E3 Capital’s Low Carbon Economy Fund has taken the lead in the seed funding round for Badili Africa, a re-commerce startup specializing in refurbished digital devices. The investment aims to support Badili’s mission of sustainably addressing Africa’s digital divide by providing affordable access to top-tier smartphone brands through local refurbishment in Kenya, Uganda, and Tanzania. By leveraging the E3 Low Carbon Economy Fund, this financial infusion is expected to enhance Badili’s operational efficiency and facilitate its expansion into new markets beyond East Africa, ultimately contributing to the improvement of Africa’s digital infrastructure.

Badili Africa’s innovative approach involves offering quality devices at a fraction of the price of new models, thereby making them accessible to a broader consumer base. The investment from E3 Capital underscores its commitment to fostering digital innovation while promoting environmental sustainability. Paras Patel, Managing Partner at E3 Capital, emphasized the positive climate impact of Badili’s business, highlighting that refurbished phones can reduce associated CO2eq emissions by 87% compared to new models.

Rishabh Lawania, CEO and Co-Founder of Badili, expressed pride in welcoming E3 Capital as the lead investor in their seed round, anticipating a significant impact on both the business and the lives of consumers seeking affordable and environmentally friendly electronics. The partnership is seen as a crucial step towards achieving Badili’s goals and solidifying its position in the industry.

Founded in 2021, Badili Africa operates in Kenya, Tanzania, and Uganda, formalizing the grey market for refurbished phones by aggregating, repairing, and reintroducing used devices through various channels. On the other hand, E3 Capital, as a leading investor in early-stage businesses across Africa, manages the E3 Low Carbon Economy Fund, focusing on climate tech and digital infrastructure. The investment aligns with E3 Capital’s commitment to supporting forward-thinking entrepreneurs in emerging markets, ensuring growth without compromising global sustainability ambitions.

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.

Seedstars Africa Ventures has secured a significant milestone with a $30 million capital injection from EIB Global, an entity linked to the European Investment Bank. This marks a pivotal moment as the first substantial institutional investment for the venture firm’s inaugural pan-African capital fund.

The infusion of funds comes on the heels of an $8 million backing from LBO France, the fund’s anchor investor. Seedstars Africa Ventures aims to finalize its fund at an impressive range between $80 million and $100 million. The primary focus is to support seed and Series A startups, extending assistance with follow-on funding up to Series B. This strategic move addresses a crucial capital gap, bolstering startups beyond the confines of traditional accelerator programs.

Collaborating with Seedstars Group, an emerging markets accelerator, the VC firm’s partners Maxime Bouan, Tamim El Zein, and Bruce Nsereko-Lule leveraged the infrastructure and market access provided by Seedstars to launch the fund. This ambitious initiative is designed to be pan-African from its inception, delivering hands-on support to portfolio companies through a targeted early-stage investment strategy.

The enlarged fund size, notably substantial for the African landscape, is envisioned to offer “capital well suited to the needs of entrepreneurs.” Seedstars Africa Ventures aims to bridge funding gaps in regions beyond the prominent Egypt, Kenya, Nigeria, and South Africa quartet. Moreover, the firm is committed to providing operational and business support to founders.

Bouan expressed the rationale behind the initiative, stating, “When the team launched in 2020, there was very little capital available beyond acceleration, so there was a clear need to provide more capital at this stage.” The intent is to strengthen the continuum of capital by offering different funding types tailored to entrepreneurs’ maturity levels and catalyzing both international and local follower investor capital.

Seedstars Africa Ventures plans to make initial investments ranging from $250,000 to $2 million, with follow-on funding extending up to $5 million, across up to 30 startups. The firm aims to enhance the startup ecosystem by providing entrepreneurs access to Seedstars’ tools, networks, and visibility. This combination of capital and robust early-stage support remains relatively rare on the continent.

While the fund maintains a sector-agnostic approach, it exhibits a keen interest in startups addressing fundamental needs such as education, healthcare, utilities, and those enhancing goods, services, and efficiency. The firm expresses openness to tech startups while not shying away from innovative brick-and-mortar businesses gaining advantages from digitalization.

Seedstars Africa Ventures plans to allocate up to 50% of the fund to Francophone Africa, identifying it as an investment hotspot due to lower competition, significant market opportunities, and attractive deals compared to more mature Anglophone regions.

Edward Claessen, EIB head of the regional hub for East Africa, emphasized the importance of supporting funds like Seedstars Africa Ventures in Africa, citing their pivotal role in fostering startup ecosystems. Backed by the EU’s ACP Trust Fund and Boost Africa program, the investment aligns with the goal of supporting founders who contribute to job creation and economic growth.

Already having invested in four businesses, including Poa Internet in Kenya, Beacon in Nigeria, Shamba Pride in agritech, and Bizao in payments, Seedstars Africa Ventures is poised to accelerate its investments following this substantial capital infusion.

Beyond the pan-African fund, the Seedstars Group has previously invested in 26 companies in Africa through its Seedstars International Ventures Funds I and II.

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.

Remoteli, the tech talent startup based in Ghana, has recently finalized a six-figure agreement with Pathways, an organization committed to transforming the football culture and expanding prospects for young athletes. The objective of this partnership is to narrow the divide between football and technology, presenting a lifeline for players whose aspirations may not materialize on the field.

Samuel Brooksworth, CEO of Remoteli, emphasized the impact of these collaborations, stating, “These partnerships have allowed us to leverage existing networks, promote digital literacy, and generate employment opportunities for a diverse talent pool.” Renowned for revolutionizing the employment landscape in Africa by connecting individuals possessing technological skills to global job opportunities, Remoteli is now extending its mission to empower young footballers with tech expertise.

In alignment with their strategic partnership with Pathways, Remoteli aims to establish a pathway for footballers to cultivate valuable technology skills and access job opportunities beyond the traditional confines of the football field. The collaboration includes a venture with footballer Jermie Frimpong and his Pathways Project, addressing critical challenges in football, reshaping the sport’s culture, and improving players’ skills and workforce prospects.

Additionally, Remoteli’s AI-powered software will play a pivotal role in connecting organizations with footballers based on personality and organizational culture within the framework of this partnership.

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.