Startup Funding - Afrikan Heroes

Maroc Numeric Fund Announces Its First Investment in Diaspora Startup Cypherleak

September 26, 2023

Cypherleak, a groundbreaking cyber risk monitoring and scoring startup, recently secured a substantial investment of US$750,000 through a seed funding round. The investors behind this infusion of capital hail from prominent locations, notably Abu Dhabi, Morocco, and Qatar. Notable contributors to this investment round include Maroc Numeric Fund II and Qatar Insurance Company. The primary objective of this substantial financial backing is to fuel Cypherleak’s expansion efforts throughout the Middle East and Africa.

Cypherleak’s core mission revolves around simplifying advanced risk monitoring for smaller enterprises, rendering extensive cybersecurity technical expertise unnecessary. Their innovative approach hinges on the analysis of domain names to track leaked passwords and sensitive data across both the Public and Dark web. By doing so, the platform aids companies in comprehending the full extent of their vulnerability landscape and pinpoints weaknesses affecting their infrastructure. Employing state-of-the-art Machine Learning and advanced risk models, Cypherleak crafts bespoke security ratings that consider various cyber risk factors for each client.

Mohamed Amine Belarbi, the Founder and CEO of Cypherleak, affirmed that the injected funds would expedite their expansion efforts across the Middle East and Africa. This financial backing strengthens their position as a frontrunner in the rapidly evolving domain of cyber risk management and ratings. Supported by strategic investors, Cypherleak is poised to continue developing cutting-edge technologies and delivering unparalleled cyber risk insights to businesses and organizations worldwide.

Dounia Boumehdi, the Managing Director of MITC Capital, which manages Maroc Numeric Fund II, emphasized the critical nature of the platform in addressing the cyber threats facing SMEs in the MENA region. She highlighted the need for such solutions and expressed enthusiasm for Cypherleak’s plans to open an African regional office in Morocco dedicated to research and development.

*Mohamed Amine Belarbi is the Founder and CEO of Cypherleak. Credits: Cypherleak*

Why the Investors Invested

Investors have chosen to allocate substantial capital to Cypherleak for several compelling reasons, rooted in the platform’s robust value proposition and the evolving landscape of cybersecurity in the MENA region. The investors’ motivations are grounded in these observations:

Addressing Cybersecurity Gaps for SMEs: The investors recognize that small and medium-sized enterprises (SMEs) in the MENA region face a growing cybersecurity threat but often lack the resources or expertise to adequately protect themselves. Cypherleak’s user-friendly and accessible approach to advanced risk monitoring directly targets this underserved market, aligning with the pressing need for cyber resilience in SMEs.

Disrupting Cyber Insurance Underwriting: The innovative cyber risk scoring offered by Cypherleak presents a transformative opportunity for the insurance industry in the MENA region. Insurers can now assess cyber risks with greater accuracy, fundamentally changing how cyber insurance is underwritten. This forward-thinking approach aligns with the rising demand for cyber insurance, which is expected to surge in the region.

Demonstrated Expertise and Traction: The track record of Cypherleak’s Founder and CEO, Mohamed Amine Belarbi, in the field of cybersecurity in the MENA region lends credibility to the venture. Moreover, the startup has already achieved significant traction with subscriptions from corporate clients across Europe and the MENA region. The company’s subscription offerings have garnered traction, with over 1000 corporate end-users across Europe and the MENA region, with a particular focus on SMEs. This early success signals the platform’s potential to address the pressing cybersecurity needs of the market.

Section 3: A Look at Cypherleak

Cypherleak, founded in April 2022, represents a pioneering force in the cybersecurity landscape. The startup, spearheaded by Mohamed Amine Belarbi, focuses its operations in the Middle East and Africa (MENA) region. Its primary objective is to simplify and democratize advanced risk monitoring, making it accessible to smaller companies without the need for intricate cybersecurity expertise.

The cornerstone of Cypherleak’s offering lies in its ability to analyze domain names, tracking leaked passwords and sensitive data across both the Public and Dark web. This distinctive approach empowers businesses to comprehensively assess their exposure to cyber threats and identify vulnerabilities within their IT infrastructure. Leveraging cutting-edge Machine Learning and advanced risk models, Cypherleak tailors security ratings to each client’s specific cyber risk profile.

Since its inception, Cypherleak has gained substantial traction, selling subscriptions to over 1000 corporate end-users across Europe and the MENA region. The startup’s primary focus remains on SMEs, bridging the cybersecurity gap by offering accessible risk monitoring solutions. The company’s strategic move to open an African regional office in Morocco underscores its commitment to expanding its footprint and advancing research and development in the cybersecurity domain.

In addition to its technical prowess, Cypherleak’s significance extends to the realm of cyber insurance underwriting. The startup’s cyber risk scoring capability revolutionizes how insurers assess prospective applicants in the MENA region, and it also empowers insurers to provide ongoing risk monitoring and mitigation services to cyber-insured customers.

Cypherleak’s success has been duly acknowledged, with the platform receiving accolades such as winning the MENA Insurtech Summit 2023 in Doha, Qatar. These achievements underscore the startup’s pivotal role in enhancing cyber resilience in the MENA region and beyond. As it continues to evolve, Cypherleak’s presence in the cybersecurity landscape promises to be transformative, particularly for SMEs facing escalating cyber threats.

Emerging Markets FinTech DKK Partners Expands Presence in Africa with COSUMAF License

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

Emerging Markets FinTech DKK Partners Expands Presence in Africa with COSUMAF License

September 25, 2023

DKK Partners, a FinTech company specializing in emerging markets and foreign exchange liquidity, has obtained a license from the Financial Market Surveillance Commission (Consumaf). This license, issued by the supervisory and regulatory authority for the financial market of the Economic and Monetary Community of Central Africa, paves the way for DKK Partners to further strengthen its financial services operations in Africa.

“The African market requires foreign currency liquidity to promote business opportunities and support banks or financial institutions offering financing opportunities for essential imports,” the fintech stated in a press release.

Dominic Duru and Khalid Talukder, DKK Partners — Dominic Duru and Khalid Talukder, cofounders of DKK Partners

Africa has become a focal point for global companies seeking growth opportunities, and DKK Partners is no exception. By obtaining the Consumaf license, the company positions itself to effectively navigate future regulatory and licensing changes in the Central and West African regions.

This development follows DKK Partners’ recent establishment of operations in Ghana, complementing its existing presence in Cameroon. This strategic expansion aims to serve as a hub for the burgeoning African market by providing essential foreign exchange and financial services, including virtual IBAN accounts. “These services enable clients to access new territories and currencies while enhancing liquidity in emerging markets (EM),” the press release noted.

“As DKK Partners expands into African markets, we understand the importance of ensuring that we are fully eligible to operate in financial markets, regardless of the regulatory framework. Acquiring the COSUMAF license ensures that we are protected against any future changes, allowing DKK to continue disrupting global markets with revolutionary technology in the years to come,” stated Khalid Talukder, co-founder of DKK Partners.

In many African countries, such as Cameroon, Côte d’Ivoire, and Ghana, a significant portion of goods is denominated in foreign currencies rather than the local currency, creating a substantial need for reliable foreign exchange services. DKK Partners aims to bridge this gap and, by obtaining the Consumaf license, further democratize access to financial services in the markets of West Central Africa.

“The African market needs support in foreign currency liquidity to advance business opportunities and support banks or financial institutions offering financing opportunities for essential imports,” said Sam Nti, Director of DKK Partners.

Founded in 2020 by Dominic Duru and Khalid Talukder, DKK Partners has quickly established itself as a key player in the world of providing foreign exchange liquidity in emerging markets. With a turnover exceeding £100 million, the company leverages its deep expertise in foreign exchange and emerging markets to develop innovative strategies and methodologies that enable businesses to effectively manage exchange rate risk.

DKK Partners’ acquisition of the Consumaf license marks a significant step in its commitment to the African market. By obtaining this license, the company not only protects its operations against future regulatory changes but also positions itself as a crucial catalyst for financial growth and stability in the West Central Africa region.

In addition to this achievement, DKK Partners recently announced the successful completion of their pre-seed funding round, raising £3 million, surpassing their initial target by 33 percent. This milestone sets the stage for their Series B funding round scheduled for early 2024. The company’s oversubscribed status has solidified its pre-money valuation at approximately £100 million, underlining its remarkable revenue growth over the past 3.5 years and its rapid expansion since its inception in 2020. The funding will be used to further fuel expansion opportunities in the coming years.

This news comes on the heels of DKK Partners’ expansion into East Africa, with the opening of new offices in Nairobi, Kenya, followed by Uganda and Tanzania. This expansion is supported by the successful acquisition of the CONSUMAF license, which will accelerate the company’s financial services operations across the African continent.

Microsoft Announces Big Changes to Windows 11 Next Week

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

Zambia’s PremierCredit Secures $2.5 Million Investment to Drive Financial Inclusion

September 22, 2023

PremierCredit, a leading Zambian financial technology company, is pleased to announce a significant investment of $2.5 million from the Trade Access Sub-Fund, managed by INOKS Capital for British International Investment. This investment marks a milestone in PremierCredit’s mission to revolutionize access to financial services in Zambia and Zimbabwe and promote financial inclusion, particularly among underserved populations.

Founded in 2019, PremierCredit has garnered multiple awards for its exceptional commitment to fostering positive change through sustainable investments. The company is recognized as a woman-owned and woman-led enterprise, underlining its dedication to gender diversity and inclusivity in the financial technology sector.

PremierCredit’s core mission centers around addressing the pressing need for financial inclusion in Sub-Saharan Africa, where a substantial portion of the population earns less than $10 a day and is excluded from traditional financial services. By leveraging a “Neo+Traditional” approach, PremierCredit operates as a licensed and regulated online microlending and peer-to-peer lending platform, offering loans and investment opportunities through digital platforms, USSD apps, physical branch offices, and community-based agents.

One of PremierCredit’s primary objectives is to bridge the financial inclusion gap by extending financial services to those who have traditionally been excluded. This includes urban and rural micro, small, and medium-sized enterprises (MSMEs) and a focus on empowering women and women-owned/led companies. PremierCredit not only provides loans but also offers capacity-building and training programs throughout Zambia, helping borrowers establish a credit history and access further financial products.

The $2.5 million investment from the Trade Access Sub-Fund, managed by INOKS Capital for British International Investment, will have a profound impact in Zambia, particularly in the following areas:

Increased Financial Inclusion and Job Creation: PremierCredit will provide loans and investments to unbanked populations, including urban and rural MSMEs, thereby stimulating economic growth and job creation.
Empowering Women: PremierCredit’s commitment to improving financial inclusion for women will receive a significant boost, promoting gender equality and economic empowerment.
Improving Financial Literacy and Creditworthiness: Through capacity-building and training initiatives, PremierCredit will enhance financial literacy and creditworthiness among its clients, expanding their access to financial products.

INOKS Capital is deeply committed to supporting the formalization of impact and environmental, social, and governance (ESG) processes. To monitor progress, INOKS Capital and PremierCredit have established key performance indicators (KPIs), including:

Increasing loans to women-led enterprises.
Expanding access to rural populations.
Supporting additional job creation.
Measuring client satisfaction.
Promoting gender diversity.

In addition, a financial incentive will be offered at renewal if impact targets are met for women-led enterprises as a proportion of the overall portfolio.

PremierCredit shares INOKS Capital’s unwavering commitment to equality and inclusivity. The company actively explores ways to better support women-led businesses and youth across a wide range of education levels to promote financial inclusion and sustainable development.

Founded by Chilufya Mutale in 2019, PremierCredit has been instrumental in providing microloans to local entrepreneurs and small-scale traders, with a particular focus on women. Operating as a licensed and regulated online microlending and peer-to-peer lending platform, the company has made significant strides in increasing access to capital, allowing these entrepreneurs to expand their businesses. Moreover, through its partnership with a bank in Zimbabwe, PremierCredit has been able to offer affordable bicycles, smartphones, and solar equipment on a Pay as You Go (PAYG) basis to underserved communities across Zimbabwe, furthering its commitment to driving positive change in the region.

INOKS Capital is a leading investment management firm dedicated to sustainable and impact investing. The Trade Access Sub-Fund, managed by INOKS Capital for British International Investment, focuses on investments that drive positive social and environmental outcomes while delivering attractive financial returns. INOKS Capital works in partnership with businesses like PremierCredit to create meaningful change and advance sustainable development goals.

Scaling Secrets Exposed: Startup Genome Report Delivers Game-Changing Insights

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

Kenya’s Untapped Global Raises $3 Million Seed Round for Its Real-Time Data Platform

September 21, 2023

Untapped Global, a revenue-based asset financing platform, has successfully secured a substantial US$3 million in seed funding. This investment round was led by E3 Capital (formerly Energy Access Ventures), marking the first commitment from their recently closed E3 Low Carbon Economy Fund (E3 LCEF I). It’s noteworthy that this funding significantly builds upon Untapped Global’s existing financial support, which includes previous contributions from early-stage venture capitalists and angel investors, amounting to an impressive total of over US$14 million.

The primary objective of this investment is to bolster Untapped Global’s efforts in promoting climate-smart solutions, particularly in the context of Africa. E3 Capital’s commitment will specifically facilitate the expansion of Untapped’s real-time data platform, which plays a pivotal role in financing climate-smart initiatives. This innovative data platform digitally tracks and manages repayments linked to productive assets used by micro-entrepreneurs and small businesses in emerging markets. Its multifaceted mission extends beyond financial empowerment to also raise awareness about the financial and environmental advantages of adopting eco-friendly technologies. Moreover, Untapped’s platform minimizes perceived investment risk in Africa by enhancing transparency and enabling digital collections, thus encouraging investments in the continent.

Why the Investors Invested

The substantial investment from E3 Capital into Untapped Global can be attributed to several compelling reasons. The global shift towards digitalization is rapidly transforming Africa, creating a unique opportunity to revolutionize how small businesses access capital. Untapped Global’s data-driven approach, combined with digital payment solutions, promises to enhance transparency and security in African investments while delivering measurable impact for private investors on a global scale. This aligns with E3 Capital’s strategic interest in fostering digitized, decentralized, and decarbonized business models in Africa.

Again, access to funding remains a significant hurdle for early-stage companies across the African continent. E3 Capital recognizes the pivotal role that Untapped Global plays in addressing this challenge by developing a comprehensive data-driven financing platform tailored for climate-smart SMEs in Africa. This long-term partnership aims to bring more intelligent capital to Africa and extend the reach of eco-friendly solutions across key African markets.

A Look at Untapped Global

Untapped Global was founded in 2021 as a pioneering revenue-based asset financing platform with a focus on emerging markets. The platform provides data-driven investment opportunities for global investors interested in financing high-growth businesses across these markets. Its innovative Smart Asset Financing model allows real-time tracking of asset usage and revenue streams, ensuring transparent, secure, and profitable investment opportunities for investors while simultaneously promoting community wealth in emerging economies.

Based in Nairobi, Kenya, Untapped Global operates across various African regions, showcasing its commitment to unlocking economic opportunities where they are most needed. The company’s data platform has already demonstrated its instrumental role in scaling investments across Africa. Through successful pilots, Untapped Global has already financed over 14,000 micro-entrepreneurs in a diverse array of companies across twelve countries, delivering significant returns to its investors. Moving forward, the partnership with E3 Capital will enable Untapped Global to further expand its data platform and diversify its portfolio by including climate-smart assets like electric vehicles. Together, E3 Capital and Untapped Global aim to accelerate the adoption of e-mobility solutions across the African continent.

In conclusion, Untapped Global’s innovative approach to revenue-based asset financing, coupled with E3 Capital’s strategic investment, reflects a shared vision of promoting sustainability and economic growth across Africa. Their collaboration is set to contribute significantly to the continent’s economic development and the adoption of environmentally friendly technologies.

Classera Launches Innovative ‘Smarter Schools’ Initiative in Egypt to Revolutionize Education

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

The Gates Foundation and MSD Support 29 African Health Startups

Mark Suzman, chief executive officer of the Bill & Melinda Gates Foundation

The pan-African program, Investing in Innovation (i3), has announced its second cohort of 29 African startups operating in the healthcare product distribution sector. Funded by the Bill & Melinda Gates Foundation and supported by partners such as Cencora, Merck Sharp & Dohme (MSD), Microsoft, and Chemonics, this program aims to support early-stage and growing startups by providing them with a $50,000 grant and investment readiness support.

The selected startups operate in 21 African countries and offer digital solutions for healthcare product distribution. They are developing online pharmacies, telemedicine services, inventory management systems, supply chain data analytics, and much more. It is noteworthy that 38% of these businesses are led by women, and 17% are active in French-speaking Africa.

These startups will have the opportunity to participate in the annual “Market Access” event of the i3 program, scheduled for November 14 and 15 in Nairobi. This event promotes partnerships between industry, governments, donors, and major multilateral agencies, with the goal of supporting the development of startups through contracts, pilot projects, and mutually beneficial investments.

Nigeria: Bill Gates Says Innovative, Talented Young People are a Powerful Asset

The first cohort of 31 companies supported by the i3 program has already concluded 24 contracts, pilot projects, and strategic partnerships, demonstrating the potential of this program to drive healthcare innovation in Africa.

Gates Foundation African startups Gates Foundation African startups

Walmart Owned Massmart Launches OneCart Price Comparison Tool

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

Ghanaian Agritech Startup Complete Farmer Raises $10.4 Million in Funding

September 20, 2023

In light of Africa’s agricultural sector’s undeniable social and economic significance, the Ghanaian agritech company, Complete Farmer, recently concluded a substantial $10.4 million pre-Series A funding round. This investment comprised $7 million in equity and $3.4 million in debt financing. Notable contributors to the equity portion included the Acumen Resilient Agriculture Fund (ARAF) and Alitheia Capital, in partnership with Goodwell Investments, with participation from Proparco, Newton Partners, and VestedWorld Rising Star Fund. On the debt side, Sahel Capital’s SEFAA Fund, Alpha Mundi Group’s Alpha Jiri Investment Fund, and Global Social Impact Investments provided the necessary funding.

Complete Farmer’s primary goal is to revolutionize farming practices in the region by focusing on building essential technical and physical infrastructure that can enhance the efficiency of the agricultural value chain. This includes facilitating access to global markets for Ghanaian farmers, introducing them to new crops, and promoting sustainable farming practices. The company’s technology platform and farming protocols enable farmers to access quality inputs, receive agronomical support, and connect with premium markets, leading to improved yields and income for these farmers. The infusion of capital is expected to help Complete Farmer consolidate its efforts in achieving these objectives.

Why the Investors Invested

The investors’ decision to contribute to Complete Farmer’s funding round can be attributed to several key factors. In the first place, the company has demonstrated remarkable progress in facilitating global trade access for Ghanaian farmers. By introducing them to new crops and sustainable farming practices, Complete Farmer has effectively increased the economic opportunities for these farmers. The investors likely recognized the potential for significant positive social and economic impact in the region through such initiatives.

Again, the technology platform and farming protocols developed by Complete Farmer have proven to be effective in improving yields and income for farmers. This data-driven approach ensures that farmers can produce commodities that meet global market specifications, making them more competitive in the global marketplace. The investors likely saw the value in supporting a company that contributes to the empowerment and economic upliftment of smallholder and commercial farmers.

Moreover, the investors may have been drawn to Complete Farmer’s holistic approach as an end-to-end agricultural marketplace. This platform connects African producers and global industries, providing access to competitive markets, valuable resources, data, and collaborative opportunities. The investors likely recognized the potential for Complete Farmer to play a pivotal role in transforming the agricultural landscape in Africa, addressing supply chain and infrastructure limitations, and ultimately driving economic growth in the region.

A Look at Complete Farmer

Complete Farmer was founded in 2017 with a mission to revolutionize farming practices in Africa. The company’s CEO, Desmond Koney, who originally graduated as a mechanical engineer, ventured into agriculture after inheriting his father’s farm. This move was prompted by the discovery of widespread challenges throughout the agricultural value chain, inspiring him to digitize and modernize farming practices.

Initially, Complete Farmer operated as a contractor, cultivating farms on behalf of clients. In 2018, it introduced a crowdfunding platform that allowed users to invest in sustainable farms and monitor agricultural activities. However, the onset of the pandemic disrupted crowdfunding operations, leading to scalability and payment issues. Consequently, Complete Farmer transitioned to an aggregator and marketplace model, leveraging its experience as a contractor and its relationships with thousands of farmers.

The platform has since grown rapidly, bringing together over 12,000 farmers across five key regions in Ghana and overseeing the cultivation of over 30,000 acres of land. It has successfully delivered commodities to global markets while reducing post-harvest losses. Complete Farmer’s revenue has surged from $2.8 million in 2021 to $5.3 million in 2022, with projections to reach $7.5 million in the current year.

As part of its growth strategy, Complete Farmer plans to introduce new product lines, including an embedded finance product to facilitate direct remittances and a vendor platform for farmers to purchase essential resources. The recent investment will be pivotal in scaling these products, forging strategic partnerships, expanding domestic operations, and financing infrastructure developments, such as additional fulfillment centers in Ghana and expansion into new markets like Togo.

Complete Farmer Ghana Complete Farmer Ghana Complete Farmer Ghana

South African Yuppiechef Co-Founders Explore New Venture After Successful Exit

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

Nigerian Auto-tech Startup Fixit45 Raises $1.9 Million in Pre-Seed Funding Round

September 19, 2023

Auto tech platform Fixit45 recently concluded a successful pre-seed funding round, securing $1.9 million in investments. The round was supported by several notable investors, including Launch Africa Ventures, Soumobroto Ganguly, and David DeLucia, along with several angel investors who believe in Fixit45’s mission.

Fixit45 aims to make advancements in the African automotive aftermarket sector through innovation and technology. The funds raised will primarily be used to improve access to quality repairs and spare parts while expanding into new markets.

Fixit45 recently entered into a partnership with Bolt, a global ride-hailing platform, to offer autocare, vehicle repair, and maintenance services to ride-hailing drivers. The collaboration aims to reduce disruptions in the mobility sector and help drivers optimize their income.

The partnership is rooted in the recognition of the mobility industry’s significance in driving economic growth and shared prosperity. Fixit45’s commitment to providing autocare and auto-repair services aligns with Bolt’s mission to redefine urban mobility and empower its partners.

Under this partnership, drivers on the Bolt platform will gain access to subscription-based plans that provide autocare, vehicle repair, and maintenance services from Fixit45’s service network across the country. Additionally, drivers will benefit from repair financing, spare parts discounts, unlimited diagnostics, periodic car wash services, and tire maintenance.

Justus Obaoye, CEO and Co-Founder of Fixit45, stressed the importance of mitigating disruptions in the mobility sector, stating that this partnership aims to minimize downtime for drivers, increase earnings, improve vehicle reliability, and ensure quick service turnaround times.

Established in 2021 by Justus Obaoye (CEO), Abdulazeez Ogunjobi (CTO), and Pankaj Bohhra (COO), Fixit45 is committed to innovating the African automotive aftermarket sector. The company’s mission is to improve access to high-quality repairs and spare parts while contributing to economic growth in the mobility industry.

How a common network security technology stack aligns IT & Cybersecurity

Charles Rapulu Udoh

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

South Africa’s Response24 Gains Momentum with Salt Capital’s Strategic Backing

Salt Capital, a prominent player in the investment arena, has recently made a significant move by acquiring a stake in Response24, an innovative B2B SaaS platform technology company operating in Africa. This strategic investment marks the first venture of Salt Equity I, an investment vehicle managed by Salt Capital. Response24 specializes in revolutionizing emergency, security, and service sectors across the African continent by focusing on monitoring and reducing response times.

The brainchild of Marlize Holtzhausen, a visionary African tech entrepreneur, Response24 quickly demonstrated its value proposition by collaborating with one of South Africa’s largest security firms. Building upon this success, the company expanded its technological footprint throughout Africa via a licensing agreement with a leading global security solutions provider.

Marlize’s remarkable achievements have not gone unnoticed, earning her global acclaim with prestigious awards such as the ‘Global Award for Entrepreneurship and Innovation’ at Google Fest in 2014 and the ‘Tech Entrepreneur of the Year’ title at the Africa Woman Innovation and Entrepreneurship Forum (AWIEF) awards in 2020. Response24 has also been recognized by the South African ‘Department for Economic Development, Tourism, and Environmental Affairs’ and the ‘International Labor Organization,’ securing the top spot in the ICT category with the support of esteemed partners like Microsoft.

Salt Capital’s investment injection will serve the dual purpose of accelerating Response24’s B2B platform rollout across 41 African nations and fostering groundbreaking innovation within the company. The disruptive and highly scalable nature of Response24’s offering also opens doors for expansion beyond the African continent, with the potential for launching additional modules on their embedded platform.

Jannie Grobbelaar, a Partner at Salt Capital, expressed enthusiasm for the partnership, highlighting Marlize’s entrepreneurial spirit and the potential for global success. He stated, “We are hugely excited to be working with Marlize, a truly remarkable and inspirational entrepreneur, and her passionate and talented team. The disruptive nature of Response24’s technology means the business will need to be ready for the global stage in the short to medium term. Salt Capital intends working closely with the business to ensure growth remains sustainable with a focus on value creation.”

Salt Capital’s investment in Response24 aligns with their gender-smart investment strategy. Jannie emphasized their commitment to supporting female entrepreneurs in Africa and offering guidance and support, even when opportunities fall outside their typical investment scope.

Marlize expressed her excitement about partnering with Salt Capital and the shared commitment to making a meaningful impact. She stated, “We are very excited to be partnering with Salt Capital at this crucial point in our business. We believe our values in making a meaningful impact are aligned, and my team and I look forward to accelerating the growth of the business with their support and invaluable guidance. Response24 will continue investing in innovation to ensure our direct and indirect customers remain confident in our offerings as we strive to evolve into a lifestyle and service-driven AI technology business to support and enhance the everyday lives of our end users.”

Salt Capital, established in 2012, is a private equity investment firm primarily focusing on growth capital investments in the Southern African Development Community (SADC) region. Their latest fund, Salt Equity I, is dedicated to investing in SMEs, with a particular emphasis on consumer-facing sectors.

For nearly a decade, Salt Capital has been actively investing in African SMEs through investment consortiums. The launch of their new Salt Equity I Fund marks a strategic shift in their investment approach, with the aim of raising $100 million by December 2023 during the final closing of the fund. These resources will be deployed to strengthen their commitments to businesses in the sub-region, signaling Salt Capital’s unwavering dedication to fostering growth and innovation in the African business landscape.

Response24

Lupiya Raises $8.25M Series A Round to Catalyze Financial Inclusion in Zambia

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

Lupiya Raises $8.25M Series A Round to Catalyze Financial Inclusion in Zambia

September 18, 2023

In 2016, Lupiya embarked on a mission to bridge the financial inclusion gap in Zambia by offering user-friendly, tech-driven financial solutions to the unbanked and underbanked populations. Their recent success story is the US$8.25 million Series A funding round, led by Alitheia IDF Fund, with significant contributions from INOKS Capital SA and the German Investment Bank KfW DEG. This substantial investment will fuel Lupiya’s growth by bolstering its technological infrastructure, expanding its array of financial products, and broadening its outreach to more customers.

The investors behind this venture were not merely seeking financial returns; they were driven by the vision of transforming financial access in Zambia. Evelyn Chilomo Kaingu, co-founder and CEO of Lupiya, expressed her excitement, stating, “This Series A investment marks a significant milestone in our journey to continue serving our customers and the opportunity to further provide holistic financial solutions.” With the support of Alitheia IDF, INOKS Capital, Mastercard, and KfW DEG, Lupiya aspires to extend its reach not only within Zambia but also across Southern and East Africa.

Polo Leteka, founder of South Africa-based IDF Capital and co-managing partner of Alitheia IDF Fund, believes that this funding will empower Lupiya to make financial services accessible to a broader Zambian audience.

Lupiya’s dedication to financial inclusion recently caught the attention of US Vice President Kamala Harris during her visit to Zambia. The startup has been instrumental in providing loans to smallholder farmers, enabling them to invest in climate-resilient farming techniques and technologies. Vice President Harris commended Lupiya for its role in empowering smallholder farmers in Zambia, leading to increased crop yields, improved soil health, and reduced greenhouse gas emissions, all while supporting sustainable livelihoods in rural communities.

At its core, Lupiya is a digital microfinance platform founded by Evelyn Chilomo Kaingu, an economics graduate of Cavendish University, Zambia. Leveraging technology, Lupiya simplifies the borrowing process for individuals and small businesses across Zambia, with a particular focus on women micro-entrepreneurs. This online platform offers micro-loans and financial advice tailored to the diverse needs of its customer base.

Beyond its funding success, Lupiya’s impact extends to its partnership with Mastercard, aimed at enhancing financial efficiency in rural African communities. Moreover, the company has received crucial backing from US-based Venture Capital Firm, Enygma Ventures, with an initial investment of over $2 million in a seed round.

Despite facing challenges like Zambia’s limited financial ecosystem and low internet penetration rate, Lupiya has thrived by forging strategic partnerships, targeting specific customer segments, and actively onboarding customers online.

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We Started With Just $500: Interview With Evelyn Kaingu, CEO & Founder, Lupiya

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

Africa-focused Sustainability Startup Elucid Secures Funding Round

Elucid, a Berlin-based sustainability tech firm, has successfully concluded its latest funding round. A group of impact-focused investors has lent their support to Elucid’s mission of revolutionizing global supply chains and enhancing the livelihoods of smallholder farmers in Africa. This investment round aimed to secure funds for Elucid’s innovative solution, which bridges the gap between ethical sourcing and the well-being of farmers.

The investment amount for Elucid’s latest funding round included contributions from a diverse group of investors. Notable participants included the Impact Funds of IBB Ventures, elea Foundation for Ethics in Globalization, Katapult Africa Seed Fund, Atreyu Investments, Aude Ventures GmbH, Imaginal Seeds, FINCA Ventures, and Satrana Ventures. This collective commitment underscores the significant importance of Elucid’s mission in the realm of sustainable supply chains.

Elucid’s primary objective with this investment is to further its mission of improving supply chain transparency and enhancing farmer well-being. The company’s founders, Dr. Julius Emmrich and Dr. Samuel Knauss, both German neurologists, global health researchers, and digital health experts, have developed a data-driven solution to tackle critical challenges in supply chain transparency and farmer welfare.

Why the Investors Invested

Investors were drawn to Elucid’s mission and solution for several compelling reasons. Firstly, Elucid’s platform offers a dual impact by providing companies with reliable data for impact and sustainability reporting while simultaneously delivering healthcare coverage to farmers within global supply chains. As regulatory requirements for human rights risk assessment and reporting increase nationally and internationally, Elucid’s platform becomes a valuable tool for companies to collect essential health, social, and economic data for regulatory compliance. This dual benefit of regulatory compliance and positive social impact resonated strongly with the investors.

Furthermore, Elucid’s early success is a testament to the practicality and viability of its solution. Since its establishment in February 2022, the company has already extended healthcare coverage to farming communities in Ghana, Madagascar, Ecuador, and Venezuela. Elucid’s ambitious goal is to expand its reach to over 500,000 farmers and their family members by 2025. The company has also secured multi-year contracts with prominent manufacturers in the cocoa and fresh fruit industries, showcasing its commercial viability.

A Look at Elucid

Elucid was founded in February 2022 by Dr. Julius Emmrich and Dr. Samuel Knauss, both esteemed German neurologists, global health researchers, and digital health experts. The company is headquartered in Berlin and operates with a mission to bridge the gap between ethical sourcing and improved farmer health and livelihoods. Elucid achieves this by offering an innovative data-driven solution that addresses challenges in supply chain transparency and farmer well-being.

Elucid primarily focuses on serving farming communities in Ghana, Madagascar, Ecuador, and Venezuela. With rapid growth in mind, the company aspires to extend its reach to even more farmers and their families, with a goal of positively impacting over 500,000 lives by 2025. Elucid’s success has been underscored by securing multi-year contracts with significant players in the cocoa and fresh fruit industries.

Elucid’s recent funding round signifies strong investor support for its innovative approach to sustainability, supply chain transparency, and farmer well-being. The company’s founders, Dr. Julius Emmrich and Dr. Samuel Knauss, have harnessed their expertise to develop a practical and impactful solution. With a diverse group of impact-focused investors on board, Elucid is poised to continue making a significant difference in the lives of smallholder farmers while reshaping global supply chains.

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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 continent’s pioneers in this regard