Blog - Afrikan Heroes

South Africa’s E4E Africa Secures $30 Million in First Close for Fund II, Expanding Impact Across Sub-Saharan Africa

December 16, 2023

E4E Africa, a venture capital fund driven by entrepreneurs and based in South Africa, has successfully concluded the initial phase of its E4E Africa Fund II, raising a total of US$30 million. Launched in July 2020 and supported by the SA SME Fund, E4E Africa’s first fund made 11 investments in various startups, including Pineapple in insurtech, SweepSouth in home services, and Qwili in the digital marketplace. The fund focuses on supporting exceptional entrepreneurial teams that are developing highly scalable and impactful businesses in key sectors across Sub-Saharan African economies, with specific attention to fintech, education, job tech, e-health, and energy solutions. E4E Africa emphasizes founder-centric support and leverages its network of experienced entrepreneurs to provide value.

The second fund, E4E Africa Fund II, aims for a total size of US$30 million and has now achieved its first close. E4E Africa is actively seeking additional interest from both local and international investors to further expand its influence and reach. Bas Hochstenbach, managing partner at E4E Africa, expressed enthusiasm about the first close, stating that it empowers them to support outstanding founders and capitalize on exceptional investment opportunities stemming from their robust relationships with founders and seasoned African entrepreneurs.

Already, E4E Africa Fund II has made investments in three companies: Kwara, a Kenyan core banking platform provider; TUNL, a South African tech-enabled export shipping provider; and a rapidly growing business in Kenya disrupting the traditional embedded finance landscape. Bakang Komanyane, principal at E4E Africa, highlighted the impressive performance of the Fund II portfolio and teased an upcoming follow-on investment in the coming weeks, showcasing the fund’s commitment to nurturing and supporting thriving businesses.

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.

Norway Bolsters Africa’s Climate Defenses With $6.5 Million Disaster Financing Pledge

December 15, 2023

Norways-Minister-of-International-Development-Anne-Beathe-Tvinnereim

The government of Norway has announced a financial commitment of 70 million Norwegian Krone ($6.5 million) for an African Development Bank Group (www.AfDB.org) programme to boost Africa’s resilience and responsiveness to climate shocks.

With the pledge, Norway becomes the fifth country to join the Bank Group’s Africa Disaster Risk Financing Programme (ADRiFi) Multi-Donor Trust Fund, which bolsters sovereign drought insurance protection to mitigate the negative impacts in Africa of climate-related extremes such as cyclones, flooding and drought.

The financing commitment, over three years, comes was announced on the sidelines of the COP28 UN climate summit, where officials from the African Development Bank and the Norwegian Agency for Development Cooperation met in Dubai.

Norway’s Minister of International Development, Anne Beathe Tvinnereim, said: “Norway is proud of becoming a new donor to the Africa Disaster Risk Financing Programme and providing additional funding to reduce the risk of climate related disasters and make parametric insurance solutions more accessible to a greater variety of stakeholders on the African continent.”

She added that climate change has disrupted the daily lives of many Africans. Enhancing countries’ resilience and response to climate shocks by responding to early warnings, “enables mitigation of some of the devastating effects before they have occurred – securing lives, livelihoods, and economies.”

Dr. Beth Dunford, African Development Bank Group Vice President for Agriculture, Human and Social Development said: “Growing numbers in the international community are realizing that this African-led solution to Africa’s climate change-related challenges is impactful and important. Norway’s support for the ADRiFi Multi-Donor Trust Fund will help bring protection to millions of the continent’s most vulnerable coping with climate risk, and enhance African countries’ ability to be more resilient to climate change.”

Other donor countries to the ADRiFi Multi-Donor Trust Fund include: the United Kingdom, Switzerland, the United States and Canada.

Under the Africa Disaster Risk Financing Programme and in collaboration with the African Risk Capacity Group, the Bank is at the forefront of promoting proactive climate risk management instruments in Africa. The Bank has invested more than $100 million and supported 15 African countries to access sovereign insurance and financial protection against climate hazards.

Since its inception in 2018, the ADRiFi programme has provided financial protection against severe droughts and tropical cyclones to more than five million people, significantly contributing to bolstering resilience in vulnerable communities.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Kenya Can Build on Past Success to Make Growth More Inclusive and Accelerate Poverty Reduction

Keith-Hansen-World-Bank-Country-Director-for-Kenya

Kenya has in the past been successful in translating economic growth into improved living standards of its citizens. Despite progress, the challenge going forward is to ensure the poor and vulnerable benefit equally from progress, addressing the stark and persistent disparities across space and income groups.

According to a new World Bank report titled Kenya Poverty and Equity Assessment (KPEA) 2023 – From Poverty to Prosperity: Making Growth More Inclusive, which covers the period between 2005 and 2021, the progress Kenya has made in reducing poverty and raising living standards of its citizens has not been equally shared. As a result, economic growth has not sufficiently translated to more people escaping poverty and in recent years, poverty has become less responsive to economic growth.

“While Kenya’s economic growth is commendable, it is important to ensure that it is inclusive and benefits everyone, especially the poor and vulnerable,” said Keith Hansen, World Bank Country Director for Kenya. “An inclusive growth strategy will accelerate poverty reduction and equalize opportunities through smart economic policies and efficient and equitable public spending that raise the productive capacity of the poor.”

A combination of interconnected factors contributes to the uneven progress. Creation of productive jobs and economic opportunities is limited especially for the poor. The incidence of shocks, especially extreme weather shocks, is growing, with exposure and vulnerability highest among the poor. In addition, inequality of both opportunity and outcomes dampens the translation of economy-wide growth to income growth of the poor.

The recent slowdown in the pace of poverty reduction point to the need for an inclusive growth strategy that brings widespread growth in people’s disposable income, says the KPEA. It recommends three broad interconnected policy pathways to inform such a strategy. These include (i) connecting the poor to economic growth (ii) strengthening households’ resilience to adverse weather shocks, and (iii) leveraging fiscal policy to support poverty reduction objectives.

“More disposable income in the hands of more people, especially amongst those who are at the bottom of the income distribution, will create lasting pathways to prosperity. Such widespread prosperity is also good for the economy because it can translate into higher tax revenues and greater fiscal space but also support a vibrant domestic demand and private sector.” said Precious Zikhali, Senior Economist, and co-author of the report.

The KPEA says that Kenya can build on past success to accelerate poverty reduction and boost equity. Connecting the poor to the country’s economic growth calls for a policy focus on raising the working poor’s productivity in agriculture, manufacturing, and services sectors where most are deployed, it adds.

“A broad range of public policy instruments, spanning agricultural policy, Micro, Small and Medium Enterprises policy, and urban development as well as interventions from the private sector will also be needed to raise the poor’s productive capacity,” said Nistha Sinha, Senior Economist, and a co-author of the report.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Techstars Unveils 12 Promising Startups in Second Cohort for Lagos-based Accelerator Program

In a strategic move to bolster Africa’s startup ecosystem, Techstars, renowned as one of the continent’s most active investors, has revealed its second cohort for the Lagos-based accelerator program. This initiative, conducted in collaboration with Nigerian accelerator ARM Labs, will infuse a total of $120,000 in funding into a diverse range of startups spanning Ghana, Nigeria, and East Africa.

Techstars, a global accelerator boasting a portfolio of over 3,000 companies, is set to play a pivotal role in the growth trajectory of these startups. The 12 selected enterprises, four of which have at least one female co-founder, will not only benefit from substantial financial backing but will also receive cash-equivalent support exceeding $400,000. This encompasses hosting, accounting, legal assistance, and various other benefits amounting to over $5 million.

Oyin Solebo, Managing Director of ARM Labs Lagos Techstars Accelerator, emphasized the contemporary challenges faced by founders, stating, “The current market dynamics mean that founders need a combination of financial support as well as technical assistance and access to networks in order to build resilient businesses.”

After a remarkable 2022 where nearly $5 billion was raised in the African tech space, 2023 saw a funding slowdown. The funding winter led to a more cautious investment approach among investors. However, Techstars remains undeterred, extending its support to startups beyond the realms of fintech and proptech. This cohort reflects a diversified portfolio, encompassing fintech, logistics, e-commerce, healthtech, renewable energy, and the future of work.

“Our second cohort truly showcases, and perhaps also epitomizes, the wealth of talent, innovation, and ingenuity that can be found within the African tech ecosystem,” added Solebo.

In addition to the financial backing, the cohort will receive invaluable mentorship from prominent figures in Africa’s tech ecosystem. The roster includes Tunde Kehinde, CEO of Lidya; Bode Abifarin, COO at Flutterwave; Tingting Peng, Chief Capital and Strategy Officer at Moove; Kevin Simmons, a partner at LoftyInc; Lola Esan, a partner at EY; and Yischai Beinisch, the Head for Shell’s West African Emerging Market Power.

The selected startups, ranging from asset-light marketplaces to e-commerce platforms and healthcare solutions, will also tap into the expansive Techstars network, comprising 10,000 founders, alumni, and mentors.

Meet the innovative startups in this cohort:

24Seven: An asset-light marketplace facilitating small businesses with credit-based inventory ordering and one-hour doorstep delivery.

Beauty Hut: An e-commerce platform enabling users to shop from their favorite beauty brands via a web store and mobile app.

Eight Medical: An end-to-end platform connecting users to emergency medical resources, reducing waiting times significantly.

GetEquity: Facilitating access to investment opportunities by SEC-accredited providers through investment aggregation.

JumpnPass: A mobile self-checkout platform allowing shoppers to scan product barcodes, pay for items, and skip queues.

One Plan: Assisting workers in Africa’s informal economy to create affordable financial plans for retirement, credit, and insurance.

PBR Life Sciences: Providing pharmaceutical, consumer healthcare, and medical device companies with access to high-quality market data.

PressOne Africa: Offering businesses deeper insights into phone conversations through a communication platform.

Rana: Democratizing access to clean and reliable solar systems for SMEs and residential customers through affordable subscriptions.

Surge Africa: Enabling instant cross-border transfers and reducing fees for individuals, micro-entrepreneurs, and MSMEs.

Swoove: Empowering logistics companies in emerging markets with dispatch automation, fleet management, and tracking.

Veend: Enabling individuals and businesses with verifiable income to access funds on-demand.

The accelerator program is set to culminate in a Demo Day on February 22nd, 2024, offering an exclusive platform for founders to showcase their progress and innovations.

Techstars Lagos

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.

Qawafel Launches to Assist Tunisian Startups Expand Across Africa

As part of the Qawafel project, dedicated to supporting the internationalization of Tunisian startups and SMEs on the African continent, a call for projects is open to Tunisian support structures. These structures are invited to design programs aimed at supporting startups in their internationalization efforts. Each structure can benefit from a grant ranging from 75,000 to 120,000 euros.

The objective of this project is to contribute to job creation, the inclusive economic development of Tunisia, and its integration into the markets of the African continent. It is important to note that the deadline for the submission of applications is set for January 29, 2024, at 2:00 PM, and this must be done through the qawafel.tn website.

For those interested, an information session on the project is scheduled for Thursday, January 11, at 10:00 AM at The Dot.

This project, funded by the French Development Agency (AFD) and implemented by Expertise France, represents a promising opportunity to strengthen the Tunisian entrepreneurial fabric by promoting its expansion on the scale of the African continent.

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.

Online Activities Threatened by Rising Cases of Cybercrimes

December 14, 2023

Kaspersky says that its detection systems have discovered an average of 411,000 malicious files every day, which is an increase of nearly 3% in 2023 compared to the previous year. Particular types of threats also escalated: experts observed a marked surge of 53% in attacks involving malicious Microsoft Office and other types of documents. Attackers leaned towards more dangerous tactics, such as utilising backdoors to infiltrate systems undetected. These insights, detailed in the Kaspersky Security Bulletin: Statistics of the Year Report (https://apo-opa.co/3TkL55X), underscore the evolving landscape of cyber threats.

In 2023, Kaspersky’s systems detected almost 125 million malicious files in total. Windows continued to be the primary target for cyberattacks, accounting for 88% of all malware-filled data detected daily. Malicious families disseminated through various scripts and different document formats ranked among the top three threats, accounting for 10% of all malicious files detected daily.

Denis Parinov, a cybersecurity expert at Kaspersky.

Kaspersky’s detection systems discovered a rather significant daily increase of malicious files in various document formats – for instance, Microsoft Office, PDF, etc. – rising by 53% to about 24,000 files. The growth may be linked to a rise in attacks utilising phishing PDF files, designed to pilfer data from potential victims.

The most widespread type of malware continues to be trojans. This year, there has been a notable uptick in the use of backdoors, registering a growth from 15,000 detected files per day in 2022 to 40,000 in 2023. Backdoors stand out as one of the most hazardous types of trojans, providing attackers with remote control over a victim’s system to carry out tasks such as sending, receiving, executing, and deleting files, as well as harvesting confidential data and logging computer activity.

“The cyberthreat landscape continues to evolve, becoming more dangerous year after year. Adversaries continue to develop new malware, techniques and methods to attack organisations and individuals. The number of vulnerabilities reported is also growing annually, and threat actors including ransomware gangs use them without hesitating. Furthermore, the entry barrier into cybercrime is now being lowered due to the proliferation of AI, which attackers use, for example, to create phishing messages with more convincing texts. In these times, it is essential both for large organisations and for every regular user to embrace reliable security solutions. Kaspersky experts are dedicated to tackling these ever-evolving cyberthreats, ensuring a secure online experience for users every day and providing vital threat intelligence about relevant threats,” comments Vladimir Kuskov, Head of Anti-Malware Research at Kaspersky.

The discoveries are based on Kaspersky detections of malicious files from January to October and are part of Kaspersky Security Bulletin (KSB) – an annual series of predictions and analytical reports on key shifts within the cybersecurity world.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

President Cyril Ramaphosa Appeals High Court Ruling Setting Aside Recognition of His Majesty King Misuzulu

President Cyril Ramaphosa has noted the judgement of the High Court of South Africa, Gauteng Division, setting aside the recognition of AmaZulu King, His Majesty King Misuzulu kaZwelithini. The court further ordered the President to institute an investigative committee to investigate allegations of violation of customary laws in the identification of King Misuzulu.

Following a study of the judgement, the President will apply for leave to appeal against the judgement. During the course of these legal processes, His Majesty King Misuzulu remains the identified heir to the throne.

President Ramaphosa calls on all members of the Royal family to continue working for the unity of ubukhosi bakwaZulu and to prioritise the interest of His Majesty’s subjects. It is vital that all due processes are allowed to reach their natural conclusion without inflaming tensions.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Chipper Cash Announces Full Coverage of the United States

Chipper Cash, a financial services company serving over five million customers across Africa and the US, has announced it now provides 100 per cent coverage in the US, enabling retail and business customers to use the Chipper app to securely send money domestically and internationally in every US state.

The fintech has steadily been delivering on its US licensing program over the past three years. The output has seen the company obtain money transmitter licenses for 80 per cent of US states, with well-established banking partnerships supporting operations across the remaining 20 per cent. State money transmitter licenses are important as they govern the safety and integrity of the payment infrastructure.

“The expansion of our US licensing program now totals money transmitter licenses for 40 individual states, marking a substantial leap forward in our journey to fulfilling our mission – and setting us apart in the fintech landscape,” said Naledi Ngubeni, Chief Compliance Officer, Chipper Cash.

Naledi continued: “We extend our deepest appreciation to regulators in all the jurisdictions that we operate in. Their guidance and oversight have been invaluable in ensuring we maintain the highest standards of financial security and integrity. These licenses aren’t just legal formalities, they embody our core values of providing reliable, safe and trusted financial services. They symbolize our pledge to adhere to stringent regulatory standards, ensuring the utmost security for our customers’ transactions.”

Working in close partnership with regulators, the company aims to acquire all 53 US state and territory money transmitter licenses next year.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

African Fashion Startup Maka Draws Investor Confidence with $2.65M Pre-Seed Funding

Maka, the African fashion and beauty e-commerce platform, recently secured a $2.65 million pre-seed funding round. The primary contributors to this round were Pan-African venture capital firms, 4DX Ventures and Janngo Capital, with additional support from Palm Drive Capital, angel investor Jonathan Shipman, founder of EVP and Twitch founding member, and executives from delivery platform Wolt. This funding injection comes as the startup’s response to the challenges faced by consumers in the fashion e-commerce landscape, particularly in Africa.

Maka was founded in 2021 by Diana Owusu-Kyereko, the ex-CEO of Jumia Ghana and ex-CCO of Jumia Kenya. The startup originated as an interactive social commerce platform, addressing the complexities of the fashion buying process experienced during the pandemic. Owusu-Kyereko identified a trust deficit in online shopping and the lack of a centralized platform for diverse consumer needs. This insight prompted the birth of Maka, aiming to create a one-stop-shop for fashion enthusiasts, especially millennials and Gen Zers in Africa.

Why the Investors Invested:

Investors were drawn to Maka for its strategic positioning in the evolving African e-commerce market. The surge in technology adoption among Africa’s younger demographic, contributing to the growth of e-commerce penetration from 13% in 2017 to 28% in 2021, provides a significant opportunity for Maka. Maka’s focus on targeting millennials and Gen Zers in this largely untapped market aligns with the shifting consumer trends and represents a strategic opportunity for growth. The startup aims to connect with a broader consumer base, focusing on the fashion sector and the burgeoning creator economy.

Maka addresses critical challenges in the fashion e-commerce landscape, particularly in Africa. Investors were attracted to the startup’s innovative solutions to two fundamental problems: the trust deficit in the online buying process and the struggle creators face in monetizing their influence. The incorporation of video content to build trust between users and creators stood out as a unique and effective approach, differentiating Maka from conventional e-commerce platforms.

The decision to focus on a user-generated content model was seen as a strategic move by investors. Unlike platforms relying solely on big creators, Maka’s scalable base of creators, where every customer can become a creator, provides an infinite pool of individuals generating video content. This approach enhances scalability and user engagement, as demonstrated by the rapid creation of over 2,000 reviews in just two months. Investors recognized the power of this model in fostering a sense of community and trust within the platform.

Diana Owusu-Kyereko’s leadership and industry expertise, gained from her previous roles as the CEO of Jumia Ghana and CCO of Jumia Kenya, played a pivotal role in attracting investment. Investors were confident in Owusu-Kyereko’s ability to navigate the complexities of the e-commerce landscape in Africa. The founder’s vision of creating a centralized platform to meet diverse consumer needs and empower both consumers and creators resonated with investors seeking a strategic and visionary leader.

A Look at Maka

Founded in 2021 by Diana Owusu-Kyereko, Maka operates as an African fashion and beauty e-commerce platform. Owusu-Kyereko, having previously held leadership positions at Jumia, initiated Maka as a response to the complex and challenging fashion buying experience during the pandemic. The platform serves as an interactive social commerce space, allowing users to discover products tailored to their styles through live try-on hauls, reviews, and user-generated content.

Maka, in its two years of existence, claims to have garnered over 500,000 downloads. The startup recently shifted its model to focus on user-generated content, resulting in over 2,000 video reviews in just two months. The platform incentivizes users with a rewards system, earning points for video reviews that can be converted into cash for shopping on the platform. The funding secured in the pre-seed round will be utilized to expand the team, enhance technology, and deepen the platform’s presence in Ghana and Nigeria.

Fatoumata Bâ, founder and executive chair of Janngo Capital, expressed confidence in Maka’s vision, emphasizing the potential growth and impact the startup could have at the intersection of e-commerce, creative, and cultural industries in Africa. Janngo Capital led the funding round, foreseeing the sectors jointly poised to grow substantially by 2050, generating significant GDP and job opportunities across the continent.

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

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.

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

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

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

Why the Investors Invested

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

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

A Look at Susu

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

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

Susu healthcare Susu healthcare

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