects from the ideation phase to market launch.

Al Barid Bank and its subsidiary Barid Cash, with their mission of financial inclusion, aim to implement innovative, inclusive banking solutions that bring value to all Moroccans while fostering entrepreneurship in the field of new technologies.

This alliance reflects the shared commitment of CDG Invest and the Al Barid Bank Group to promote development and innovation in the field of new technologies related to finance by providing aspiring Moroccan fintech companies with a facilitating framework, including the provision of technological infrastructure conducive to the realization of their projects.

Thus, this partnership, fully aligned with the strategic vision of its signatories, aims to efficiently support the momentum in the fintech sector in Morocco.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Emerald Africa Makes Two New Investments in East African Startups

Emerald Africa Financing Facility, a pioneering player in supporting digital innovation and inclusive finance across sub-Saharan Africa, has recently announced two strategic investments in East African startups — Patasente and Sevi. These investments underscore Emerald Africa’s commitment to fostering economic growth, particularly in the rural SME sector.

Patasente: Transforming Agricultural Value Chains

In a bid to bolster the tech-enabled procurement, payments, and factoring platform, Patasente, Emerald Africa Financing Facility has joined forces with the Ugandan startup. Patasente, founded with a vision to revolutionize the Ugandan agriculture value chain, facilitates seamless transactions between sellers and buyers, fostering favorable payment terms.

Emerald Africa expresses its delight in contributing to Patasente’s growth trajectory, emphasizing the importance of supporting SMEs, farmers, aggregators, and processors within the Ugandan agricultural ecosystem. This strategic investment is aligned with Emerald Africa’s overarching goal of promoting digital innovation and inclusive finance in rural areas.

Sevi: Bridging Financial Gaps in Buy Now Pay Later (BNPL) Space

In its second strategic move, Emerald Africa Financing Facility has invested in Sevi, an innovative B2B platform operating in the Buy Now Pay Later (BNPL) space. Sevi specializes in supply chain financing, providing a lifeline to MSME buyers and sellers by facilitating quick and convenient credit for stock purchases.

Sevi’s impact extends beyond urban centers, with approximately 30% of its current end customers situated in rural areas. Emerald Africa is particularly thrilled about the potential of Sevi, considering its focus on enrolling rural/agri anchor partners. This investment reflects Emerald Africa’s commitment to acting as a crucial bridge for startups in the agri/rural fintech space, propelling them towards future funding rounds and sustained success.

Selection Criteria and Invitation to Innovators

The Emerald Africa Financing Facility, led by Alex Simuyandi, has outlined specific criteria for potential investments. The facility actively seeks tech-enabled digital ventures with a rural or agricultural focus, providing working capital or cash flow financing to SMEs at the pre-Seed/Seed stage, with funding up to $250k. These ventures must showcase a minimum viable product, maintain a positive gross lending margin, and demonstrate a credible pathway to scale. Notably, the experience and insight of the management team into the sector are considered crucial factors in the selection process.

Interested innovators who meet these criteria are invited to explore more and apply on the Emerald Africa website at www.emeraldafrica.tech.

Emerald Africa startups

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Why Prolific Investor HAVAÍC is Betting on Sports Tech Startup Sportable in a $15M Deal

December 11, 2023

Venture capital powerhouse Havaic has strategically entered the sports technology arena, announcing its maiden investment in Sportable, a South African startup revolutionizing data collection and analysis in contact sports. The Cape Town-based firm has injected $1 million into Sportable as part of a significant $15 million series A investment round.

Sportable, founded in 2016 by two South Africans, employs cutting-edge micro-tracing technology to elevate the standards of data collection and analysis, specifically in sports like rugby, soccer, and American football. The innovative approach involves embedding MT (micro-tracing) modules within balls or on players, which are interconnected by radio frequency beacons strategically placed around the field. This setup ensures the accurate capture and processing of data in real-time.

What sets Sportable apart is its cloud-based infrastructure, enabling the broadcasting and analysis of games within an impressive 90-minute timeframe with near-zero latency. As the global sports market reaches a staggering worth of $512 billion in 2023, growing at a compound annual rate of 5.2%, Sportable’s strategic investment is poised to facilitate the expansion of partnerships with international tournaments such as the Six Nations Rugby Championships, global ball manufacturers, media entities, and sporting leagues.

The leadership team at Sportable adds a unique blend of expertise to the mix. CEO Dugald Macdonald, a former NASA engineer with dual master’s degrees from Oxford University, spearheads the company alongside CTO Peter Husemeyer, a former investment analyst.

Havaic’s managing partner, Ian Lessem, expressed enthusiasm about Sportable’s broad reach across rugby, American football, and soccer, underscoring the company’s impressive standing within these prominent leagues. Lessem anticipates that Havaic’s unique insight network investing approach will synergize effectively with Sportable’s ambitions.

Sportable is not merely a beneficiary of Havaic’s investment; it joins a growing cohort of African-born technology companies that operate globally and reinvest in the continent, fostering skilled employment and contributing to local economies. The company is currently embarking on a recruitment drive to expand its team based in Cape Town.

Havaic, known for its forward-thinking investment strategies, recently closed its second $20 million pan-African investment fund in 2022. The fund focuses on nurturing African-born entrepreneurs leveraging technology to address real-world concerns. Noteworthy investments from this fund include early-stage digital businesses in fintech, healthtech, and safetech sectors, featuring companies like Aura, Kuda, Crowdforce, Mobiz, Comparisure, Tanda, RecoMed, and HearX.

Ian Lessem, Managing Partner at Havaic, emphasized the importance of institutional investors bringing both international contacts and capital to the fund. This, combined with the firm’s deep investment experience in Africa, creates a winning formula of local expertise, networks, and international follow-on capital — a crucial combination for scaling up businesses in the dynamic African market.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

South African PropTech Divercity Raises $28.7M for Urban Housing Expansion

Proparco, the French development finance institution, and 27four, a South African investment manager, spearheaded a substantial R550 million (28.7 Million USD) investment in the Divercity Urban Property Group, accompanied by reinvestment from its existing stakeholders.

The primary purpose of this investment is to facilitate the expansion of the portfolio and optimize the balance sheet. Carel Kleynhans, the CEO of Divercity, expressed the significance of this financial injection, noting that it would pave the way for the development of more than 2,500 new apartments. He emphasized the importance of showcasing the positive impact and commercial viability of Divercity’s economically-productive, sustainable, and empowering urban development model.

In South Africa, the majority of affordable housing is situated at the urban periphery, distant from economic opportunities and essential amenities. This spatial arrangement perpetuates the spatial segregation inherited from the Apartheid era and hampers various social, developmental, and economic outcomes.

Founded in 2017 and positioned as a South African investment platform, Divercity is dedicated to providing affordable rental housing with supporting amenities in densely populated and centrally-located urban precincts. Mardé van Wyk, Principal at 27four, acknowledged the acute shortage of quality affordable accommodation in South African cities. Expressing enthusiasm for Divercity’s innovative approach to this persistent challenge, 27four is pleased to contribute to the funding of their expansion.

Divercity housing — *Carel Kleynhans is the CEO of Divercity. Credits: Divercity*

This investment by Pro parco and 27four aligns with the government’s prioritization of boosting affordable rental offerings in response to the severe housing shortage. Furthermore, it aims to counteract decades-long spatial segregation in the country. Harvard University’s Growth Lab, in its recent “Growth Through Inclusion in South Africa” report, identified spatial exclusion as a primary barrier to economic growth in South Africa, alongside state capacity issues. To address these challenges and propel South Africa toward growth, the report recommends the construction of more densely populated housing clusters closer to business centers — precisely what Divercity endeavors to achieve. The R550 million transaction not only catalyzes foreign direct investment for South Africa but also leverages the deep local context understanding of in-country investment partners 27four, resulting in a high-impact deal that significantly benefits the South African market.

Gregor Quiniou, Principal at Pro parco, emphasized that beyond revitalizing South African cities, the project provides an opportunity to support energy-efficient building programs aimed at achieving EDGE certification. The initiative aligns with several development goals, including Sustainable Development Goals (SDGs) 5, 8, 11, and 13. These goals encompass job creation and combating gender inequality by offering safe and best-in-class accommodation for tenants, a demographic where women comprise approximately half of Divercity’s tenant base.

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.

Adaverse Invests in Altify for Global Alternative Investments

December 9, 2023

Adaverse, a pioneering accelerator within the Cardano ecosystem operating across Africa, the Middle East, and Asia, recently concluded a strategic investment in Altify. The investment, amounting to undisclosed figures, represents a significant step in Adaverse’s mission to empower startups, particularly those focused on driving blockchain innovation globally. Altify, the recipient of this investment, stands out as a wealth-building and savings platform with over 80,000 users across Africa and Europe. The platform aims to democratize access to alternative investments, including private credit, venture capital, real estate, crypto assets, and more. Altify utilizes blockchain to make these investments accessible to everyday investors through secure, fractional digital assets.

Why the Investor Invested

The investors, represented by Adaverse, strategically invested in Altify for several compelling reasons rooted in the unique value proposition and potential of the alternative investment platform.

In the first place, Altify was identified as a pioneering force in the financial sector, particularly in its innovative use of blockchain technology. This technological approach, allowing for the creation of secure, fractional digital assets, appealed to Adaverse’s vision of investing in the future. The acknowledgment of Altify as pioneers by Vincent Li, Founding Partner of Adaverse, underscores the strategic alignment between the accelerator and Altify in driving forward-looking solutions in the financial landscape.

Again, Altify addresses a critical gap in the market by democratizing access to a diverse range of alternative investment opportunities. The platform’s focus on making investments traditionally reserved for high-net-worth individuals and institutions accessible to everyday investors aligns with the broader mission of Adaverse to empower startups that drive blockchain innovation globally. Altify’s commitment to financial inclusivity resonated with Adaverse’s ethos of supporting ventures that contribute to market inclusivity and disrupt traditional barriers.

Furthermore, Altify’s CEO and Co-Founder, Sean Sanders, brings a wealth of experience in investment management, venture capital, and entrepreneurial pursuits. The investors recognized Sanders’ leadership and the strategic vision behind Altify, as evidenced by the CEO’s commitment to making wealth-building more accessible for younger and everyday investors. Sanders’ determination to bridge the investment diversity gap for retail investors and democratize access to lucrative alternative markets showcased a strong alignment with Adaverse’s goals.A Look at Altify

A Look At Altify

Altify, founded in Q4 2023, resulted from a merger between South African platforms Revix and BitFund, along with Austria’s Coinpanion. The platform focuses on alternative investments, providing users the ability to invest with as little as $10 in assets like private credit, real estate, and cryptocurrencies. Altify’s CEO and Co-Founder, Sean Sanders, who previously founded Revix, envisioned Altify as a solution to the limited investment diversity available to everyday investors. The platform’s uniqueness lies in its user-friendly interface, low entry investment threshold, and diverse asset offerings, including crypto bundles, enhanced cryptocurrency pairs, and physical gold. Sean Sanders, a CFA Charterholder, expressed his frustration as a retail investor and outlined Altify’s mission to democratize access to alternative investment markets, historically dominated by the ultra-wealthy.

Altify is not only rooted in South Africa but also has a presence in the UK and Austria. The company plans to expand globally, adding private credit, real estate, and venture capital to its offerings. Leveraging Adaverse’s global network and expertise, Altify aims to position itself as a comprehensive hub for alternative investments, further aligning with its mission to democratize wealth creation on a global scale.

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Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.