Startup Funding - Afrikan Heroes

Silicon Badia Leads $3M Investment Round in Egyptian AI-powered Logistics Startup Roboost

January 29, 2024

In a significant move towards reshaping the landscape of delivery management in the Middle East and North Africa (MENA) region, Roboost, the pioneering AI-powered logistics startup, has successfully concluded a $3 million investment round. The round was led by Silicon Badia, with noteworthy participation from RZM Investment, Flat6Labs, and Saudi Angel Investors. The influx of funds is set to propel Roboost into its next phase of regional expansion.

Roboost has gained prominence through its delivery management Software as a Service (SaaS) solution and AI operations copilot, which has streamlined home delivery operations for major brands spanning various industries. Notable clients include McDonald’s in Egypt and Kuwait, Buffalo Burger, El Ezaby Pharmacies, and Jumlaty across regional markets such as Egypt, Saudi Arabia, Kuwait, Morocco, and Tunisia.

The startup’s success lies in its utilization of proprietary machine learning, establishing industry-defining best practices. Roboost has introduced innovations such as pre-delivery technology, precision auto-dispatching, and “smart routes” tailored for riders. This technology is particularly beneficial for the 70% of orders made offline, relying on text addresses.

Roboost’s impact extends beyond route optimization, with real-time dynamic fleet payroll, customer insights through heat-maps and analytics, and advanced fraud detection, ensuring a comprehensive approach to delivery operations.

Currently empowering over 15,000 delivery drivers and serving nearly 10 million unique customers, Roboost has automated more than 40 million orders. The startup’s achievements include doubling delivery speed by eliminating inefficiencies, achieving 99.8% task automation, reducing order returns by over 80%, and cutting operational costs by 30%. Through enhanced fleet control, average driver productivity has increased by 40%, with fraud levels below 5%.

With a remarkable 400% year-over-year revenue growth, Roboost aims to extend its success across the entire MENA region’s delivery market. The startup plans to utilize the investment to broaden its scope, not only in delivery operations but also by expanding its e-commerce and middle-mile offerings through tailored automated solutions.

Hossam Shafick, an investor at Silicon Badia, expressed enthusiasm for backing a game-changing solution in the delivery management space. He highlighted Roboost’s unique value proposition, providing benefits to all stakeholders, including brand/store managers, delivery agents, and end-customers.

Mohamed Gessraha, CEO and Co-Founder of Roboost, shared his vision for the future, stating, “Our goal is to redefine what it means to have automated delivery operations by applying our technology to our customers’ most detailed workflows.” The CEO expressed gratitude for the investment, emphasizing its role in propelling Roboost’s growth and solidifying its position as a copilot for enterprises’ delivery operations.

Roboost AI Logistics Roboost AI Logistics

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 OfferZen Secures $4.3M Funding, Unveils Business Model Changes and Leadership Shift

South African developer hiring marketplace, OfferZen, has successfully concluded a EUR4 million (US$4.3 million) funding round from top-tier investors, marking a significant milestone in its journey. This comes alongside a strategic reformatting of its business model and key personnel changes.

Founded in 2015 and officially launched in 2016, OfferZen has emerged as a prominent player in the tech hiring sector, facilitating connections between curated, actively job-seeking developers and over 2,000 companies in South Africa and beyond. The startup’s primary goal is to assist companies in maximizing their potential by streamlining the hiring process.

OfferZen previously raised US$5.1 million in a funding round in 2021 and has now secured an additional US$4.3 million from notable investors, Invenfin and AI Capital.

Philip Joubert, Co-founder of OfferZen, expressed his excitement about the recent funding, stating, “Securing this funding from investors who share our long-term vision is a testament to our team’s hard work. We couldn’t be more excited to partner with investors that bring so much experience. Their support and capital investment will help us make a lot of product improvements over the coming months.”

The company has not only celebrated a financial victory but has also made significant adjustments to its business model in response to the challenges faced by its customers in 2023. In addition to the traditional per-hire charge, OfferZen has introduced a fixed-fee unlimited hiring subscription. This shift aims to alleviate the financial burden on tech companies and foster a more sustainable and predictable model.

OfferZen Co-founder Philip Joubert reflected on this change, stating, “It’s always scary making a big change to your business, but fortunately Unlimited worked. It’s easy to budget for, competitively priced, and we hoped it would relieve some of the pressure our customers were feeling. A significant number of our customers have moved to the subscription model over the last year.”

In a noteworthy development, after three years as CEO, Philip Joubert is passing the baton to Matt Beck, the former VP of marketing. Joubert expressed confidence in Beck’s abilities, saying, “Matt has been instrumental in levelling up our business for scale, loves our brand, and has been a great champion of our values. I’m glad to be able to call him my new boss.”

Matt Beck, the incoming CEO, shared his enthusiasm for the upcoming year, stating, “I’m really excited about this year. Our customers can expect the most significant updates to the platform yet in the coming months as we’re introducing completely new ways for candidates and companies to connect using AI.”

As OfferZen continues to evolve and adapt to the dynamic tech hiring landscape, the infusion of funds, business model changes, and leadership transition position the company for further growth and innovation in the months ahead.

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

Rwanda-based Health-tech Viebeg Medical Poised for Growth with New Funding

January 28, 2024

In a significant development for the healthtech sector in East and Central Africa, Viebeg Medical, a leading medical supplies and equipment provider, has announced a substantial investment from J&J Impact Ventures and Sanofi Global Health Unit Impact Fund.

Viebeg Medical, founded in 2018 by CEO Tobias Reiter and Chief Commercial Officer Alex Musyoka, has successfully secured funding from prominent venture capital firms in the past, including Beyond Capital Ventures, Global Ventures, Angaza Capital, Founders Factory Africa, Norrsken, and others, amounting to over $2.5 million.

The latest investment from J&J Impact Ventures, an impact fund under the Johnson & Johnson Foundation, and Sanofi Global Health Unit Impact Fund is expected to propel Viebeg Medical to new heights in its mission to enhance healthcare accessibility in the region.

Serving over 1,000 hospitals, clinics, pharmacies, and healthcare providers in Rwanda, Kenya, and the Democratic Republic of the Congo, Viebeg stands out for its innovative data-driven procurement solution called VieProcure. This platform facilitates the efficient distribution of medical supplies, equipment, and pharmaceuticals, addressing critical supply chain challenges in the healthcare sector.

CEO Tobias Reiter expressed excitement about the company’s future endeavors, stating, “Through the past three years of operations at Viebeg, our team has identified large inefficiencies when it comes to the procurement decisions of healthcare providers across the East and Central African region.”

He further explained the company’s vision, saying, “Our HDSM model identifies the current healthcare demand, compares it to the supply of health services in the region, calculates the profitability of each unit of medical equipment, and then supports healthcare providers in making optimal procurement decisions, translating to better quality and more affordable patient outcomes.”

The investment comes at a pivotal time for Viebeg as it focuses on building a world-class health demand simulation model (HDSM), beginning in Rwanda where the company has the longest operational history.

Jon Fairest, Head of the Global Health Unit at Sanofi, expressed the organization’s enthusiasm for partnering with Viebeg, stating, “We are excited to play a role in Viebeg’s scale-up journey as an investor and partner through our impact fund. Viebeg has demonstrated the value of its model in disrupting supply chain challenges to improve accessibility and affordability of quality and essential medical equipment in resource-constrained health systems.”

He added, “Our global health unit is dedicated to improving access to sustainable healthcare for vulnerable populations with the highest unmet medical needs.”

As Viebeg Medical continues to expand its footprint and make strides in disrupting traditional healthcare supply chains, this investment is poised to make a significant impact on healthcare accessibility and affordability in the East and Central African region. Investors and industry experts will be closely watching as Viebeg enters its next phase of growth and innovation.

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.

CEI Africa Invests €1M in InspiraFarms Cooling to Boost Sustainable Cold Storage Solutions in Africa

January 26, 2024

The Foundation for Clean Energy and Energy Inclusion for Africa (CEI Africa) has announced a significant investment of up to EUR 1 million in InspiraFarms Cooling, reinforcing its commitment to advancing sustainable cold storage solutions across the African continent. The investment, facilitated through a convertible note, is in collaboration with existing investors KawiSafi and Factor[e].

This development follows InspiraFarms Cooling’s successful Series-B round in 2020 and a strategic investment agreement with InfraCo Africa in 2023 to pioneer its innovative ‘Cooling-as-a-Service’ model.

InspiraFarms Cooling specializes in designing, developing, and installing efficient precooling and cold chain technology tailored for fresh produce, flowers, and animal protein supply chains in Africa and other emerging markets. The aim is to address the critical challenge of limited cold storage accessibility, with only 5% of African fresh produce entering the cold chain compared to Europe’s 94%.

The company’s cooling solutions play a pivotal role in reducing energy costs, minimizing food losses, extending shelf life, and ensuring compliance with stringent global export standards. InspiraFarms Cooling offers both tailor-made and standardized solutions adaptable to various energy sources, including 100% off-grid options.

The scarcity of cold storage infrastructure in Africa contributes to the alarming loss of 30–50% of fresh produce, making food loss the second-largest emitter of greenhouse gases on the continent. InspiraFarms Cooling’s sustainable approach not only addresses these environmental concerns but also generates high-quality rural jobs through the deployment of cold storage solutions.

Julian Mitchell, CEO of InspiraFarms, expressed his delight at welcoming CEI Africa as an investor, emphasizing the shared commitment to sustainable impact within the fresh produce industry. He stated, “Access to quality cooling is fundamental for clients to reduce post-harvest losses, and sell more, at better prices, with lower costs, bringing both economic and climate benefits.”

CEI Africa’s investment is not just a financial commitment but a strategic move to support InspiraFarms Cooling’s off-grid energy cold storage projects across the continent. Moreover, it is linked to catalyzing additional capital through crowdfunding for energy-efficient cold chain infrastructure.

Steven Evers, Member of the Executive Board of CEI Africa, highlighted the broader impact of the investment. “Our investment in InspiraFarms Cooling will not only support the growth of the off-grid energy cold-storage sector in sub-Saharan Africa but will also catalyze private retail investment into the sector through crowdfunding,” he stated.

InspiraFarms Cooling has already deployed hundreds of units across 15 countries, offering agribusinesses, exporters, third-party logistics, and food distributors the necessary cooling solutions for their perishable products. The company’s ongoing mission is to make cooling solutions more accessible, efficient, and sustainable for businesses of all sizes.

CEI Africa, established by the German development finance institution KfW, manages funds on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). The Foundation focuses on improving access to energy for rural and peri-urban households and enterprises in sub-Saharan Africa. This investment aligns with CEI Africa’s mission to support off-grid energy companies and mini-grid project developers.

As the partnership between CEI Africa and InspiraFarms Cooling unfolds, it promises not only to enhance cold storage capabilities but also to contribute significantly to reducing food losses and advancing sustainable practices in the agribusiness sector across Africa.

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.

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

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

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

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

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

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

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

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

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

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

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

January 25, 2024

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

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

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

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

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

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

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

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

Sawa Energy Rwanda Sawa Energy Rwanda

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

January 24, 2024

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

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

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

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

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

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

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

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

Morocco’s Wanaut Secures Funding to Boost the Leisure Sector

Morocco’s Wanaut Secures Funding to Boost the Leisure Sector

January 23, 2024

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

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

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

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

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

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