Charles Udoh - Afrikan Heroes

Egyptian Ecommerce Startup Awfar Secures Six-Figure Investment from Saudi Venture Studio VMS

November 3, 2023

Egypt-based SaaS ecommerce startup, Awfar, recently secured a substantial six-figure investment from Saudi Arabia-based venture studio Value Maker Studio (VMS). The investment was made to support Awfar’s expansion efforts in Egypt. Founded in 2020 by Abdelrahman Galal, Awfar provides comprehensive technology solutions for retail businesses. Their offerings include cloud-based services, point of sale (POS) systems, commercial and operational reporting, and delivery management solutions. What sets Awfar apart is its integration with retail aggregators, third-party logistics providers, and analytics and marketing capabilities.

Value Maker Studio (VMS) has devised a strategic plan known as the “Bridge Programme,” set to launch early next year. This program aims to assist Egyptian tech startups in smoothly expanding their operations into the Saudi Arabian market. Collaborating with various partners, including the Arab Academy for Science and Technology and Maritime Transport, the Egyptian Federation of Chambers of Commerce, the General Division for Digital and Technology Economy, Adventurers, Cash Cow, U Youth, and FALAK, VMS will offer a three-day intensive training and mentorship program. This program will equip participants with insights into the Saudi market, its investment landscape, customer behavior, and market entry processes.

Why the Investors Invested

Investors decided to back Awfar for several compelling reasons. Firstly, Awfar’s innovative approach to providing integrated technology solutions for retail businesses has already proven successful in Egypt and the wider MENA region. The company’s track record demonstrates their ability to drive growth and enhance the performance of retail businesses. By investing in Awfar, Value Maker Studio (VMS) recognized an opportunity to capitalize on this success and leverage it for further expansion into the lucrative Saudi Arabian market.

Moreover, Saudi Arabia is a rapidly growing market with a burgeoning demand for modern e-commerce and retail technology solutions. The partnership between Awfar and VMS comes at an opportune time, aligning with the Saudi government’s push for digital transformation and economic diversification. By supporting Awfar’s expansion into Saudi Arabia, investors can tap into this promising market and secure a strategic foothold.

The “Bridge Programme” introduced by VMS not only reflects their commitment to fostering startup success but also addresses the challenges that Awfar and other startups face when entering the Saudi market. By offering financial support, mentorship, and essential connections, VMS provides a comprehensive solution to these challenges, making the investment in Awfar a strategic move with long-term potential for investors.

A Look at Awfar

Awfar, founded in 2020 by Abdelrahman Galal, has quickly become a leading SaaS e-commerce startup in Egypt. The company specializes in delivering fully integrated technology solutions for retail businesses. Their suite of services includes cloud-based solutions, point of sale (POS) systems, commercial and operational reporting, and delivery management tools. Notably, Awfar stands out due to its seamless integration with retail aggregators, third-party logistics providers, and comprehensive analytics and marketing capabilities.

The startup’s primary markets are in Egypt and the wider MENA region, but with the backing of VMS and their “Bridge Programme,” Awfar aims to expand its presence into the promising Saudi Arabian market. This move is strategically aligned with the growing demand for modern retail technology solutions in Saudi Arabia and the government’s focus on digital transformation.

Awfar’s partnership with VMS and its participation in the “Bridge Programme” mark a significant milestone in the company’s journey, enabling them to overcome challenges associated with market entry. This partnership empowers Awfar to secure contracts and establish partnerships with major retail chains in Saudi Arabia, further solidifying their position as a key player in the region’s e-commerce landscape.

Awfar ecommerce Awfar ecommerce

Namibia Gets $196m From African Development Bank for Rail Modernisation

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

Japanese VC Giant SBI Holdings Commits $40 Million to Fuel African Startups

In a significant development for the African startup ecosystem, SBI Holdings, one of the largest venture capital (VC) groups in Japan, has announced a strategic partnership with Novastar Ventures, one of the pioneering VC investors in Africa. This landmark partnership includes a $40 million multi-fund investment by SBI Holdings to anchor Novastar’s upcoming funds and paves the way for Japanese investment to flow into Africa’s vibrant startup ecosystem.

SBI Holdings has also committed to mobilizing matching commitments from Japanese institutional investors to support Novastar’s funds. The collaboration aims to leverage Novastar’s extensive experience and presence in Africa to facilitate co-investment opportunities and share valuable market knowledge. SBI Holdings will not only invest to take a minority stake in Novastar but also provide growth capital to develop the Novastar platform. While Novastar’s investment process will continue to be managed and controlled by its existing partners, SBI Holdings will hold one non-executive seat on Novastar’s Management Board. Additionally, Riki Yamauchi, with a background in investment banking in Tokyo and a focus on African opportunities, will join Novastar’s investment team to lead the partnership’s objectives.

Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings, Inc., expressed his optimism about the partnership, emphasizing Africa’s potential for global leadership in sustainable development. He acknowledged Novastar’s position as a leader in African VC and highlighted the opportunity to establish a trusted bridge between Japan and Africa for financial and strategic investment, knowledge transfer, and innovation learnings. Kitao believes this partnership will harness Africa’s megatrends for the mutual benefit of Japanese investors and African businesses.

Steve Beck, Co-founder and Managing Partner at Novastar, noted the remarkable growth of venture funding to startups in Africa, which exceeded $5 billion in 2022, marking a more than 20-fold increase since Novastar’s inception nearly a decade ago. Beck, along with SBI, sees an opportunity to use Africa’s development trajectory to promote sustainable, inclusive business models that address environmental challenges and drive positive change. Realizing this vision requires the capital, technology, and long-term perspective of mature economies like Japan.

Novastar Ventures, as one of the first and largest VCs in Africa, has raised over $200 million from global institutional investors since its establishment in 2014. Its portfolio companies have made significant social and environmental impacts, benefiting over 50 million consumers, producers, and employees, with nearly 35 million of them living on $6 per day or less. Novastar’s portfolio companies have also contributed to removing and avoiding greenhouse gases, improving soil health, and enhancing biodiversity.

Abi Mustapha-Maduakor, CEO at AVCA — The African Private Capital Association, praised the collaboration between Japanese and African venture ecosystems. She emphasized Africa’s potential to leverage its demographic dividend and natural assets for the benefit of its young, growing population and to lead the global transition to green growth, provided it has access to patient capital.

Novastar Ventures has supported transformative businesses across various sectors, including Moniepoint, Nigeria’s leading business bank; BasiGo, Africa’s largest electric bus platform; and mPharma, the leading healthtech company improving access to affordable primary care and operating the largest network of community pharmacies in Sub-Saharan Africa.

This partnership between SBI Holdings and Novastar Ventures signifies a significant step forward for the African startup ecosystem, as it opens the door for Japanese investment, expertise, and innovation to contribute to Africa’s sustainable and inclusive development.

Novastar Ventures is one of the first and largest VCs in Africa, backing businesses that are transforming markets and sectors since 2014. From the vibrant centers of Lagos, Nairobi, and London, Novastar partners with the bold entrepreneurs building businesses that create financial, social, and environmental value for the many, not just the few, for people and planet — for good. Novastar has raised over $200 million from global institutional investors and is currently investing from its second fund. Novastar portfolio companies have created lasting social value for over 50 million everyday consumers, producers, and employees, with nearly 35 million of them living on $6 per day or less. Alongside social value, Novastar’s portfolio companies have generated significant environmental value — removing and avoiding greenhouse gases, improving soil health, and enhancing biodiversity.

Established in 1999 as a pioneer of Internet-based financial services in Japan, the SBI Group is a comprehensive Internet financial group that operates globally, encompassing five core businesses: “Financial Services Business,” such as securities, banking, and insurance businesses; “Investment Business,” which is engaged in private equity investment, including venture capital investment; “Asset Management Business,” that provides various asset management related services; “Crypto-asset Business,” which operates crypto asset trading and exchange services; and “Non-financial Business,” which includes business activities related to biotechnology, healthcare and medical informatics, Web3, and new overseas markets.

SBI Holdings African startups SBI Holdings African startups

Egypt’s ‘Nclude’ Fund Raises $105 Million in Latest Fintech Boost

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

IFC Injects $2.9 Billion to Boost Business, Energy, and Gender Inclusion in East Africa

November 2, 2023

The International Finance Corporation (IFC) has allocated $2.9 billion in long-term and short-term financing to businesses in Kenya, Tanzania, and the Democratic Republic of Congo (DRC). Mary Porter Peschka, IFC’s Regional Director for Eastern Africa, announced that $65 million has been provided to M-Kopa Holdings, a Kenyan fintech platform, to expand its financial services for underserved consumers.

The primary objectives of this fund are to enhance access to finance for small businesses, promote energy accessibility, and advance gender inclusion. Peschka emphasized that the IFC has increased its investments in Eastern Africa by 61% during the last financial year, and this funding will facilitate increased lending to small businesses, broader access to sustainable energy, and greater gender inclusion.

Sérgio Pimenta, IFC’s Vice President for Africa

Peschka further mentioned the IFC’s commitment to expanding its activities across Eastern Africa to support the region’s development agenda and the private sector’s role in fostering a more inclusive and environmentally sustainable future. This initiative aims to improve access to productive assets such as solar home systems, smartphones, and e-bikes, making them more accessible to customers.

In addition to this, the IFC has extended a $150 million loan to KCB Kenya to help businesses address the impacts of climate change, with a particular focus on financing energy efficiency projects, renewable energy, climate-smart initiatives, and green buildings.

In Tanzania, the IFC has launched ‘Anaweza: She Can,’ a $10 million program aimed at empowering more women across Tanzania to access financing, attain leadership positions in the private sector, and establish or expand businesses, including those in agriculture. This program aligns with various Tanzanian development initiatives, including Tanzania Development Vision 2025, the National Five-Year Development Plan III (2021/22–2025/26), Zanzibar Development Vision 2050, the National Gender Policy and its Strategy, and the country’s commitments to gender equality as outlined in the Generation Equality agenda.

In the DRC, the IFC has invested $10 million in Nuru to expand access to renewable energy through mini-grid systems. Nuru’s utility-scale “metro-grids” utilize cutting-edge technology to provide reliable, round-the-clock renewable energy to communities in Eastern DRC. The project in Bunia, once completed, will be the largest off-grid solar hybrid endeavor of its kind in Sub-Saharan Africa.

Sérgio Pimenta, IFC’s Vice President for Africa, highlighted that the organization has funded African investments amounting to $11.5 billion between July 1, 2022, and June 30, 2023, across 40 countries. He emphasized the IFC’s commitment to catalyzing private sector innovation and financing to address climate change, bridge gender disparities, and empower the next generation of startup leaders to create employment and opportunities for more people.

Peschka concluded by underscoring the need for proactive efforts to confront the global challenges, as discussed during the recent Annual Meetings in Marrakech, emphasizing that “business as usual” is insufficient to address these monumental issues.

IFC East Africa IFC East Africa

Ivorian Logistics Startup Yobante Express Expands to Morocco and MENA

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

Egypt’s ‘Nclude’ Fund Raises $105 Million in Latest Fintech Boost

In a recent announcement, the Central Bank of Egypt revealed that the “Nclude” Fund for Financial Technology has exceeded its initial target capital of $85 million, reaching an impressive $105 million in its latest round of funding. This achievement comes as a result of contributions from various banks operating in Egypt, including the National Bank of Egypt, Banque Misr, and Banque du Caire, along with several specialized companies in the financial technology sector.

The Central Bank had high hopes for the “Nclude” Fund, expecting it to attract prominent regional and international investors, solidifying its position as the largest financing fund in the technology sector with a targeted capital of $150 million. The Fund’s investment strategy has focused on supporting innovative startups, directing its resources to four new companies, thereby increasing its portfolio to include eight companies operating in the realm of financial technology.

This milestone reflects the Central Bank’s commitment to promoting and advancing the financial technology ecosystem within the Egyptian market. It aligns with the central bank’s overarching strategy to foster innovation and creativity in financial technology and contribute to Egypt’s emergence as a prominent hub for fintech in the Arab world and Africa.

Back in March 2022, in response to the Central Bank’s approval, prominent national banks in Egypt, namely Banque Misr, the National Bank of Egypt, and Banque du Caire, along with Global Ventures, a leading venture capital firm focusing on the Middle East and Africa, jointly launched “Nclude by Global Ventures.” This fund’s primary objective is to stimulate fintech innovation and enhance financial inclusion.

The initial investment commitment, initially set at $85 million, was spearheaded by Banque Misr as the Anchor Investor, with the National Bank of Egypt and Banque du Caire acting as Strategic Investors. Additionally, the Fund garnered investments from the finance investment group and the Egyptian Banks Company. Furthermore, it is anticipated that the Fund will continue to attract substantial investments from regional and global investors.

In its early stages, the Fund has already made strategic investments in companies such as Khazna, a financial super app; Lucky, Egypt’s leading consumer fintech app; Mozare3, an agri-fintech platform; and Paymob, a prominent digital payment service provider. Additionally, the Fund will receive support from Shipyard Technology Ventures, a global venture builder, bringing their development capabilities to the Egyptian market to incubate fintech startups tailored to local and regional opportunities.

This development aligns with the vision of Mr. Tarek Amer, Governor of the Central Bank of Egypt, who expressed his commitment to supporting innovative youth in fintech, enhancing financial services accessibility, and making Egypt a central player in the fintech landscape. The endeavor is seen as a pivotal step towards digital transformation, financial inclusion, and the realization of Egypt’s Vision 2030.

Chairpersons of major Egyptian banks, including Banque Misr, the National Bank of Egypt, and Banque du Caire, all emphasized the significance of the “Nclude” Fund in driving Egypt’s fintech future and fostering a thriving ecosystem for fintech talents and young entrepreneurs.

Soccer Stars Join Forces with Venture Capital to Support Cameroon’s StarNews Mobile in $3M Round

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

ORA Technologies Secures $1 Million Pre-Seed Funding for Moroccan Super App

Morocco’s ORA Technologies, a 100% Moroccan tech company, has announced the successful completion of a $1 million pre-seed funding round, which unfolded over the course of 8 months and comprised three investment rounds, all generously backed by private investors. This substantial funding marks a testament to the immense growth potential and strong backing for ORA Maroc, an innovative super app making waves in Morocco.

Established in 2023 by Omar Alami and a team of six visionaries, ORA Technologies has swiftly risen to prominence with the launch of the ORA Maroc app just nine weeks ago, and already it has achieved a significant milestone, amassing 140,000 downloads. This accomplishment solidifies its position as a transformative digital and financial inclusion platform catering to all Moroccans, including those who may be illiterate or part of the diaspora.

The ORA app boasts a diverse array of functionalities, including peer-to-peer transactions, an e-commerce platform, on-demand services, chat features, social networking capabilities, and a forthcoming digital wallet. ORA Technologies is steadfast in its mission to democratize access to e-commerce and digital payment solutions, benefitting customers, vendors, and service providers across Morocco.

ORA Maroc brings together numerous essential services under one roof, enabling users to engage in chat, purchase and sell goods, facilitate payments, book services, transfer funds, share interests, and even receive directions to various points of interest. What distinguishes ORA Technologies is its exceptional feat of securing $1 million in pre-seed funding within the Moroccan ecosystem, a feat that has attracted considerable attention and interest.

The triumph of ORA Maroc, along with the resounding endorsement from local private investors, underscores ORA Technologies’ unwavering commitment to pioneering inclusive, accessible, and innovative digital solutions for the Moroccan populace. The company eagerly anticipates sustained growth and is dedicated to serving the expanding needs of its user base.

Three Egyptian Banks Launch $85m Nclude Fund To Invest In Fintech Startups

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

Soccer Stars Join Forces with Venture Capital to Support Cameroon’s StarNews Mobile in $3M Round

November 1, 2023

African mobile video network, StarNews Mobile, recently secured a substantial pre-Series A funding round of $3 million. The investment in StarNews was made by various venture capital firms, including Janngo Capital, with notable participation from individual investors, including professional soccer players such as Aurélien Tchouaméni, Jules Koundé, and Mike Maignan, who are associated with the athlete representation agency Excellence Sport Nation. This financial injection serves to fuel the startup’s mission to support African content creators in monetizing their work through a subscription-based model.

Why the Investors Invested

Several compelling factors underpin the investors’ decision to fund StarNews Mobile. Firstly, the company leverages its strategic partnerships with African telecommunications giants, MTN and Orange, recognizing the invaluable role of mobile operators in propelling content within Africa’s media industry. This collaboration ensures access to an extensive user base while positioning StarNews as a prominent player in content distribution, monetization, and creation. In essence, investors recognize the strategic importance of these partnerships and the potential for exponential growth in the African content market.

Secondly, the impressive retention rate in Nigeria, one of StarNews’ primary markets, aligns with investors’ expectations for growth. Monetization metrics in Nigeria, measured by the billing rate, are three times higher compared to the Francophone markets. This signifies a favorable environment for generating revenue and making investments profitable. Additionally, StarNews distributed $1 million to content creators in the previous year, with an average monthly payout of approximately $70,000. Investors see this as a sign of a flourishing creator economy in Africa, which is still an underserved sector in the continent’s tech landscape. They believe that StarNews has the potential to significantly boost the region’s creative industry with the fresh capital injection.

A Look at StarNews Mobile

StarNews Mobile, founded by Guy Kamgaing in 2017, was inspired by his extensive decade-long experience in content monetization, particularly in Value-Added Services (VAS). During this period, he actively engaged in text/SMS-based campaigns and monetization initiatives, which laid the foundation for StarNews. This startup prioritizes offering monetization avenues for African content creators by forming distribution partnerships with major telecommunications operators.

StarNews Mobile’s primary markets include Cameroon (where it originated), Nigeria, Ghana, Congo, Benin, Ivory Coast, and Nigeria. The startup stands out for its commitment to assisting content creators in navigating the challenges of revenue generation in a landscape marked by expensive mobile data plans and a shortage of local market-tailored services.

The company collaborates with telecommunications operators like MTN and Orange, boasting a subscriber base of over 4 million across the aforementioned markets and featuring more than 120 content creators. It operates on a channel-based structure, where each creator has a dedicated channel. StarNews actively supports creators by providing financial assistance, aiding in content production, and guiding them through their digital journey.

In addition to individual content, StarNews features hyperlocal content on various topics, including motorbike taxis in Cameroon and food recipes in Ivory Coast. It also hosts genre-specific shows like the African Cup of Nations and a program modeled after The Voice. StarNews actively utilizes its partnerships with telecom operators to boost user activations and content awareness. The company’s goal is to expand further into markets, with the aim of being present in 11 markets in the coming year.

South African Insurtech Startup Inclusivity Solutions Raises USD 1.5 Million in New Funding Round

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

Ivorian Logistics Startup Yobante Express Expands to Morocco and MENA

In a groundbreaking development that promises to reshape the logistics landscape across the Middle East and North Africa, Yobante Express (YES), a pioneering African logistics technology startup, has announced a strategic partnership with SAPRESS Logistique & Messagerie, a subsidiary of the Edito Group.

This significant collaboration signifies YES’s expansion into the vibrant Moroccan and MENA (Middle East and North Africa) markets, while also facilitating SAPRESS’s entry into the fast-growing Sub-Saharan African market.

yobante CEO Oumar Basse — Yobante CEO Oumar Basse

Under the visionary leadership of co-founder and CEO Oumar Basse, YES has redefined regional logistics by merging ancient wisdom with cutting-edge technology. The company seamlessly integrates a 5,000-year-old form of shipment with a state-of-the-art technology platform, ensuring unmatched efficiency, affordability, and delivery speed within cities, between cities, and across countries.

With a vast network spanning over 24 African markets, YES operates through 11 offices and a robust mesh network comprising more than 4,000 hubs and 3,500 carriers. This extensive network guarantees swifter, cost-effective, secure, and traceable deliveries, catering to a diverse range of e-commerce, retailers, enterprises, and individual customers.

SAPRESS Logistique & Messagerie, a result of the merger between Sapress and Sochepress, boasts a rich legacy dating back to the 1920s. With significant support from major institutional and financial entities in Morocco, including Banque Populaire, CIMR, and Mamda, the Edito Group has established itself as a formidable player in the logistics sector.

The collaboration between YES and SAPRESS Logistique & Messagerie is expected to facilitate over 2,000 daily deliveries within the initial months, marking a transformative milestone for both companies. The pilot phase, scheduled to commence in November 2023, aims to further enhance its capabilities with the active involvement of Blassa, a company backed by 500 Global that addresses the challenge of delivery failures across the Middle East & Africa.

Blassa, with its streamlined address verification and enhanced delivery information, ensures precise drop-offs through its extensive network of shoppers with verified profiles. By resolving recipient location ambiguities, Blassa plays a vital role in ensuring successful deliveries, reducing losses, and enhancing customer satisfaction.

CEO Oumar Basse has expressed YES’s ambitions beyond the MENA region, with the company venturing into the Southeast Asian market through a pioneering pilot project in Vietnam. This move solidifies YES’s position as the first African tech logistics company to expand its operations into Southeast Asia, marking a historic moment in the industry.

Furthermore, YES is actively pursuing its Series A funding round, aiming to propel the company to new heights and realize its ambitious objectives. As it continues to expand, YES remains committed to reshaping the logistics industry through innovative approaches and strategic partnerships.

Yobante Express

South African Insurtech Startup Inclusivity Solutions Raises USD 1.5 Million in New Funding Round

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

Egyptian Health Tech Almouneer Plans Expansion into Nigeria, Kenya with $3.6M Funding

In a region plagued by high rates of obesity and prediabetes, Almouneer, an Egyptian health tech company, has emerged as a vital player in the quest for healthier lives. The company recently secured a substantial investment of $3.6 million, a sum contributed by a diverse group of investors. The lead investor in this seed round is Dubai-based Global Ventures, a prominent venture capital firm. They were joined by international investors such as Proparco, Digital Africa via the Bridge Fund, and Wrightwood Investments, the family office of Diane & Henry Engelhardt from the U.K., alongside other notable international funds.

The primary intent behind this substantial investment is to further develop and expand DRU, a patient-centric, digitally-enabled lifestyle and diabetes management platform. Almouneer positions DRU as a pioneering solution in the Middle East and Africa, which plays a critical role in the prevention and management of diabetes, prediabetes, and obesity. DRU facilitates a connection between patients and healthcare providers through a user-friendly app, thus offering a comprehensive approach to healthcare management. The funds raised will be pivotal in supporting the platform’s growth and extending its reach to more individuals in need.

Furthermore, Almouneer plans to use the investment to attract top talent and explore potential expansion into neighboring markets, with a particular focus on countries like Saudi Arabia, the UAE, Nigeria, and Kenya. This investment comes on the heels of significant growth for the company, as it currently serves over 120,000 patients across a network of nine hospitals and clinics in Egypt. Over the past year, Almouneer has reported a doubling of both business volumes and revenue, showcasing its impact in the healthcare sector.

Almouneer health — *Almouneer Founders. Credits: Almouneer.*

Why The Investors Invested

The decision of these investors to back Almouneer with a substantial $3.6 million investment is rooted in several compelling factors. Foremost, the dire health statistics in the Middle East and Africa cannot be overlooked. With more than 40% of the population grappling with obesity and prediabetes, and alarming diabetes rates in countries like Egypt (20%), Saudi Arabia (30%), and Nigeria (1 in 17 adults), there is a pressing need for innovative solutions to address these challenges. Almouneer’s focus on lifestyle management and monitoring presents a critical avenue to combat these preventable health issues.

Furthermore, the growth and success of Almouneer cannot be ignored. The company’s remarkable progress, including its expansion to serve over 120,000 patients and a doubling of business volumes and revenue within a year, demonstrates its potential to effect substantial change in the healthcare sector. The platform’s innovative approach, embodied by the DRU app, connects patients with doctors and a wide network of healthcare providers, addressing the fragmented nature of healthcare for chronic patients in the region.

Investors see in Almouneer a unique and necessary innovation, a company that seeks to tackle a widespread health issue across the Middle East and Africa. By providing patients with a holistic solution for diabetes, prediabetes, and obesity management, Almouneer aims to become a lifelong companion for diabetic patients in the region. This vision aligns with the mission of these investors to improve access, quality, and cost of healthcare, making Almouneer a worthy recipient of their investment.

A Look at Almouneer

Almouneer, the Egyptian health tech company at the forefront of the battle against obesity and diabetes, was founded in 2017 by Noha Khater, a visionary ophthalmologist, and Rania Kadry, who serves as the CTO, bringing her expertise in economics and social science computing to the startup. The company’s journey began with a strong emphasis on ophthalmology, inspired by Khater’s firsthand experiences as a practicing physician, having witnessed the quality of healthcare services during her training in the U.S. She was deeply impressed by the meticulous documentation and effective communication that patients experienced in the U.S. healthcare system. This experience motivated her to establish Almouneer, with the vision of bringing similar benefits to the Egyptian population.

Almouneer started as a cluster of tech-enabled ophthalmology clinics but soon expanded to provide support for diabetes and chronic disease patients. This expansion led to the development of the DRU app, a patient-centric solution that allows individuals to upload medical records, access vital metrics, and engage in teleconsultations with healthcare professionals, bridging the gap for patients seeking treatment in Egypt and returning to their home countries. Almouneer plans to further enhance its services by launching patient-customized treatment and nutrition plans in the near future.

The company’s current primary markets include Egypt, where it operates through a network of nine hospitals and clinics. However, Almouneer has ambitious plans for expansion into neighboring markets across Africa and the Middle East, with a keen focus on Saudi Arabia, the UAE, Nigeria, and Kenya. This expansion will be facilitated by the recently secured $3.6 million in funding, which will not only drive the adoption of the DRU app but also expand the provider ecosystem to include doctors, health coaches, labs, and nutritionists. Almouneer’s innovative approach and commitment to improving the lives of patients make it a significant player in the healthcare landscape of the Middle East and Africa.

Almouneer health

South African Insurtech Startup Inclusivity Solutions Raises USD 1.5 Million in New Funding Round

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 African Insurtech Startup Inclusivity Solutions Raises USD 1.5 Million in New Funding Round

October 31, 2023

Impact investor Goodwell Investments has successfully concluded an extension round with Inclusivity Solutions, an award-winning insurtech company specializing in embedded insurance solutions. Goodwell, renowned for funding African enterprises providing essential services to low-income populations, initially led Inclusivity Solutions’ Series A funding round in 2019. This latest extension round, which raised a total of USD 1.5 million, underscores Goodwell’s confidence in Inclusivity Solutions’ ability to revolutionize insurance access in emerging markets.

The investment will bolster Inclusivity Solutions’ expansion efforts, which include plans to operate in a minimum of 12 African markets by the end of 2024. Additionally, the company will continue to invest in its highly acclaimed no-code, open-API platform, facilitating the rapid deployment of a wide range of insurance products for distribution partners and insurers within hours.

Inclusivity Solutions employs technology and strategic partnerships to make affordable insurance accessible to consumers in emerging markets. By integrating straightforward insurance products into platforms and services that consumers already use, they safeguard the lives, health, and businesses of individuals while offering distribution partners, such as mobile operators, banks, and digital platforms, opportunities to attract new customers, retain existing ones, and create new revenue streams.

Goodwell Investments’ Managing Partner, Els Boerhof, expressed their interest in Inclusivity Solutions, stating, “Around the world, including several regions in Africa, access to safe and reliable savings, payments, and loans for underserved groups is finally growing. Yet insurance remains the problem child. Inclusivity Solutions makes insurance easily available and reliable, and thanks to their technology, highly scalable. They are solving an urgent problem, helping people protect themselves from the unforeseen shocks that are often the root cause of poverty and inequality. That is why we invested. In addition, we are pleased to support an organization with a woman at the helm. We don’t see enough funding going there yet.”

The startup serves these underserved populations through partnerships with major African brands, including Britam, FNB, Orange Money, Safaricom, Airtel Africa, and MFS Africa. Alongside its robust technology platform, ASPin, Inclusivity Solutions provides partners with a range of complementary services, including research, product and process design, pricing, analytics, and implementation support.

Dennis Victor Wafula, Head of Insurance and Investments at Airtel Money, Airtel Africa, commended Inclusivity Solutions, saying, “They are omni-present in all the touch points of my business, a fact that I attribute to their high-caliber workforce. They are agile, sensitive, responsive, and have been extremely helpful not only in technology but other aspects of the business. Inclusivity’s 360-degree view of the business is fantastic. Choosing them as a partner is a decision I will take pride in for a very long time.”

Insurtech: Inclusivity Solutions Secures $1.5m Extension Round

With this fresh injection of capital, Inclusivity Solutions aims to expand its partner network further to meet the needs of more individuals and small businesses across the African continent. Indira Gopalakrishna, CEO of Inclusivity Solutions, emphasized the importance of this investment, stating, “We are thrilled to secure this extension round from Goodwell Investments. It is a validation of the pressing need to close the protection gap across the continent and the work Inclusivity Solutions is doing to address this challenge. We already serve over two million customers in eight African markets. The fresh infusion of funds will enable us to serve millions more customers, across new and existing markets.”

Goodwell Investments is an impactful investment firm focused on inclusive growth, providing early-stage equity to high-growth, high-impact businesses delivering essential goods and services to underserved communities in Africa and India. With a presence in Kenya, Nigeria, South Africa, and the Netherlands, and a track record of over fifteen years, Goodwell demonstrates the ability to simultaneously deliver significant social impact and strong financial returns.

Inclusivity Solutions is an inclusive insurtech recognized as one of the “Inclusive Fintech 50” globally, delivering embedded insurance solutions for emerging Africa by leveraging cutting-edge technology and open APIs.

Startup Scene in Algeria Set to Soar with New Crowdfunding Rules: Here’s What It Says

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

Startup Scene in Algeria Set to Soar with New Crowdfunding Rules: Here’s What It Says

Algeria recently unveiled a comprehensive set of regulations for crowdfunding, marking a significant milestone in the country’s burgeoning startup ecosystem. These new regulations are poised to enable startups to raise substantial capital, with some key provisions and requirements for both commercial companies and participatory investment advisors.

Headquarters in Algeria: Commercial companies looking to utilize crowdfunding must maintain their headquarters in Algeria.
Director Criteria: They should ensure that all their directors meet the integrity and qualification criteria specified by the commission for directors of IOBs (commercial companies).
Activity Manager: Appoint an activity manager with a higher education degree in economic or financial fields, who has successfully completed specialized training provided by an accredited organization in collaboration with the commission.
IT Resources: Possess the necessary material and IT resources.
Operational Procedures: Establish operational procedures that ensure traceability of transactions, identification, and management of conflicts of interest, and the detection of money laundering and terrorist financing activities.
Internal Control System: Implement an internal control and compliance system tailored to their business volume.

Participatory Investment Advisors:

Shariah Conformity: Advisors seeking to establish a platform exclusively dedicated to Islamic participatory financing must obtain a Shariah conformity certificate from the national Shariah authority for Islamic finance.
Advisory Services Authorization: IOBs interested in obtaining the status of Crowdfunding Investment Platform (CIP) must first receive authorization to engage in advisory services for transferable securities placement and placement of transferable securities and financial products.
Qualified Individual: IOBs and SGFIs intending to engage in CIP activities must designate a qualified individual responsible for the activity who meets the criteria specified in the regulations.
Insurance Requirement: CIPs are required to maintain professional liability insurance covering all risks associated with their activities.
Application Process: Approval applications for CIP status must be submitted to the commission, accompanied by specified documents. The commission reviews these applications within one month, with additional information requests pausing the timeline.
Non-Transferable Approval: CIP approval is non-transferable and issued to specific individuals.

Suspension and Withdrawal of Approval:

The commission can suspend or withdraw approval under certain circumstances, including non-compliance with approval conditions or actions that may harm participant interests.

CIP Requirements:

CIPs must adhere to specific rules, including proposing projects with a total amount not exceeding 20 million Dinar (USD147,000) for a twelve-month period, conducting suitability tests on participants, offering multiple projects that meet common investment criteria, and publishing relevant information about projects.

Crowdfunding Projects:

Participatory investment projects are exempt from submitting an information notice to the commission. Instead, the CIP must publish an information document on the platform for each project, including project details and specific requirements set by the commission.

Due Diligence:

CIPs must establish a due diligence system to select viable participatory investment projects. Participant files must be maintained for a minimum of five years, with the protection and confidentiality of personal data being paramount.

Subscription and Fundraising:

CIPs are responsible for providing investment advice and collecting subscription forms for projects. They must establish dedicated current accounts for each project.

Reimbursement and Remuneration:

CIPs must reimburse participants if a project or project stage is not fully subscribed within the prescribed timeframe. Remuneration is based on various factors, including services provided to project leaders and subscriptions for securities.

Control and Reporting:

The CIP is subject to control by the commission, which may conduct investigations and request financial statements and other information for monitoring activities.

These regulations aim to create a conducive environment for crowdfunding in Algeria, empowering startups to access much-needed capital while ensuring the integrity and security of the crowdfunding process. Published in the Official Journal of Algeria, these regulations mark a significant step forward for the country’s entrepreneurial ecosystem.

Cavex Gains $6M Funding Boost from E3 Capital for Carbon Initiatives in 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