Startup Funding - Afrikan Heroes

Africa-focused B2B Energy Platform Circadian Raises $1.3M

October 24, 2023

BayWa r.e. Energy Ventures, a venture investment firm affiliated with BayWa r.e.’s venture capital subsidiary, has taken the lead in a funding round, amounting to 1.25 million Euros ($1.3M), to support the Berlin-based and Africa-focused energy startup Circadian. This strategic investment is aimed at expediting the global transition towards sustainable energy solutions, especially in underserved markets. Joining in this financing initiative are notable backers, including Rockstart Energy, Persistent Energy Capital, Great Stuff Ventures, Tofino Capital, and Ralicap Climate.

Circadian Technologies is at the forefront of innovation, offering a comprehensive Energy Management System that encompasses both hardware and Software as a Service (SaaS). Their platform is tailored to meet the specific needs of solar developers and asset owners, with a particular focus on addressing the challenges posed by unstable grids in emerging market nations across Africa. The all-in-one solution empowers the entire value chain of solar projects, streamlining processes from initial site assessment and design through to commissioning and ongoing asset management. This remarkable technology enables commercial and industrial (C&I) enterprises to transition to renewable energy sources in lieu of diesel generators, starting with telecommunications tower companies throughout the African continent. This transition represents a significant step toward decarbonization.

Circadian was founded by industry veterans Mike Rosenberg and Max Boit, who bring extensive experience in the African market and a profound understanding of the energy sector. Together with their dedicated team, they are committed to establishing themselves as a leading business-to-business (B2B) platform for Distributed Energy Resources (DER) in emerging markets.

Greg Zavorotniy, Managing Director at BayWa r.e. Energy Ventures, expressed his enthusiasm for this investment, stating, “Circadian’s innovative technology enables the creation of solar microgrids in emerging markets, contributing significantly to decarbonization efforts. This marks our first investment on the African continent, and we eagerly anticipate further opportunities from companies dedicated to advancing the energy transition in the region.”

Mike Rosenberg, CEO of Circadian, emphasized their mission, saying, “We aim to empower renewable energy installers and act as a catalyst for the widespread adoption of decentralized energy solutions in growing markets. Circadian is currently expanding its presence across Africa, with plans to bolster the team, enhance platform functionalities, and drive further growth. The support from our investors will play a pivotal role in achieving these objectives.”

Circadian’s primary operational footprint spans West, East, and Southern Africa, where their innovative solutions are making a tangible impact on the transition to cleaner and more sustainable energy sources.

SWVL Founder Reveals How it Made Zero-Cash Acquisitions, and Employees Dumped Their Stock Amid Crisis

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

African Agritech Accelerator Returns for Round Two, Backed by Endeavor and FMO

October 20, 2023

African-tech-startup-funding-rises-51-to-195M-in-2017

Endeavor and FMO, the Dutch entrepreneurial development bank, are delighted to announce the continuation of their partnership aimed at empowering a second cohort of early-stage African agritech ventures. This exciting initiative, known as the ‘African Agritech Accelerator’ program, is scheduled to commence in January 2024, building upon the achievements and insights gained from the first cohort, which ran from February 2022 to February 2023.

The primary goal of this program is to address the growth challenges faced by agritech startups across the African continent. Furthermore, it seeks to expand the scope of the cohort to include agri-adjacent tech start-ups. Leveraging Endeavor’s customized mentoring approach and extensive network, entrepreneurs will have the opportunity to connect with subject-matter and industry experts, as well as potential investors. This support will help these entrepreneurs become “investment-ready” and, in turn, foster the development of a thriving agritech sector on the African continent.

Reflecting on the impact of the initial program in 2022, Betrand Foffe, co-founder and CEO of Jangolo, shared his insights: “The most significant lesson from the program was the realization that we had the wrong business model. Thanks to this program, we were able to rebuild our foundation and realign our team. Today, our model has a 10x potential, our processes are well-documented, resilient, and optimized, our team is highly efficient, and within just six months, our sales have increased (and continue to grow) by over 200% month-on-month. We are deeply appreciative of FMO and Endeavor South Africa for the transformative impact this program has had on our business.”

Established in 1997, Endeavor is the world’s leading community dedicated to high-impact entrepreneurs. With a presence in over 40 offices worldwide, including six in Africa, Endeavor boasts a global network comprising more than 5,000 mentors, 500 growth investors, and 2,200 high-impact entrepreneurs. Rooted in the principle of paying it forward, Endeavor’s mission is to nurture thriving entrepreneurial ecosystems in emerging and underserved markets across the globe. It achieves this by inspiring high-growth entrepreneurs to dream big, supporting and investing in their growth, and providing a platform for them to give back to the network.

In addition to FMO’s support, AfricaGrow has joined as a co-funder for the program, underscoring their joint commitment to fortifying the agritech industry in Africa. This partnership aims to actively grow the pipeline of investable ventures and attract more local, regional, and global investors, which is essential for achieving scale.

Alison Collier, Managing Director of Endeavor SA, expressed her enthusiasm: “It’s truly exciting for Endeavor to collaborate with FMO and AfricaGrow to drive growth in the Agritech sector of Africa, thereby enhancing food security and fostering local revenue and job growth across the continent. We are eager to continue our work with promising African agritech ventures, connecting them with founders, investors, and mentors in Endeavor’s global network to accelerate their growth.”

This project receives funding through the Entrepreneurial Ecosystem Building component of the FMO Ventures Program Technical Assistance Facility, which is co-funded by the Dutch Government and the European Union. This component is focused on advancing the maturity of the venture capital sector in specific emerging markets by enhancing the services of incubators, accelerators, and other entrepreneurial support organizations and facilitating greater early-stage financing for ventures.

Marieke Roestenberg, FMO Ventures Program Manager, emphasized the importance of providing tailored support to another cohort of promising ventures in one of their key sectors: “Offering more investment readiness services for scaling businesses is crucial in expanding the agritech sector across Africa, and we are excited to collaborate with Endeavor and AfricaGrow in this endeavor.”

Endeavor SA is a non-profit organization dedicated to driving inclusive growth and job creation by supporting “high-growth entrepreneurs,” particularly in less developed markets. They leverage their extensive pro-bono global network of entrepreneurs, teams, mentors, and investors. For more information about Endeavor SA, please visit: https://endeavor.co.za.

AfricaGrow is a fund of funds based in Germany, with a mission to support small- and medium-sized enterprises (SMEs) and start-ups across the African continent. They achieve this by investing in pan-African regional and country-specific private equity and venture capital funds with proven track records and capacities. The Fund aims to have a catalytic effect on the emerging and dynamic African SME and start-up ecosystem, contributing to job creation, income generation, and sustainable economic growth. As a legally independent entity, AfricaGrow is a central instrument of the Compact with Africa (CwA) initiative, launched in 2017 during the German G20 presidency. The technical assistance facility is funded by the German Ministry for Economic Cooperation and Development (BMZ), while the fund is managed by Allianz Global Investors and advised by DEG Impact GmbH.

African Agritech Accelerator African Agritech Accelerator

Egypt Issues Africa’s First Sustainable Panda Bond Worth 3.5 billion RMB

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

CASH PLUS Gains $60M Boost to Expand Digital Financial Services in Morocco

October 19, 2023

Mediterrania Capital Partners, a distinguished Private Equity firm specializing in growth investments for Small and Medium Enterprises (SMEs) and mid-cap companies across North Africa and Sub-Saharan regions, is pleased to announce a substantial €57 million ($60M) investment in Morocco’s prominent financial services provider, CASH PLUS. This transformative investment is made in collaboration with FMO, the entrepreneurial development bank from the Netherlands, and IFC, a member of the World Bank Group.

CASH PLUS has emerged as a prominent player in the financial services sector, offering a wide array of online payment and transfer services. With over 3,600 physical locations spanning Morocco, it has solidified its standing as one of the nation’s largest financial service providers. The combined €57 million equity investment is poised to propel CASH PLUS further, allowing them to expand their network of branches both nationally and internationally. Additionally, the funding will bolster the company’s digital financial services offerings, with particular focus on enhancing its M-Wallet application, which currently caters to more than 1 million customers. The overarching goal of this investment is to enhance financial inclusion throughout Morocco.

Hatim Ben Ahmed, Managing Partner at Mediterrania Capital Partners, expressed his enthusiasm, saying, “We’re thrilled to be backing Cash Plus management in its ambitious development strategy. CASH PLUS has emerged as one of the continent’s fastest-growing financial institutions, and Mediterrania Capital will provide support in creating additional value for customers and stakeholders.”

Albert Alsina, Founder and CEO at Mediterrania Capital Partners, added, “We are delighted to be part of this project alongside our long-time partners, IFC and FMO. CASH PLUS is a company that we know well and which fully embodies our mission of improving people’s lives through responsible investments. With its strong track record of promoting financial inclusion and providing access to essential financial services to underserved communities in Morocco, CASH PLUS stands as an innovative company with a powerful vision. Together with IFC and FMO, we aim to support CASH PLUS in expanding its reach and enhancing its services, ultimately benefiting the people of Morocco and fostering economic development.”

Nabil Amar, Chairman of the Board of Directors of the CASH PLUS Group, shared, “For 20 years, CASH PLUS has been a trusted partner serving its customers with a high innovation drive and over 3,600 points-of-sale, showing our commitment to accessibility and financial inclusion in Morocco. We greatly appreciate our esteemed partners, Mediterrania Capital Partners, IFC and FMO, for their unwavering belief in our vision. Together, we’re taking another significant step towards progress, inclusion, and building a brighter and more prosperous future for all.”

Mediterrania Capital Partners’ investment in CASH PLUS marks a pivotal milestone for MC IV, following its earlier investment in Laprophan, one of the largest pharmaceutical companies in Morocco in May 2023. Mediterrania Capital Partners has been an active presence in Morocco since 2013, with investments spanning across the Financial Services, Retail, Education, Construction, IT, FMCG, and Healthcare sectors. This latest investment reinforces their commitment to fostering growth and prosperity in the region.

Bitcoin’s Jump Hints at Trader ‘Playbook’ for ETF Launches

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 con

South Africa’s Outsized Secures Series A Funding, Set to Transform Freelance Work in Emerging Markets

Outsized, an innovative platform that connects top-tier independent talent in the Asia-Pacific, Africa, and the Middle East regions, is delighted to announce the successful conclusion of its Series A funding round. Spearheaded by the prominent South African venture capital firm, Knife Capital, this funding round also secured investments from various private investors, including Adrian Durham, the founder of the globally recognized wealth management platform FNZ Group.

This infusion of investment capital empowers Outsized to fortify its position as the leading player in growth markets within the expansive $5 billion freelance platform sector. The company is set to expand its workforce in sales and engineering, extend its reach in existing regions, and expedite product development for the benefit of both enterprise clients and independent professionals.

*Outsized South Africa. Credits: Outsized*

Revolutionizing the Freelance Economy in Emerging Markets

Outsized stands as a transformative force in the freelance economy across high-growth markets in the Asia-Pacific, Africa, and the Middle East. Through its cutting-edge AI-powered platform, the company offers enterprises access to a meticulously curated network of 25,000 vetted, top-tier independent professionals, effectively redefining the landscape of agile workforce solutions in these markets.

Before the emergence of Outsized, talent platforms in these growth markets predominantly concentrated on low-skilled, short-term opportunities. Aside from traditional recruitment agencies, there was no dedicated space for clients to engage with highly skilled, professional freelancers. With Outsized, enterprises can swiftly select and engage independent consultants or assemble entire teams to promptly execute critical projects.

Since its inception as a pilot project in 2016, Outsized has experienced remarkable year-on-year growth, establishing itself as a key partner to numerous management consulting firms and major enterprises.

Niclas Thelander, Founder & CMO of Outsized, expressed, “As a young firm, we’re already a key partner to a large number of management consulting firms and major enterprises. This funding is a game-changer, paving the way for new, innovative solutions for our clients and talent.”

Knife Capital’s Investment: A Testament to Team, Economics, and Market Potential

Knife Capital, renowned as Africa’s leading venture capital fund with a stellar track record in nurturing high-growth startups with African connections from Series A to successful exits, revealed that their investment in Outsized represents one of the initial investments from their third fund.

Keet van Zyl, Co-Founding Partner at Knife Capital, conveyed their excitement, stating, “We are extremely excited to spearhead this investment round. What really struck us about Outsized is the positive and growing unit economics and the fact that they have consistently achieved previous forecasts. The team has clearly demonstrated that they can execute and do justice to the scale of the opportunity. Most of the future growth in the global freelance platform market will come from the very geographies and segments of the market where Outsized is already a leader, so the business is well poised.”

Fueling Ambitious Growth Plans with New Products and AI Integration

Outsized is actively developing several new products, including additional modules designed for enterprise clients and services tailored for professional freelancers. Johann van Niekerk, CEO of Outsized, stated, “The integration of AI technology into Outsized’s product offerings and core operations is already underway, enhancing the user experience for both clients and talent.”

A Commitment to Shaping the Future Workforce

Outsized remains steadfast in its commitment to play a significant role in shaping the future workforce. Van Niekerk emphasized their core values of Passion, Integrity, and Accountability, noting that they are not mere buzzwords but guiding principles for their team and client interactions. The company is dedicated to fostering a fair, sustainable talent market in high-growth economies, and this investment validates their vision and heralds an exciting future ahead.

Koolboks, Nigerian Startup Providing Solar-Powered Freezers, Expands to 12 African Countries

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 con

Egyptian EdTech Startup Crafty Workshop Secures New Funding from EdVentures

October 18, 2023

EdVentures, the investment arm of Nahdet Misr Group of Companies, a leading education sector entity in the Middle East, has announced significant investments in the Arab world at the GITEX Global Exhibition and Conference. The event, holding from October 16 to 20 at the World Trade Center in Dubai, serves as the backdrop for the revelation.

In a strategic move, EdVentures has unveiled a $400,000 investment round for “Crafty Workshop,” an Egyptian firm specializing in supporting handicrafts through its digital educational platform. This platform offers a diverse range of courses, training programs, and workshops, spanning creative domains such as crafts, design, photography, programming, game development, and animation. Notably, this marks EdVentures’ second investment round in Crafty.

Dalia Ibrahim, Chairwoman of the Board of Directors of Nahdet Misr Publishing and EdVentures Foundation, commented on the development. She stated, “Our strategic objective is to advance the educational technology sector and nurture the talents of entrepreneurs in this critical field.”

Crafty Workshop funding — *Crafty Workshop co-founder, Amgad Moustafa. Credits: Crafty Workshop*

Ibrahim added, “We’ve had a hand in supporting 76 startup companies and entrepreneurs, with investments in 14 firms across the Arab world, now boasting a collective market valuation of $100 million. These companies are engaged in diverse educational pursuits, including e-learning services, STEAM-based educational programs (with a particular focus on coding), career guidance and training, youth job market preparation, technical education, vocational qualification programs, and initiatives aimed at empowering women.”

Emphasizing a collaborative approach, Ibrahim stated, “We collaborate closely with Nahdet Misr companies and startups backed by EdVentures to deliver the latest in educational advancements. Our aim is to address the varied needs of all segments of society and ultimately enhance the educational experience, paving the way for a brighter future for our youth and future generations.”

Ibrahim noted the ongoing global revolution in education, driven by artificial intelligence, with a focus on lifelong sustainable learning. EdVentures is committed to sustaining and expanding its investments in educational technology to remain at the forefront of this transformative shift.

Looking ahead, EdVentures is poised to announce another investment round, this time directed toward the Egyptian firm “Sprints.” Sprints is unique in providing a range of educational services and programs aimed at bridging the technical skills gap. It tailors individualized educational journeys for learners, ensuring their readiness for well-paying jobs, while offering continued support throughout their career growth. This represents EdVentures’ second investment in Sprints.

The startups supported by EdVentures continue to expand across the Arab region, with four of them attracting fresh investments from Saudi and international backers due to their significant impact on the education sector. These companies include “OBM,” an Egyptian company offering training and qualification programs, career counseling services, and guidance for students in university and specialization choices. “Akhdar,” another Egyptian enterprise, provides cultural book summaries via its digital application. The Saudi firm “Jeel” offers an educational and entertaining mobile application for children, while the emerging “iSchool” provides advanced educational technologies for young students, offering a comprehensive STEAM-based educational journey tailored to children aged 6 to 18, complete with educational goals, projects, activities, certificates, and competitions, all tailored to the student’s age.

Crafty Workshop funding Crafty Workshop funding

How the Moremi Platform Plans to Deploy $150 Million in African Female Founders

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 con

South African Insurtech Simply Attracts Strategic Investment

The Hollard Group, a prominent insurance conglomerate, has made a strategic investment in Simply Financial Services, a South African-based insurtech company. Hollard’s move is expected to have a significant impact on the life insurance sector within the South African mass-market.

This investment in Simply Financial Services is part of a broader strategy by Hollard, which has previously made seed investments in other insurtech disruptors, such as Naked and Dotsure. This aligns with Hollard’s overarching goals of expanding its presence in digitally-driven insurance solutions.

Established in 2016 by entrepreneurs Anthony Miller and actuary Simon Nicholson, Simply aims to revolutionize the South African mass-market life insurance sector by offering tailored coverage and innovative payment options. Initially, Simply focused on providing direct life, disability, and funeral insurance for individuals and domestic workers. In 2020, the company expanded its services to include SMEs and brokers.

Hollard notes that Simply’s approach redefines traditional life insurance for lower- and middle-income earners. They achieve this by leveraging proprietary technology and user-friendly design to offer both individual and group insurance policies.

Co-founder Anthony Miller explains, “The current model for long-term insurance in the mass-market is unsustainable. There’s an oversupply of expensive standalone retail products, particularly funeral cover, with high policyholder turnover and limited value for customers. Simply reimagines this model by offering customers bundled benefits like life, disability, and funeral coverage, often with employer premium contributions. Thanks to high retention rates, our solutions deliver positive customer outcomes, whether through our cost-effective group option or our flexible retail option.”

Furthermore, Simply’s business model is scalable through white-label partnerships with brands seeking to enhance their digital capabilities. Presently, the company maintains three such partnerships in South Africa and intends to expand its international presence.

Willie Lategan, CEO of Hollard Group, underscores the value of Simply’s “superpowers” — their proprietary technology platform and comprehensive insurance capabilities. These assets are poised to bolster Hollard’s offerings and allow for swift deployment of new products and features.

Miller emphasizes that having the backing of South Africa’s largest privately-owned insurer positions Simply to export its model to other markets, fulfilling its mission to safeguard the financial futures of millions.

Simply Insurance Africa Simply Insurance Africa

Digital Banks are Giving Big Banks Runs for Their Money

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 con

Nigerian Insurtech Startup Haba Secures Pre-Seed Funding to Pursue Insurance Ambitions in West Africa

October 16, 2023

The Nigerian insurtech startup Haba has successfully secured $75,000 in pre-seed funding as part of its strategic efforts to expand its operational capacities and revolutionize the insurance landscape within West Africa. Established in 2022 by a team of visionary entrepreneurs, including Constance Oshafi, Stephen Onwe, and Paul Showemimo, Haba has devised an extensive array of services tailored to meet the diverse requirements of both individuals and businesses.

This pre-seed funding infusion of $75,000 will serve as a vital resource for Haba, enabling the company to bolster its service capabilities, reinforce its technical workforce, and intensify its marketing initiatives to connect with a broader spectrum of individual customers. The startup expressed its commitment to prioritizing customer satisfaction, introducing innovative solutions for claims and repairs, and benefiting from forward-thinking investors.

Haba InsurTech is strategically positioned to redefine the accessibility of insurance, empower policyholders, and influence the future of the insurance sector in Nigeria. As the insurance industry undergoes transformation, Haba InsurTech emerges as a beacon of innovation, poised to simplify insurance processes, enhance reliability, and ultimately center its operations on customer needs.

Haba insurance

How Sony Ventures Plans to Deploy Its New $10M Fund in African 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 con

Kenya’s Access Afya Secures Significant Investment from Philips and UBS Foundations

October 13, 2023

Access Afya, a healthcare operating system for emerging economies, has secured significant investment from Philips Foundation and UBS Optimus Foundation. The exact investment amount was not been disclosed, but it is noteworthy that both these organizations have recognized the unique value proposition offered by Access Afya.

The primary intent of this investment is to support Access Afya’s mission of addressing healthcare challenges in emerging economies. Access Afya has developed an innovative approach to providing affordable, quality healthcare that caters to the specific needs of low-income communities. The investment is aimed at helping Access Afya expand its reach and impact, allowing more people to access essential healthcare services. It is also an endorsement of Access Afya’s community-centric, technology-driven model, which is seen as a scalable solution to address healthcare disparities.

The partnership between Philips Foundation and UBS Optimus Foundation highlights the recognition of the importance of localized, community-based solutions for healthcare challenges. The investment is part of Philips Foundation’s broader effort to showcase and support social entrepreneurs who are making a difference in healthcare access. The foundation seeks to spotlight the unique approaches of these entrepreneurs, inspire others to join the mission, and overcome global healthcare disparities with innovative solutions.

Why the Investors Invested

Philips Foundation and UBS Optimus Foundation invested in Access Afya for several compelling reasons:

Innovative Healthcare Solution: Access Afya offers an innovative and holistic healthcare solution for underserved communities. By combining walk-in clinics, a digital health app, and a strong data analytics component, they create a comprehensive healthcare system. This unique approach was a key attraction for the investors, as it addresses a crucial need in emerging economies.

Community-Centric Approach: Access Afya’s commitment to understanding the specific needs of local communities and empowering local healthcare workers aligns with the investors’ vision of bridging healthcare disparities. This approach not only democratizes healthcare access but also nurtures a sense of ownership and responsibility among local practitioners, fostering sustainable change.

Data-Driven Healthcare: The data analytics component of Access Afya’s model is seen by the investors as a valuable asset. The ability to capture patient data, recognize patterns, and adapt healthcare strategies accordingly is crucial for improving the quality and effectiveness of healthcare services in underserved areas.

Scalability: Access Afya’s model is scalable and can be adapted to meet the unique needs and challenges of different regions and communities. This scalability aligns with the broader goal of addressing universal healthcare challenges through localized, tailored solutions.

Philanthropic Values: Both Philips Foundation and UBS Optimus Foundation share a commitment to overcoming global disparities in healthcare services. They see Access Afya as a partner that embodies these values by combining local innovation with technology to create inclusive, healthy futures.

A Look at Access Afya

Access Afya was founded by Melissa Menke in 2012. The organization is based in Nairobi, Kenya, and primarily serves the healthcare needs of communities in Nairobi County. Its name, “Access Afya,” translates to ‘access health’ in Swahili, reflecting its mission of providing accessible healthcare.

Access Afya operates as a healthcare operating system tailored for emerging economies. The organization’s primary focus is on offering affordable, quality healthcare to underserved communities. Access Afya achieves this through a combination of walk-in clinics and a digital health app. The clinics offer a wide range of services, including family planning, lab tests, vaccinations, prenatal and postnatal care, routine check-ups, and emergency care. The mDaktari app enables virtual doctor consultations, health coaching, and access to healthcare information, all at an affordable cost.

Access Afya stands out due to its unique “clinic in a box” concept, providing ready-made healthcare facilities that are locally relevant. The organization empowers local healthcare workers to set up and operate these clinics, ensuring healthcare services are delivered by professionals with an intimate understanding of the community’s needs.

Access Afya’s approach fosters a culture of health consciousness within the community, enhancing overall well-being and the quality of life for individuals in low-income areas.

Access Afya collects patient data and leverages data analytics to refine its healthcare strategies, making healthcare services more effective and responsive to community needs.

Access Afya’s model is designed to be adaptable, providing a blueprint for healthcare solutions tailored to specific local contexts. This approach reflects the organization’s commitment to addressing universal healthcare challenges with localized, community-based solutions.

Kenyan Healthtech Afya Rekod Bags $2m In Seed Funding Round To Digitize Health Records

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 con

South Africa’s Tripplo Poised to Disrupt Logistics with $1.8M Investment

Tripplo, a logistics software platform based in Johannesburg, has successfully secured a substantial equity investment of US$1.8 million, marking the successful conclusion of its seed funding extension round. Leading this round is Futuregrowth Asset Management, representing Old Mutual Life Assurance Company South Africa, with further investment from Galloprovincialis. These two entities join Standard Bank of South Africa, Founders Factory Africa, and Digital Africa Ventures as significant investors in Tripplo.

This capital injection is poised to significantly reinforce Tripplo’s overarching goal of establishing itself as the premier global logistics platform, dedicated to revolutionizing the logistics industry by promoting innovation and operational efficiency in the movement of goods.

In 2023, the estimated size of the South Africa Freight and Logistics Market stands at 21.53 billion USD, with projections indicating a growth to 30.56 billion USD by 2029.

Victor Chaitezvi, Founder and CEO of Tripplo, expressed his enthusiasm, stating, “We warmly welcome Futuregrowth Asset Management and Galloprovincialis as strategic partners in our pursuit to reshape the logistics sector.”

Amrish Narrandes, Head of Private Equity/Capital at Futuregrowth Asset Management, emphasized the investment’s significance, highlighting the pivotal role logistics plays in the South African economy. He commented, “This investment in Tripplo not only underscores the importance of logistics in our nation’s growth but also highlights the critical role of innovative management in driving such endeavors. We are not just investing in a platform; we are investing in a vision and a team that can truly make a difference.”

Tripplo has garnered accolades for its unique approach, which has brought transformative changes to the logistics landscape. Leveraging cutting-edge technology, Tripplo empowers businesses across various sectors to streamline their road-freight supply chains, negotiate rates with contractors, electronically process trips end-to-end, optimize routes, enable real-time tracking, manage documents, facilitate working capital for trucks, and make data-driven decisions aimed at reducing costs and enhancing overall efficiency.

Victor Chaitezvi affirmed, “This funding round attests to the confidence our investors have in our vision and our capacity to positively disrupt the industry. We look forward to accelerating our growth and continuing to provide innovative solutions to our clients.”

Tripplo’s steadfast commitment to innovation, coupled with the support of its investors, firmly situates the company at the forefront of logistics technology. In an ever-evolving industry, Tripplo’s platform is well-positioned to play a pivotal role in enabling businesses to thrive in an increasingly interconnected world.

Salient Predictions Secures $2.9 Million in Funding to Disrupt Weather Forecasting for East African Farmers

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 con

South African Digital Asset Platform Momint Attracts $1.25M in Investor Support

October 12, 2023

Momint, a South African digital asset platform, recently accomplished a significant milestone by securing $1.25 million during its ongoing seed funding round. This funding initiative was initiated on September 20th and impressively, 25% of the funding target was met within just 10 days. In this round, Momint’s primary objective is to raise $5 million with a post-money cap set at $25 million, structured using a SAFE note. The allocation of these funds is directed towards marketing, increasing its asset under managment as well as turning profitable.

Prominent investors in this round include Untapped Global, Outlier Ventures, Adaverse, Mountain Partners, simple.Capital(), Raj Kulasingam, Vishal Agarwal, and Crossfin Ventures (Pty) Ltd.

Why the Investors Invested

The startup has generated considerable traction. Momint operates within the renewable energy sector, offering users the opportunity to invest in solar projects and earn from electricity generation. With a community of 55,000 users and over $1.4 million in sales, Momint leverages a thriving market that is increasingly concerned with environmental sustainability and the transition to cleaner energy sources.

The introduction of a blockchain wallet, which enables users to spend cryptocurrencies at numerous South African retailers, was seen as an innovative breakthrough. This not only enhances the utility of cryptocurrencies but also promotes financial inclusion by enabling crypto transactions at small businesses and informal economy enterprises.

The blockchain wallet’s international functionality and cost-effective cross-border transaction capabilities positioned Momint as a global player. Investors were attracted to the company’s potential impact beyond the borders of South Africa.

A Look at Momint

Founded in 2020 by tech entrepreneurs Ahren Posthumus and Adam Romyn, with the support of serial investor Rob Hersov, Momint is based in Cape Town, South Africa.

Momint’s primary market focus is on South Africa, where it has established partnerships with over 10,000 retailers, including renowned names such as Checkers, Woolworths, Engen, and Takealot. Beyond retail, Momint’s services extend to other sectors, including transportation options like Lift Airlines and Intercape buses.

At its core, Momint offers a blockchain wallet integrated into its app. This wallet empowers South African consumers to utilize cryptocurrencies at various retailers, restaurants, and service providers. Users can purchase items like food, airtime, household goods, and data using cryptocurrencies. Moreover, the wallet enables transactions at 5,000 overseas retailers and supports cost-effective cross-border transactions, eliminating the need for traditional banks.

While Momint is not a cryptocurrency exchange platform, it has seamlessly integrated its app with external exchanges like Transak and BankX, allowing users to top up their crypto within the app. Users can also directly purchase USDC and Ethereum with real-time exchange rate information. The wallet incorporates essential security features, including peer-to-peer sending and adherence to know your customer (KYC), know your transaction (KYT), and anti-money-laundering (AML) checks.

In January 2023, Momint introduced its flagship product, the SunCash initiative, further underscoring its commitment to renewable energy investment.

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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 con