Kenya’s BasiGo Charges Ahead with $5 Million Debt Funding for Electric Bus Expansion

BasiGo, an electric bus company active in Kenya and Rwanda, has secured $5 million in debt funding from the British International Investment (BII), the UK’s development finance institution and impact investor. In a departure from equity funding, where ownership is exchanged for capital, debt funding involves borrowing money that must be repaid under agreed-upon terms. BasiGo will utilize the funds to expand its electric bus assembly operations in Kenya, aiming to deliver a total of 100 buses within the country. Currently, the company has 19 buses operating on the streets of Nairobi, managed by various matatu (privately-owned mini-bus) companies.

Jonathan Green, the co-founder and chief financial officer of BasiGo, emphasized the transformative potential of electrifying public transport in Kenya, driven by the country’s abundant renewable energy resources.

BasiGo adopts a unique pay-as-you-drive model, offering its electric buses to matatu companies. Customers can choose to purchase an electric bus without a battery for a reduced upfront cost or opt for a pay-as-you-drive subscription, which includes battery lease coverage. This subscription also provides benefits such as free charging at BasiGo’s stations and maintenance. The K6 electric bus is initially priced at $35,600, with a subscription cost of $0.14 per kilometer.

In 2022, BasiGo successfully raised nearly $11 million. Within three months of its launch in Kenya, the company secured $4.3 million in seed funding, led by Novastar Ventures. This was followed by a further $6.6 million in equity funding in November 2022, with Novastar, Mobility54, and Trucks.vc leading the round. Additionally, BasiGo received a $1.5 million grant from the United States Agency for International Development (USAID) in November 2023 to support its pilot initiative in Kigali, Rwanda.

Founded in 2021 by Jit Bhattacharya and Jonathan Green, BasiGo aims to offer over 1,000 mass transit electric vehicles to Nairobi’s transportation operators in the next five years. The company will provide drivers with pay-as-you-drive credit options, along with maintenance and charging services, to encourage the adoption of electric vehicles.

BasiGo’s upcoming pilot program, set to launch next month, aligns with the efforts of Swedish-Kenyan EV firm Opibus, which recently introduced its first locally-manufactured electric bus in Kenya. Both companies target the mass transit industry, which is progressively transitioning to cleaner energy sources.

BasiGo plans to assemble its electric buses in-house, sourcing components from China’s BYD Automotive. These buses will be available in 25 and 36-seater configurations, boasting a range of approximately 250 kilometers. The recent announcement by the Kenyan government that its Bus Rapid Transit (BRT) network in Nairobi will exclusively operate green vehicles, including electric, hybrid, and biodiesel, presents a substantial business opportunity for EV manufacturers like Opibus and assemblers like BasiGo. Opibus, previously focused on converting gasoline and diesel vehicles to electric, is now expanding into the creation of new vehicles, including e-motorcycles.

Julaya

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.

Egyptian Auto Parts Startup Mtor Secures $2.8 Million in Pre-Seed Funding Led by Algebra Ventures

Egyptian online auto parts marketplace, Mtor, recently secured $2.8 million in pre-seed funding led by Algebra Ventures, an Egypt-focused venture capital firm. Other notable investors in this round include Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital, and various local and global angel investors.

Mtor, founded in April 2022 by Mohamed Maged, addresses inefficiencies and fragmentation in the auto parts supply chain, specifically targeting local workshops and car mechanic spaces in Egypt. Maged, drawing from his experience in the automotive sector in Germany, recognized a significant gap in information and technical knowledge between global suppliers and local service providers in Egypt.

Initially focused on supplying spare parts to local workshops and managing logistics, Mtor expanded its operations over time. The startup formed partnerships with importers to facilitate distribution in Egypt’s automotive after-sales market, which exceeds $5 billion in value. The country has an aging fleet of 8 million vehicles, and car owners spend an average of $600+ annually across 35,000 workshops and service providers.

Why The Investors Invested

Untapped Market Potential

Investors were attracted to Mtor due to its strategic position in Egypt’s automotive after-sales market, which exceeds $5 billion in value. The country has an aging fleet of 8 million vehicles, and car owners spend significant amounts annually on maintenance and aftersales parts. Mtor’s focus on addressing the pain points in this vast and relatively untapped market presented a lucrative opportunity for investors to capitalize on.

Innovative Solution to Industry Challenges

Mtor’s founder, Mohamed Maged, identified inefficiencies and fragmentation within the auto parts supply chain and the automotive aftermarket. Investors recognized the innovative approach of Mtor in simplifying the supply chain, offering more efficient pricing, and leveraging technology to bridge the gap between local workshops and importers. The startup’s commitment to resolving issues such as inaccurate fitment data, logistics challenges, and price transparency resonated with investors looking for disruptive solutions in the industry.

Experienced Leadership and Team

The leadership team at Mtor, including Mohamed Maged, CTO Khaled Kandil, COO Mohamed Altaf, and VP of Strategy Moaz El Megharbel, brought a combination of industry expertise and entrepreneurial experience. Maged’s background in the automotive sector, particularly in Germany, added credibility to the venture. Investors saw the team’s capability to execute the vision and navigate the complexities of the automotive after-sales market.

Efficient Business Model

Mtor’s business model, operating on a margin tied to the parts themselves and offering standardized pricing with free delivery, appealed to investors. The startup’s ability to serve over 2,500 workshops and fulfill more than 70,000 orders in a relatively short period demonstrated the scalability and efficiency of its operations. Investors were likely impressed by Mtor’s capacity to streamline the traditional supply chain, reducing costs for local mechanics and importers alike.

Strategic Partnerships and Expansion Plans

Mtor’s emphasis on forming partnerships with importers and parts suppliers aligned with investors’ interest in strategic collaborations. The startup’s plans to strengthen these partnerships, coupled with its expansion strategy within Egypt and potentially beyond, indicated a forward-looking approach that resonated positively with investors seeking long-term growth potential.

A Look at Mtor

Founded in April 2022 by Mohamed Maged, Mtor operates in Egypt’s automotive after-sales market, one of the largest in Africa and the MENA region. The startup, with a leadership team that includes CTO Khaled Kandil, COO Mohamed Altaf, and VP of Strategy Moaz El Megharbel, initially concentrated on supplying spare parts and managing logistics for local workshops.

Mtor’s unique approach involves simplifying the traditional supply chain, offering more efficient pricing through a tech platform that connects local workshops directly with importers. The startup has served over 2,500 workshops, fulfilling more than 70,000 orders in the past year and a half. Beyond distribution, Mtor’s Mechanic app facilitates ordering, provides insights into compatible aftersales parts, and establishes a feedback loop involving data, parts information, and pricing points.

Looking ahead, Mtor plans to strengthen partnerships with importers and parts suppliers, leveraging the new investment to enhance its product offerings and attract more mechanics monthly. The startup’s differentiation in focusing on B2B customers sets it apart from other platforms in the automotive sector, aiming to empower independent workshops and improve the overall experience for car owners in terms of quality, lead time, and pricing.

Mtor Auto Parts Mtor Auto Parts

Nigeria’s Payday Yields to Crypto Startup Bitmama in Major Acquisition Deal

In a landmark move within Nigeria’s rapidly evolving fintech landscape, blockchain payments platform Bitmama Inc. has officially acquired Payday, a virtual card service provider. This strategic acquisition, facilitated through Bitmama’s cross-border payments product Changera, is set to redefine the industry and consolidate blockchain payment solutions.

The acquisition comes on the heels of Payday’s impressive $3 million seed funding round merely nine months ago and follows three months of exploring potential sale options. While the financial terms of the deal remain undisclosed, a reliable source close to the matter indicated that acquisition talks were initiated just a few weeks ago and are currently at an advanced stage, approximately 85% complete.

Changera, Bitmama’s flagship product launched in 2021, is poised to integrate key personnel from Payday, spanning departments such as marketing, customer service, and engineering. The integration process is already underway, with Payday employees transitioning to Changera. The fate of Payday’s CEO, Favour Ori, known for his strong technical background, remains uncertain, but indications suggest a potential departure given Bitmama’s established leadership and robust technical team.

For Payday’s 300,000 customers, now under Changera’s care, the transition promises continuity with no immediate noticeable changes. The move is anticipated to address operational challenges faced by Payday, including industry-wide charge-back fraud issues, disruptions in Mastercard services, and senior team exits earlier in 2023.

Bitmama’s management assures that Payday’s brand will persist, operating under the broader umbrella of Changera and supported by its stablecoin infrastructure. This integration aims to enhance customer experience and service reliability by mitigating Payday’s dependence on third-party integrations.

In the short term, no alterations are planned to Payday’s fee structures or terms of service. However, customers can expect an expanded suite of services and potential new features as the integration progresses, leveraging the combined strengths of Bitmama and Payday.

Post-acquisition, Bitmama sets forth an ambitious roadmap, highlighting the development of a groundbreaking solution aimed at enhancing FX transactions for African businesses. The solution, slated for launch in Q1 2024, is expected to address critical market needs, facilitating smoother and more efficient B2B cross-border financial interactions.

This acquisition aligns with a broader trend of strategic consolidations within the fintech industry, reminiscent of Chaka’s acquisition by Risevest in September 2023. The trend underscores the growing inclination of fintech companies toward strategic partnerships and acquisitions as a means to overcome market challenges and scale operations.

Background on Payday’s Journey and Achievements

Founded in June 2021 by CEO Favour Ori, Payday embarked on a mission to create the African version of PayPal. Despite facing initial challenges and strategic shifts, Payday secured notable investments, with Moniepoint Inc. leading a $3 million seed funding round in March 2023.

Payday’s innovative approach to global payments accounts denominated in USD, EUR, and GBP garnered attention, attracting over $5 million in funding to date. The fintech company, headquartered in Kigali and Vancouver, strategically narrowed its focus to Nigeria after joining the Techstars program in Toronto.

With an initial modest customer base, Payday experienced rapid growth, currently serving 300,000 users and processing an impressive average of 40,000 transactions daily, totaling over $25 million monthly. The fintech’s profitability, achieved in August 2022, defied its burn rate increase due to an intensive marketing campaign.

Payday’s strategic partnerships, including collaboration with SpaceX’s Starlink, showcased its commitment to innovation. The fintech’s foray into social media marketing further solidified its market presence, with the company’s leadership expanding to include experienced professionals from global fintech Revolut, Nigeria’s Bank of Industry, Goldman Sachs, and Expedia.

This acquisition by Bitmama marks a pivotal chapter in Payday’s journey, unlocking new possibilities for both companies and signaling a transformative period in Nigeria’s fintech ecosystem.

Payday Bitmama Payday Bitmama

Julaya

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

How Ivory Coast’s Julaya Delivered 4X Returns to Early Backers on Their Investments

In a significant financial triumph, Ivory Coast-based fintech Julaya has emerged as a promising investment opportunity, yielding a remarkable 4x return for its early angel investors. The success story unfolds against the backdrop of Julaya’s recent $5 million pre-Series A funding round, bringing its total fundraising to $7 million. The round was led by Speedinvest, a European VC firm, with participation from notable investors such as EQ2 Ventures, Kibo Ventures, Orange Ventures, and Ivorian business angel Mohamed Diabi, among others.

The fresh capital injection is earmarked for Julaya’s ambitious expansion plans across Francophone West Africa, targeting countries like Benin, Togo, and Burkina Faso. The funds will also support talent acquisition and bolster product development, including the launch of a loan product catering to around 200,000 SMEs in the UEMOA area.

The decision to allow early investors to exit the business during this funding round was a strategic move, driven by an opportunity to bring in a new fund while managing dilution. This decision resulted in a substantial 4x return for the initial backers, marking a significant win for those who believed in Julaya’s vision early on.

CEO Mathias Léopoldie revealed that the company’s payment processing volume has skyrocketed, from over $1.5 million weekly in July 2017 to an impressive $7.5 million, with revenues experiencing an annual surge of nearly 500%. Notable clients such as Jumia and Sendy underscore Julaya’s growing influence in the B2B payments landscape in Francophone West Africa.

Julaya’s success isn’t confined to financial metrics alone. The startup’s innovative approach to corporate spending management distinguishes it in the market. Utilizing mobile money channels, Julaya facilitates bulk payments between businesses and their unbanked staff. Moreover, the company introduced a Mastercard-issued prepaid card designed for corporate cost management, further expanding its service offerings.

The inclusion of professional football star Édouard Mendy as an investor adds an intriguing element to Julaya’s investor base. Mendy, a limited partner in the company, exemplifies a growing trend where athletes recognize the potential of venture capital as both a lucrative investment and an opportunity to contribute to their home countries.

While Julaya’s financial returns are undoubtedly impressive, its success narrative extends beyond mere numbers. Founder Mathias Léopoldie emphasizes the importance of building a great company that creates genuine economic activity, underlining the nuanced definition of success that goes beyond financial metrics.

As Julaya continues to navigate the complex payment ecosystem in Francophone West Africa, its innovative solutions and strategic partnerships position it as a transformative force, not only in payments but potentially as a close banking partner for businesses in the region, according to Enrique Martinez-Hausmann, principal at lead investor Speedinvest. The company’s growth trajectory and investor returns underscore the pivotal role intuition, strategic decision-making, and a strong team play in shaping a fintech success story.

Julaya

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

How Kenya’s Lipa Later Saved E-commerce Startup Sky Garden from Total Extinction

In a remarkable turnaround, Kenyan e-commerce start-up Sky Garden has resurrected from the brink of closure, thanks to a strategic Ksh.250 million ($1.6 million) investment by tech credit platform Lipa Later. The acquisition, completed in December 2022, not only breathed new life into Sky Garden but positioned it for ambitious growth, aiming to connect with 100,000 merchants in the coming year.

Lipa Later, a key player in the Buy Now Pay Later (BNPL) service, injected fresh capital into Sky Garden, signaling a significant transformation. The revitalized platform now boasts integrated payment solutions, logistic support, marketing tools, and crucial business insights, aligning itself with the vision of becoming a commerce catalyst for businesses and communities across Africa.

Under the stewardship of Lipa Later, Sky Garden’s enhanced platform offers merchants a comprehensive suite of services, including access to financing, real-time transaction monitoring, direct bill payments, seamless deposits and withdrawals to M-Pesa or bank accounts, and the novel ability to open a bank account. This holistic approach aims to empower merchants, reduce online interactions, and facilitate sales from anywhere at any time.

The synergy between Lipa Later’s BNPL service and Sky Garden’s Amazon-style marketplace sets the stage for a customer-centric approach. Shoppers can now utilize Lipa Later’s flexible and affordable monthly instalment payment plan to purchase items, opening up new avenues for increased sales and customer engagement.

Notably, Sky Garden is expanding its horizons by venturing into social commerce. The platform introduces features that enable shoppers to discover, share, and make purchases directly within their social networks. This strategic move aligns with the evolving landscape of e-commerce, tapping into the power of social connections for both consumers and merchants.

Lipa Later Group CEO, Eric Muli, emphasized the group’s broader vision, stating, “Our group vision is to be a commerce catalyst for businesses and communities across Africa. We firmly believe that local ownership and operation are essential in understanding the needs of our people, contributing to the prosperity of our nation, and forging a true connection with our community.”

Sky Garden’s success story is particularly poignant considering its near closure in October of the previous year due to insolvency. The startup faced a funding gap in September, despite having raised over $6,000,000 (Ksh.919 million) before the acquisition. Lipa Later’s timely intervention not only saved the venture but propelled it into a phase of expansion and innovation.

Lipa Later’s strategic moves, including securing approval for fundraising in the United States and closing a Ksh.500 million debt issue, demonstrate the platform’s commitment to sustainable growth and financial stability. As one of the first African companies to receive approval from the U.S. Securities and Exchange Commission (SEC), Lipa Later’s success story is intricately woven with Sky Garden’s resurgence, marking a transformative chapter in the landscape of Kenyan e-commerce.

Banknbox Secures Strategic Investment from DisrupTech Fund for Expansion

Amid Egypt’s digital banking transformation, DisrupTech Fund, a prominent venture capital entity specializing in financial technology in the country, has officially announced a strategic investment in Banknbox. A trailblazer in digital services and non-traditional payment technology, Banknbox is poised to leverage this partnership to introduce innovative services and comprehensive solutions previously unavailable to local and regional banks and financial technology firms.

This investment not only facilitates Banknbox’s expansion into new markets but also enhances its capabilities to meet evolving client needs, aligning with the broader objectives of DisrupTech Fund in its investments across various companies.

Mohamed Okasha, CEO of DisrupTech Fund
Mohamed Okasha, CEO of DisrupTech Fund

The collaboration underscores Banknbox’s distinctive capabilities in providing integrated services through its internally developed platform, positioning it as a leader in payment processing and digital banking technology. Drawing upon Banknbox’s 15-year experience in financial technology solutions, DisrupTech Fund aims to inform its current and future investments, expanding its portfolio with a focus on integrated platforms.

read also Kenyan Climate-Tech Pioneer Amini Secures $4M in Seed Funding to Revolutionize Environmental Data Access

Banknbox, with a mission to deliver secure solutions adhering to the highest standards, aligns with the Central Bank of Egypt’s vision for promoting financial inclusion, banking technology, and digital payments. The collaboration seeks to offer a seamless digital banking experience to customers, emphasizing innovation, customer satisfaction, and the transformation of operational norms within banks and companies.

Mohamed Okasha, CEO of DisrupTech Fund, expressed enthusiasm for the partnership, highlighting the potential to revolutionize the industry. He emphasized the commitment to investing in innovative technologies that support financial technology companies, enabling the provision of safe and innovative services.

The investment positions Banknbox to utilize the Egyptian market as a launchpad for operations, serving both local and regional markets while supporting the company’s global expansions.

Basem Mahmoud, CEO of Banknbox, expressed pride in the achievements thus far and the cooperation with DisrupTech Fund. He highlighted the shared mission of providing integrated banking services and payment technology. Mahmoud emphasized the value of DisrupTech’s expertise in financial technology investments to help develop Banknbox’s platform and expand its reach in Egypt and the broader region.

read also Egypt’s Fawry Partners with MoneyHash to Unleash Digital Payment Innovation

Banknbox, having developed a suite of digital services internally, focuses on flexibility, compatibility, and cost-effectiveness. These services include phone banking applications, internet banking, electronic wallets, tokenization services, e-KYC services, artificial intelligence technology, Chatbot, Open Banking APIs, automated branch services, and communication services technology.

In addition to offering comprehensive services, Banknbox is currently in negotiations with banks and financial institutions within and outside Egypt to provide a range of services based on its robust infrastructure and established systems. These negotiations draw on the company’s experience with numerous institutions worldwide, spanning more than 15 countries. Banknbox’s services cover ATM machine management, transaction monitoring, POS and Soft-POS electronic payment machines, white-label electronic payment gateway, and anti-fraud systems with artificial intelligence, among others, catering to diverse sectors such as finance, healthcare, and transportation.

Charles Rapulu Udoh

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 Revix, BitFund, and Coinpanion Merge to Form Altify

In a strategic move, South African cryptocurrency platforms Revix and BitFund have joined forces with Austria’s Coinpanion to create a new powerhouse in the alternative investment space — Altify.

In an official joint statement released on Friday, the companies announced the formation of Altify with a mission to empower individuals to grow their wealth beyond traditional stock market avenues. The newly formed Altify aims to democratize access to a diverse range of alternative investment opportunities, spanning private credit, venture capital, real estate, crypto assets, and collectibles.

Altify will build upon the strengths of Revix, Coinpanion, and BitFund, continuing to offer crypto investment products, including a wide range of ETF-style crypto bundles that were a hallmark of the individual platforms.

read also Kenyan Climate-Tech Pioneer Amini Secures $4M in Seed Funding to Revolutionize Environmental Data Access

Sean Sanders, the founder and CEO of Revix, will assume the role of Altify CEO. The unified entity, now boasting over 80,000 clients, will be headquartered in London, with additional offices in Vienna and Cape Town.

Sean Sanders, the founder and CEO of Revix

Sanders expressed the overarching goal of Altify, stating, “Our aim is to position ourselves as the go-to alternative investment platform across South Africa and the broader Europe, Middle East, and Africa region.” He emphasized the mission to bridge the investment gap, particularly targeting investors aged 25–50, and enabling everyday South Africans to capitalize on a more extensive array of investment opportunities.

The recent crypto market downturn served as a catalyst for the merger, propelling Altify to expand beyond crypto-centric offerings. Sanders highlighted the prevailing market dynamics that have created ripe conditions for consolidation within retail investment platforms, especially in the crypto space. Altify is actively exploring opportunities to collaborate with investment platforms in the UAE, UK, and Europe in the coming months.

read also Nigerian Fintech FrontEdge Raises $10 Million to Enhance Cross-Border Trade Financing

Disclosing a collective deposit figure exceeding US$250 million, the companies underscored strong support from shareholders, including notable entities such as Johannesburg-listed specialist investment group Sabvest, CVVC, Founders Factory, Emurgo, High-Tech Gründerfonds, and Calm/Storm Ventures. Angel investors, including MySugr Founder Frank Westermann and business angel ‘Hansi’ Hansmann, further backed the transaction, solidifying Altify’s foundation for future growth and success.

Charles Rapulu Udoh

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

Kenyan Climate-Tech Pioneer Amini Secures $4M in Seed Funding to Revolutionize Environmental Data Access

Amini, a climate-tech startup based in Kenya, successfully secured $4 million in a seed funding round. The investment was led by Salesforce Ventures and the Female Founders Fund, with participation from Climate-tech VC Satgana, Pale Blue Dot, and Superorganism. Notably, Superorganism had previously backed Amini in its $2 million pre-seed round earlier in the year. The startup primarily leverages satellite data, integrating it with various datasets, including sensors, research, and ground truthing, to provide valuable insights on biodiversity, soil and crop health, and farming practices such as water and fertilizer use. Amini’s platform facilitates real-time monitoring tools and machine learning models, supporting actions like flood detection. The company’s CEO, Kate Kallot, emphasized the use of artificial intelligence and space technologies to make environmental data in Africa easily accessible for enhanced decision-making and transparency in supply chains. Initial clients include enterprises in agriculture and insurance, with Aon among them.

Kate Kallot, the founder and CEO Amini
Kate Kallot, the founder and CEO, Amini

Why The Investors Invested

Investors committed $4 million to Amini based on a strategic assessment of the startup’s potential impact. The key reasons behind this substantial investment lie in Amini’s pioneering role in bridging the environmental data gap in Africa. The startup’s unique approach of utilizing satellite data and artificial intelligence to address climate-related challenges aligns with the growing global emphasis on sustainability and accountability. Amini’s data aggregation platform holds the promise of making brands more accountable for their environmental practices, providing a tool for measuring progress and ensuring transparency in supply chains. With the increasing regulatory pressure in the U.S. and Europe for corporations to disclose climate risks, investors see Amini as well-positioned to meet these evolving demands. The investment is a strategic move to support a tech-driven solution that not only meets current market needs but also aligns with future trends in sustainability and climate technology.

read also Kenya’s Twiga Foods Secures Undisclosed Funding in Swift Refinancing Move Amidst Legal Turmoil

A Look at Amini

Amini, founded in Kenya, stands out as a climate-tech startup focused on addressing environmental challenges by bridging data gaps. Kate Kallot, the founder and CEO, previously held tech roles at prominent companies such as Nvidia and Intel. Amini’s primary markets include enterprises in the agricultural and insurance industries, with plans to expand its reach to food and beverage companies and consumer packaged goods producers. The startup aims to transform supply chains to regenerative practices, aligning with emerging regulations that compel corporations to disclose climate risks. Beyond its immediate applications, Amini aspires to be a platform play, providing environmental data for Africa and empowering developers to create innovative solutions. With historical data spanning up to 20 years, Amini envisions a limitless array of use cases, intending to be a catalyst for positive feedback loops that transform global food systems.

Charles Rapulu Udoh

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

LeapFrog Secures $500M for Investment in African Climate-Tech

LeapFrog Investments, a renowned Profit with Purpose firm, has successfully raised $500 million to fuel its ambitious climate investing strategy in Africa and emerging Asia. The substantial investment comes from Temasek and has garnered support from the European Investment Bank, pending approval from its governing bodies.

In 2021, Temasek committed $500 million to LeapFrog to anchor its future investing activities, including a $100 million commitment to the newly unveiled climate investing strategy. The European Investment Bank, a long-term partner of LeapFrog in emerging market impact investing, is considering its fifth investment with the firm, subject to ongoing appraisal.

A recent report, the Investor Roadmap for Inclusive Green Growth, jointly released by LeapFrog, Temasek, and the World Bank’s CGAP think tank, underscores the urgency of addressing climate change in South Asia, Southeast Asia, and Africa. These regions currently contribute 25% of global climate emissions, a figure projected to surge to 73% by 2050 without prompt action.

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LeapFrog’s climate strategy focuses on channeling investments into companies providing green tools and technologies targeting rising consumers. This includes sectors such as 2-wheeler electric vehicles, rooftop solar providers, and smart farming businesses in the energy, mobility, built environment, and agricultural sectors. The aim is to support low-carbon and resilient growth as incomes rise, with a specific focus on countries like India, Indonesia, and Kenya.

LeapFrog CEO Andy Kuper on Seeking Profit With Purpose - Bloomberg
Andy Kuper is the Founder and CEO of LeapFrog. Credits: Leapfrog

Dr. Andy Kuper, Founder and CEO of LeapFrog Investments, emphasized the global nature of the climate challenge, stating, “Climate has no borders, and so neither should global capital markets.” He commended the early support from Temasek and EIB, highlighting the understanding of long-term and progressive investors in tackling climate change holistically.

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Benoit Valentin, Head of Impact Investing at Temasek, expressed optimism about the potential for emerging markets to leapfrog traditional technologies with access to clean technology. He stressed the need for urgent action to tap into the green discount and seize investible opportunities for a greener and more inclusive future.

Markus Berndt, Acting Managing Director of EIB Global, expressed excitement about the strategy’s objectives to invest in concrete solutions for private sector development and a green transition in transport, energy, and the environment in Asia and Africa.

LeapFrog’s climate team has already built a robust pipeline of green businesses in Africa and emerging Asia, with plans to announce initial investments in 2024. The firm’s previous funds have supported successful climate companies, such as Sun King, the largest pay-as-you-go solar financier in Africa.

The recent backing from Temasek and EIB follows LeapFrog’s $500 million climate commitment, announced four months ago at the US-UK Climate Mobilisation Forum. This forum, attended by key global figures including LeapFrog’s Dr. Kuper, aimed to tackle climate change in developing economies and accelerate a net-zero, resilient transition.

LeapFrog Investments, known for its profit with purpose approach in financial services and healthcare, has raised four growth equity funds and two separate accounts, spanning dozens of investments in 30 countries to date. With a portfolio that has generated 24% annual revenue growth on average, LeapFrog companies currently reach 492 million people across the globe, delivering healthcare, financial tools, or climate solutions to over 6% of the world’s population.

Charles Rapulu Udoh

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

Dakar Mobility Raises $147M to Pioneer Sub-Saharan Africa’s First 100% Electric Bus Rapid Transit System

In a groundbreaking development, Dakar Mobility, a Senegalese company jointly owned by Meridiam and the Sovereign Strategic Investment Fund of Senegal (FONSIS), has successfully secured €135 million for the implementation of Sub-Saharan Africa’s inaugural 100% electric Bus Rapid Transit (BRT) system. The funds, pooled together by Proparco, EAIF, PIDG TA, and the European Union (EU), mark a significant leap forward in the region’s commitment to sustainable urban transport.

Dakar, grappling with chronic traffic congestion leading to road safety concerns, high air pollution, and substantial greenhouse gas emissions, initiated a comprehensive urban transport restructuring program. The Executive Council for Sustainable Urban Transport (CETUD) is spearheading this effort, focusing on the introduction of a state-of-the-art BRT system to address these challenges.

Dakar BRT project

The future BRT network is set to connect the Petersen bus station in Dakar Plateau to the Guédiawaye prefecture in the northern suburbs, covering a distance of 18.3 km with 23 stations. The deployment includes a fleet of 121 buses powered entirely by electricity, making it a pioneering project in Sub-Saharan Africa.

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Financing for the Dakar BRT project includes a €85.4 million loan shared equally between Proparco and EAIF, with an additional €6.4 million loan from both institutions to fund battery replacements at the end of the buses’ eight-year lifespan. The European Union contributes €7 million, and PIDG TA secures approximately €9 million in grants to complement the project’s financial requirements. The remaining balance is covered by Meridiam and FONSIS.

The European Union’s involvement in the project aligns with its Global Gateway strategy, focusing on intelligent, clean, and secure connections in digital, energy, and transportation sectors. This financial backing underscores the EU’s commitment to promoting clean urban mobility solutions.

Upon completion, the BRT is poised to become a major mode of transport in the Dakar metropolitan area, with an ambitious target of 300,000 passengers daily. The system is expected to significantly reduce travel times, connecting the two ends of the line in just 45 minutes, compared to the current 90 minutes.

Beyond its transportation benefits, the Dakar BRT project promises numerous positive impacts on the local economy and quality of life. Dakar Mobility plans to create approximately 1,000 direct and local jobs, emphasizing employment access for women and providing opportunities for young people to develop skills in mass public transport.

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Moreover, improved accessibility for residents of peripheral areas is expected to boost employment in the Dakar basin. Dakar Mobility aims to implement a social tariff, offering up to a 50% reduction compared to the standard fare, ensuring that disadvantaged populations can access the new opportunities facilitated by the BRT system.

Inclusivity and safety are integral aspects of the project, with quality facilities planned for stations and surrounding areas. These include provisions for pedestrians, public lighting along BRT routes to enhance security, dedicated spaces for wheelchair users within buses, and reserved seating for individuals with reduced mobility.

The Dakar BRT project, in parallel with the reorganization of existing bus lines, demonstrates a holistic approach to urban mobility. It complements the Regional Express Train (TER) inaugurated in 2021 and emphasizes the significance of sustainable transport solutions.

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Dakar’s ambitious venture into a 100% electric BRT system stands as a testament to the region’s commitment to sustainable urban development. With environmental, economic, and social benefits in focus, this pioneering project is poised to make a transformative impact on Dakar’s transportation landscape and set a precedent for sustainable urban mobility across Sub-Saharan Africa.

Charles Rapulu Udoh

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