Charles Udoh - Afrikan Heroes

Agri-Fintech Firm Apollo Agriculture Secures $10M to Boost Small-Scale Farming in Kenya

January 26, 2024

Swedfund, Sweden’s development financier, has committed to supporting Apollo Agriculture, an agri-fintech company based in Kenya, with a substantial loan of USD 5 million. This investment marks a significant step in promoting sustainable agriculture, enhancing food security, and fostering technological advancements in small-scale farming.

Apollo Agriculture, led by CEO Eli Pollak, specializes in delivering agricultural products such as seeds and fertilizer to small-scale farmers. The investment from Swedfund, accompanied by another USD 5 million contribution from ImpactConnect, a Team Europe partner, brings the total investment to USD 10 million. Swedfund’s CEO, Maria Håkansson, stated, “The food sector will be a growing sector for us in the future,” emphasizing the importance of this collaboration within the Global Gateway strategy.

The loan from Swedfund is provided with a 50% guarantee from the European Union under the EFSD+ framework. This marks the first instance of Swedfund utilizing an EU guarantee within the Global Gateway strategy, aligning with the Climate and Energy investment priority.

Apollo Agriculture’s primary focus is on maize cultivation, a staple food in Kenya, and the most common crop for small-scale farmers. With a network of around 7,000 sales agents and over 350,000 farmers as customers, Apollo aims to transform small-scale agriculture through a comprehensive approach encompassing distribution, advice, insurance, and financing.

Kenya faces significant challenges due to climate change, making it vulnerable to unpredictable weather patterns. To address this, Apollo Agriculture incorporates climate-smart measures such as drought-tolerant seeds, blended fertilizer, insurance, agronomic education, and certifications. These measures play a vital role in promoting resilience and sustainability among small-scale farmers, contributing to food security and climate change mitigation.

Eli Pollak, CEO of Apollo Agriculture, expressed gratitude for the partnership with Swedfund, highlighting that this loan is a crucial step towards realizing their vision of transforming small-scale agriculture. The funds will enable Apollo to expand its reach and make a more significant impact on farmers’ lives.

The collaboration between Swedfund, ImpactConnect, and Apollo Agriculture not only emphasizes responsible investments and sustainable development but also aligns with the EU’s Global Gateway strategy. This strategy aims to mobilize €300 billion in investments between 2021 and 2027 to reduce risks for private sector investments in partner countries.

Swedfund’s investment in Apollo Agriculture is poised to create more employment opportunities, improve agricultural production, and drive the adoption of new technology in small-scale farming. As both entities work together to enhance food security and access to financing for farmers in Kenya, the partnership stands as a beacon for innovative solutions in the field of agri-fintech, contributing to a more sustainable and prosperous future for the agricultural sector in the region.

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.

Rwanda’s Sawa Energy Secures Funding to Drive Sustainable Energy Solutions Across East Africa

January 25, 2024

Sawa Energy, a leading provider of affordable energy efficiency solutions in East Africa, has successfully attracted significant investment to accelerate its mission of revolutionizing the energy sector in the region. With operations spanning Rwanda and Uganda, the company is addressing the pressing challenge of energy accessibility for small and medium businesses.

Established in 2021, Sawa Energy is committed to reshaping how businesses access power by eliminating upfront costs associated with solar and energy-efficient solutions. This strategic move aims to make sustainable energy more accessible and affordable, contributing to a greener and more sustainable future for East Africa.

Sawa Energy’s unique approach involves constructing, owning, and operating solar systems for its clients, fostering significant cost savings and mitigating electricity pricing volatility. The company’s ambitious goal is to become the largest private provider of solar power in East Africa by 2030, showcasing its dedication to promoting environmentally friendly practices.

Samuel Kaufman, Chief Executive Officer and co-founder of Sawa Energy, emphasized the company’s broader impact goals, stating, “Our passion at Sawa Energy is to create a business that delivers on three critical fronts — building partnerships with East African companies, reducing emissions, and providing robust returns to our investors. We strongly believe in creating a sustainable model that benefits all stakeholders.”

What sets Sawa Energy apart is its commitment to removing financial and operational barriers to adopting solar power. The company provides local businesses with integrated energy solutions at no upfront cost, along with no operation and maintenance fees. This approach ensures a seamless and worry-free transition to cleaner and more affordable energy for its customers.

Blessing Layee-Maima Caine, Renew Capital’s Investment Manager for Rwanda, praised Sawa Energy’s transformative approach to sustainable energy solutions, saying, “Sawa Energy’s approach to affordable and sustainable energy solutions is transformative for East African SMEs. Renew Capital, as one of the investors in the consortium, is proud to support Sawa Energy’s vision of a future where businesses can grow sustainably and cost-effectively.”

Renew Capital, an Africa-focused impact investment firm, is among the key investors in Sawa Energy. The firm supports growth-oriented founders with a unique blend of skill, grit, and passion. Investments made by Renew Capital are managed on behalf of the Renew Capital Angels, a global network of angel investors, foundations, and family offices seeking financial returns and sustainable social impact.

As Sawa Energy secures vital investments, the company is poised to play a pivotal role in reshaping the energy landscape across East Africa, fostering economic growth, and promoting sustainable business practices in the region.

Sawa Energy Rwanda Sawa Energy Rwanda

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.

Tunisian VC 216 Capital Leads $500K Funding for Senegal’s ProXalys

Tunisian venture capital firm 216 Capital has taken a significant step towards fostering digital transformation in Africa with its recent announcement that it has led a $500,000 funding round for pan-African startup ProXalys Inc. The fintech company, based in the United States (New York) and Senegal, focuses on the digitalization of the informal sector and aims to facilitate the migration of informal businesses to formal channels.

ProXalys Inc has expanded its operations to Tunisia and is making waves with its latest product, “ProBoutiK,” designed to revolutionize operational methods for informal businesses. This application includes features for invoicing tracking, financing offers, and a supply marketplace, enhancing the ability of informal entrepreneurs to sell and meet working capital needs.

The $500,000 funding round comprises three funds, with 216 Capital leading with $300,000. Support is also provided by Haskè Ventures and Digital Africa (through the FUZE program). ProXalys Inc plans to leverage this funding to accelerate the Go-To-Market strategy for “ProBoutik” and strengthen its DATA & AI teams in Tunisia and Senegal, establishing a strong presence in both sub-Saharan Africa (from Dakar) and the North African region (from Tunis).

ProBoutiK’s commitment to the digitalization of the informal sector positions the startup uniquely in the landscape of online payment solutions. This promises competitiveness and responsibility on a continental scale, especially considering the challenges faced by the informal trade in Africa, which includes over 60 million micro-businesses with a funding requirement exceeding $400 billion.

These businesses, generally unregistered since inception, encounter challenges in managing accounts receivable, bookkeeping, and e-commerce. ProBoutiK addresses this gap by introducing an application that allows entrepreneurs from the informal sector to handle these aspects through a unified platform built on a multifunctional wallet.

Hassen Arfaoui, Principal Investment Manager at 216 Capital, expressed enthusiasm about the collaboration, stating, “Proxalys Inc. through its product ProBoutik represents a significant contribution to digitalization and financial inclusion in Africa’s informal retail sector. The collaboration reflects a shared belief in the necessity of financial inclusion and digital transformation to drive sustainable economic development in the region.”

Founded in 2022 by Senegalese entrepreneur Thierno Sakho, ProXalys Inc emerged from Sakho’s extensive experience in financial markets, corporate banking, and insurance. The company aims to centralize digital payments, transforming informal businesses into formal enterprises and creating an economic environment conducive to their growth.

In a similar vein, 216 Capital, founded in Tunis in 2021, is a seed and pre-seed venture capital firm specializing in technology companies. It invests with determined and creative entrepreneurs building disruptive businesses, reaffirming its commitment to building a better future for Africa. The firm aims to make a real and lasting impact, stimulate economic growth, and foster positive change in communities affected by this value creation.

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 DXwand Secures $4M Series A Funding to Drive AI Innovation and Regional Expansion

Middle East-based artificial intelligence (AI) startup DXwand has successfully concluded a Series A funding round, securing a total of $4 million in investment. The funding was led by prominent investors Shorooq Partners and Algebra Ventures, along with continued support from existing investor Dubai Future District Fund.

Founded in 2018 by Ahmed Mahmoud and Mahmoud Gomaa, DXwand has rapidly emerged as a powerhouse in the field of AI-driven software. The platform specializes in automating text and voice conversations between customers and businesses across various channels, including call centers, Facebook Messenger, WhatsApp, SMS, and websites.

This recent investment follows a pre-Series A round in June 2022, where DXwand raised $1 million. Huashan Capital and US-based VC firm SOSV led that round, with additional support from angel investors.

The newly acquired funds will play a pivotal role in DXwand’s expansion plans within the region. Moreover, the investment will be instrumental in accelerating the startup’s research and development initiatives, particularly in the areas of generative AI, knowledge mining, and omnichannel conversational AI.

DXwand’s unique AI-driven software is designed to facilitate seamless interactions between businesses and customers. The platform, operational in both Arabic and English, utilizes advanced language processing capabilities to automate conversations and extract valuable insights. This data is then presented on dashboards, enabling businesses to make informed decisions.

Commenting on the successful funding round, Ahmad Mahmoud, CEO of DXwand, expressed enthusiasm about the opportunities it presents: “This significant investment marks a pivotal moment for DXwand, enabling us to propel our regional expansion and intensify our commitment to advancing Gen AI and RAG technologies. We are excited about the possibilities this funding opens up for DXwand and the broader landscape of conversational AI.”

Shorooq Partners’ Tamer Azer emphasized the strategic importance of DXwand’s technology, stating, “DXwand enables companies to grow not just faster but also smarter, and enables governments to become far more efficient. Through technology that mines institutional knowledge to deliver superior access to information, DXwand enables a far more efficient engagement between governments and companies and their stakeholders, be they citizens, employees, or customers.”

Karim Hussein, Managing Partner at Algebra Ventures, highlighted DXwand’s proven track record in solving real-world problems: “The DXwand team has built a unique and comprehensive suite of AI tools that solve real-world problems for their clients at scale, as evidenced by their impressive and growing roster of satisfied customers, including many of the region’s leading corporations and government clients.”

DXwand’s AI software not only benefits businesses but also extends its capabilities to technical execution teams in sectors such as aviation ground crews and oil and gas remote crews. By harnessing institutional knowledge, these teams can enhance their efficiency and accuracy in fulfilling their duties.

Sharif El-Badawi, CEO of Dubai Future District Fund, emphasized DXwand’s alignment with Dubai’s AI strategy, stating, “DXwand has consistently demonstrated its capabilities as a world-class innovator in Gen AI with impressive growth in the team’s ability to close new sophisticated client accounts. Our continued investment reflects our confidence in their vision and alignment to Dubai’s AI strategy, as reflected in their selection into the Dubai Centre for AI.”

DXwand’s latest funding round not only positions the startup as a dominant force in the Middle East’s AI landscape but also underscores the growing recognition of the crucial role AI plays in transforming industries and enhancing efficiency across various sectors.

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 Fintech Ukheshe Acquires EFT Corporation in Strategic Fintech Move

Ukheshe Technologies CEO Clayton Hayward

In a significant development for the African fintech landscape, Ukheshe International has successfully acquired 100% ownership of EFT Corporation Limited (EFTCorp) from its parent company, Loita Transaction Services (LXS). This strategic move follows Ukheshe’s noteworthy 2022 acquisition of Masterpass in South Africa and the closure of a funding partnership with Development Partners International (DPI) in 2023.

The acquisition marks a major milestone for both Ukheshe and EFTCorp, demonstrating their shared commitment to innovation and growth in transforming financial services across the African continent. Both companies will continue to operate independently under their respective brand identities, maintaining a focus on their unique strengths and expertise.

EFTCorp, a pioneering force in digital payments with 23 years of experience, operates in 35 African markets, supporting over 100 banks and processors. The company is renowned for its core switching skills and issuer processor technology. Ukheshe, on the other hand, offers a comprehensive range of end-to-end digital services aimed at digitizing banking partners.

The deal positions Ukheshe to access new technologies and opportunities in a diverse market, expanding its reach across Africa and the Middle East. EFTCorp’s management, including its founding CEO Stephen Enderby, will continue to lead the company in the next phase of growth.

Ukheshe’s expertise in digital onboarding, KYC, digital wallets, and various payment channels will present new opportunities to digitize EFTCorp’s traditional customer base, providing them with an expanded suite of innovative digital services. This collaboration ensures EFTCorp’s customers will continue to engage with a trusted brand while gaining access to cutting-edge fintech solutions.

Clayton Hayward, Co-founder and CEO of Ukheshe, expressed his enthusiasm about the consolidation, stating, “The market is ripe for consolidation and disruption, bringing together these like-minded executive teams and our great products positions us to dominate the African continent as the preferred banking solutions partner.”

The acquisition aligns with the group’s strategic goals of scaling and innovating while extending its footprint across markets in Africa and beyond. This move is expected to deliver increased value to customers, shareholders, and partners.

EFTCorp’s CEO, Stephen Enderby, shared his perspective on the partnership, saying, “Together with Ukheshe, we combine great products and extensive executive depth to achieve our growth ambitions. As a group, we continue to look for complementary acquisitions and investment opportunities across the continent and the Middle East.”

James Griffiths, Partner at DPI, expressed his excitement about supporting Ukheshe in this acquisition, emphasizing confidence in Ukheshe’s innovative vision, strong leadership, and exciting growth potential.

Ukheshe International, a leading fintech enablement partner with a global footprint, specializes in enterprise platform delivery of embedded finance. The company strives for transformation and innovation in the payment industry, creating scalable and secure components ready for deployment in market-leading digital-first propositions.

EFT Corporation, with over 22 years of market experience, is a focused payment and eCommerce solutions provider catering to corporations requiring electronic payment solutions. With a robust presence across Africa, EFT Corp services over 140 retail and financial clients and represents seven industry-leading international partners.

Ukheshe EFT Corporation Ukheshe EFT Corporation

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.

Core DAO Launches $5 Million African Innovation Fund to Boost Web3 Projects Across the Continent

In a significant stride towards fostering innovation in the African blockchain ecosystem, Core DAO has announced the launch of the African Innovation Fund, a groundbreaking initiative set to provide a $5 million war chest to supercharge Web3 projects across the continent.

Web3 enthusiasts and innovative builders in Africa are invited to seize this opportunity, as Core DAO aims to support and elevate local projects by addressing challenges such as funding constraints, lack of technical resources, and limited access to localised data and insights.

African Blockchain Landscape Gains Momentum

The African continent is emerging as a key player in the global crypto landscape, with Sub-Saharan Africa recording an estimated $117.1 billion on-chain transaction volume between July 2022 and June 2023, according to Chainalysis’ 2023 Geography of Cryptocurrency report. This surge in blockchain activity is fueled by the continent’s young and tech-savvy demographic, combined with increasing internet access, creating an ideal environment for blockchain adoption.

Driven by a desire to address local challenges, African developers are utilizing blockchain technology to create solutions in areas such as cross-border payments, supply chain management, and financial inclusion. This surge in innovation highlights the potential of the blockchain industry to make a meaningful impact on the continent.

Challenges and Opportunities for African Web3 Builders

Despite the growth in blockchain innovations, African Web3 builders face challenges in onboarding the next billion people into the Web3 space. These challenges include a lack of access to funding, technical resources, and high-level localised data and insights. To overcome these hurdles, builders are actively seeking solutions to facilitate a smoother onboarding process into the Web3 industry.

Core African Innovation Fund: Addressing Challenges Head-On

In response to these challenges, Core DAO has established the Core African Innovation Fund, adopting a long-term, user-friendly, and sustainable approach. The fund aims to provide support in the form of grants, technical resources, builder programs, partnerships with accelerators and institutions, connections to venture capitalists, and potential investments. Notably, the fund will focus exclusively on local projects that demonstrate a strong commitment to delivering tangible value to their communities.

The initiative goes beyond financial support, aiming to connect key builders with established blockchain players, including venture capitalists, to empower the next generation of decentralized applications and protocols. The strategic partnerships forged through the fund seek to create a more decentralized and interconnected future for the African blockchain ecosystem, ensuring the promotion of long-term success and playing a pivotal role in driving innovation and growth.

Calling All Builders: CoreDAO’s Commitment to the African Web3 Space

CoreDAO is actively seeking to support projects in various sectors, including gaming, stablecoins, cross-border payments, supply chain, real estate, DeFi-backed loans, credit rating systems, decentralized database/file storage, healthcare, NFTs, and more. The Core African Innovation Fund is positioned as a driving force aligned with Core’s long-term vision, aiming to unlock the full potential of decentralized projects in the African blockchain space.

Core Chain’s Unique Position in Web3 Development

Core Chain, as a leading Layer 1, stands at the intersection of Bitcoin’s principles and Ethereum’s composability. This unique fusion positions Core Chain as a first-of-its-kind “Bitcoin-aligned” chain, offering a platform deeply rooted in the early visions of Web3 from 2008. With a commitment to decentralization, scalability, and security, Core Chain is actively contributing to making Web3’s mass adoption a reality.

The Core African Innovation Fund signifies a positive development for the African blockchain industry, serving as a catalyst to propel the next generation of builders to success. As the continent embraces its role in the global blockchain landscape, initiatives like these play a crucial role in nurturing local talent and driving sustainable growth within the African Web3 ecosystem.

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.

Morocco’s Crealo Secures $1.42 Million in Seed Funding to Revolutionize Copyright Management

January 24, 2024

In a positive development for Morocco’s startup ecosystem, Crealo, a Morocco-based copyright-management platform, has successfully raised $1.42 million in Seed funding. This funding round was led by the 212Founders programme, operating under CDG Invest, and witnessed participation from prominent investors such as Kima Ventures, Evolem, Super Capital, and several angel investors.

Founded in 2021 by Mohammed Belghiti and Najlae Zeitouni, Crealo has quickly emerged as a trailblazer in the field of copyright management. The platform provides cultural and creative institutions with an online solution to efficiently manage copyrighted material. Notable users of Crealo’s platform include prestigious institutions like Palais de Tokyo, Beaux Arts Magazine, and more.

The $1.42 million infusion of capital is poised to propel Crealo to new heights, allowing the company to enhance the quality of its product, forge strategic partnerships, and expand its workforce. This strategic investment marks a significant milestone for Crealo and is set to solidify its position as a leading player in the copyright management space.

The 212Founders programme, operating under CDG Invest, played a pivotal role in this funding round, injecting a substantial 4.9 million dirhams into Crealo. This move underscores the programme’s commitment to fostering entrepreneurship and driving economic sophistication in Morocco. Since its inception in 2019, the 212Founders programme has successfully executed 18 financings, accumulating an impressive 97 million dirhams in the process.

Crealo, as the first European solution dedicated to comprehensively addressing copyright issues in the cultural and creative industries, stands out for its innovative approach. The platform caters to organizations of varying sizes, offering a sophisticated and user-friendly system that streamlines and automates the entire process of copyright royalty management in France.

Najlae Zeitouni, Co-founder and CEO of Crealo, highlighted the company’s commitment to simplifying royalty payments, drawing parallels with the ease of salary disbursements. Crealo’s platform allows publishing houses to calculate and disburse royalties with unprecedented ease and efficiency, enabling clients to transition from annual to more frequent settlements.

Nawfal Fassi Fihri, Director of the 212Founders programme, expressed enthusiasm about welcoming Crealo into the fold of Moroccan entrepreneurial successes. He commended the robust technological solution that Crealo brings to the market, emphasizing the startup’s promising prospects in revolutionizing the management of copyright royalties.

With this substantial Seed funding, Crealo is poised to accelerate its growth trajectory, ushering in a new era of efficiency and innovation in the realm of copyright management.

Morocco’s Wanaut Secures Funding to Boost the Leisure Sector

$11M EPF Tech Fund Opens to African Startups

Empire Partner Foundation’s (EPF) Tech Fund, led by CEO Jacqueline Govender, has announced the launch of an $11 million (R200 million) Exchange-Traded Fund (ETF) aimed at fostering innovation and supporting young entrepreneurs across Africa. The fund, which initially focused on South Africa, is now expanding its reach to identify and invest in high-growth digital startups addressing critical challenges in various sectors.

In an exclusive interview with ITWeb Africa, Jacqueline Govender emphasized the fund’s commitment to actively engaging with portfolio firms and potential investors. The EPF Tech Fund aims to tackle difficulties in areas such as accommodation, education, financial inclusion, rural and community development. Govender stated, “We’re now also expanding our geographic reach beyond South Africa.”

The expansion comes at a crucial time for African startups facing a funding freeze, as reported by global research firm Infomineo. Startups in Africa received $3.4 billion in funding in 2023, marking a 32% decline from the over $5 billion recorded in 2022, with equity funding experiencing a significant 60% reduction.

To address the funding challenges faced by entrepreneurs in Africa, the EPF Tech Fund is raising an additional $4.2 million (R80 million). Govender revealed that this capital injection will specifically target students and graduates developing technology solutions with the potential for a significant impact.

To be eligible for support from the EPF Tech Fund, startups must have locally built digital solutions, be led by young people, and demonstrate scalability across multiple African countries. Govender emphasized that artificial intelligence (AI) is a key focus for the fund, stating, “Every portfolio firm must achieve the basic criteria of adopting AI into its operations.”

“We see enormous potential in AI-powered solutions that address social concerns, such as education, climate change, unemployment, poverty, and access to healthcare,” Govender added. The EPF Tech Fund is actively seeking firms that utilize AI for sustainable livelihoods, financial inclusion tools, and data-driven healthcare and environmental, social, and governance (ESG) systems.

In explaining the genesis of the EPF Tech Fund, Govender highlighted the identification of a gap in the venture capital market. The fund was initially created to support breakthrough tech businesses solving social concerns across the African continent. Investors in the fund are organizations dedicated to “future proofing Africa” by investing in youth-led technology solutions that can scale across the continent.

Unlike traditional venture capitalists, the EPF Tech Fund evaluates firms not only based on financial returns but also on their ability to provide verifiable social and environmental benefits. Jacqueline Govender stressed, “Beyond a sustainable business, we look at how a venture improves people’s lives and connects with our impact areas.”

The fund supports its portfolio companies with mentorship, market access, and impact measurement tools. EPF Tech Fund’s investments typically range from R5 million to R20 million, with a focus on angel, pre-seed, and seed stages. Govender concluded, “Our main points are effect, purpose, and possibility. We believe in developing promising ideas in their early phases and guiding them through the key early growth phase.”

EPF Fund EPF Fund

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.

Morocco’s Wanaut Secures Funding to Boost the Leisure Sector

January 23, 2024

In a rapidly evolving sector, Moroccan startup Wanaut stands out with a significant milestone — a successful fundraising campaign securing 2 million dirhams (USD 201,000)

The funding comes from Augustulus Ventures, a Moroccan private fund specializing in new technologies and innovation. This collaboration marks a decisive turning point for Wanaut, a company founded in 2019 by a group of Franco-Moroccan entrepreneurs with diverse skills, including engineering, finance, and marketing.

The primary objective of this fundraising effort is clear: to inject new energy into the leisure sector. To achieve this, Wanaut offers a comprehensive platform for experience creators. The platform includes various features such as a detailed dashboard, a user-friendly reservation management system, a customizable form creation module, as well as payment and billing tools, simplifying the daily operations for users.

Wanaut’s ambition goes beyond these features. The company aims to establish a complete ecosystem for the leisure industry, positioning itself as a preferred partner for experience creators and event organizers. Its primary mission is to provide integrated solutions, enabling clients to fully unleash their potential. Additionally, Wanaut aims to offer users the opportunity to discover, book, and share unique experiences in various destinations.

To support its development, Wanaut benefits from the guidance of recognized structures. It is notably supported by Kluster CFCIM, an incubator of the French Chamber of Commerce and Industry in Morocco, as well as Accelab, a startup accelerator specializing in the sports and tourism sectors. These collaborations contribute to Wanaut’s efforts in shaping the future of the leisure industry in Morocco and beyond.

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 Edtech Edura Poised for Growth After Pre-Seed Funding Round

Egypt-based Edtech, Edura, has successfully concluded an undisclosed pre-seed funding round, spearheaded by Smart Zone Startups Studio and supported by angel investors. The funding will propel Edura’s mission to revolutionize education by connecting teachers and students through interactive lessons, offering a blend of traditional and modern learning methods.

Founded in 2021 by visionary entrepreneur Osama Abdelwahed, Edura has quickly gained traction as a pioneering educational platform. It facilitates a dynamic exchange between educators and learners through live or recorded interactive lessons, coupled with innovative features such as online assessments and recorded student evaluations.

Edura’s commitment to safeguarding the intellectual property of educators while delivering a superior learning experience has set it apart in the competitive Edtech landscape. The platform caters to a diverse range of educational levels, serving over 190,000 students and hosting more than 10,000 events, exams, and activities.

Eng. Osama Abdelwahed, Co-founder and CEO of Edura, emphasized the platform’s role in addressing the challenges posed by the COVID-19 pandemic. “The education sector underwent a transformative shift in 2020, and Edura emerged to bridge the gap between traditional and modern teaching methods. We provide an interactive environment that fosters connections between students and teachers, ensuring a professional and high-quality educational experience. Our goal is to equip teachers with the necessary tools to replicate real-world lectures within virtual classrooms.”

The undisclosed pre-seed funding round signifies a pivotal moment in Edura’s journey. The capital injection will be instrumental in expanding the platform’s capabilities, strengthening its operational infrastructure, and fostering research and innovation in educational technology.

Edura has already made substantial strides, delivering over 7,000 educational lectures in 2023 with the collaboration of more than 2,400 registered teachers on its platform. The funding will empower the company to reach even greater heights, investing in the enhancement of its customer base and forging strategic partnerships.

As Edura sets its sights on the future, the company aims to solidify its position as a leading force in the Edtech space, creating a lasting impact on the educational landscape in Egypt and beyond.

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.