Startup Funding - Afrikan Heroes

Egyptian Edtech Edura Poised for Growth After Pre-Seed Funding Round

January 23, 2024

Egypt-based Edtech, Edura, has successfully concluded an undisclosed pre-seed funding round, spearheaded by Smart Zone Startups Studio and supported by angel investors. The funding will propel Edura’s mission to revolutionize education by connecting teachers and students through interactive lessons, offering a blend of traditional and modern learning methods.

Founded in 2021 by visionary entrepreneur Osama Abdelwahed, Edura has quickly gained traction as a pioneering educational platform. It facilitates a dynamic exchange between educators and learners through live or recorded interactive lessons, coupled with innovative features such as online assessments and recorded student evaluations.

Edura’s commitment to safeguarding the intellectual property of educators while delivering a superior learning experience has set it apart in the competitive Edtech landscape. The platform caters to a diverse range of educational levels, serving over 190,000 students and hosting more than 10,000 events, exams, and activities.

Eng. Osama Abdelwahed, Co-founder and CEO of Edura, emphasized the platform’s role in addressing the challenges posed by the COVID-19 pandemic. “The education sector underwent a transformative shift in 2020, and Edura emerged to bridge the gap between traditional and modern teaching methods. We provide an interactive environment that fosters connections between students and teachers, ensuring a professional and high-quality educational experience. Our goal is to equip teachers with the necessary tools to replicate real-world lectures within virtual classrooms.”

The undisclosed pre-seed funding round signifies a pivotal moment in Edura’s journey. The capital injection will be instrumental in expanding the platform’s capabilities, strengthening its operational infrastructure, and fostering research and innovation in educational technology.

Edura has already made substantial strides, delivering over 7,000 educational lectures in 2023 with the collaboration of more than 2,400 registered teachers on its platform. The funding will empower the company to reach even greater heights, investing in the enhancement of its customer base and forging strategic partnerships.

As Edura sets its sights on the future, the company aims to solidify its position as a leading force in the Edtech space, creating a lasting impact on the educational landscape in Egypt 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.

Kenya’s Shamba Pride Secures $3.7M Funding to Revolutionize Agri-Distribution in Kenya

January 22, 2024

Shamba Pride recently secured a $3.7 million debt-equity pre-series A funding to bolster its efforts in enhancing last-mile distribution for farm inputs in Kenya. The investment was facilitated by the EU agriculture financing initiative EDFI AgriFI and Seedstars Africa Ventures (SAV), comprising $1.7 million in equity. Notably, this funding follows a prior capital infusion of $1.1 million in 2021 from SAV and Gray Matters Capital.

The agtech, founded in 2016, has amassed a network of 2,700 merchants, known as digishops, spread across 24 counties in Kenya, covering over half of the country. The primary goal of this funding is to further expand Shamba Pride’s presence in Kenya, including an expansion of its franchise network. Additionally, the company aims to address farm input supply chain challenges, such as sourcing, unpredictable prices, quality issues, and stockouts, by venturing into neighboring markets like Tanzania, Uganda, and Zambia.

Shamba Pride’s innovative approach involves digitizing agro-dealers, empowering them with tools for business management and inventory ordering. This, in turn, ensures a consistent supply of crucial agricultural inputs, such as fertilizers and seeds, to millions of small-scale farmers in rural areas. The agtech’s focus on empowering agro-dealers aligns with its mission to provide visibility, professional development, and adequate support to these key players in the agricultural distribution chain. Moreover, Shamba Pride plays a pivotal role in the agriculture sector, contributing to 33% of Kenya’s GDP and employing over 40% of the population, particularly in rural areas.

Why the Investors Invested

The decision of EDFI AgriFI and SAV to invest $3.7 million in Shamba Pride stems from the agtech’s impactful initiatives and potential for addressing critical challenges in the agricultural sector. The fact that SAV is a sector-agnostic fund, specifically focused on startups addressing basic needs and enhancing goods and services, underscores the strategic alignment with Shamba Pride’s mission.

Shamba Pride’s success is rooted in its ability to empower agro-dealers through digital tools, contributing to the professional and commercial development of these vital stakeholders. The agtech’s model not only facilitates day-to-day farming activities but also creates additional revenues for farmers and agrovets, significantly contributing to successful women entrepreneurship in the sector. The investors recognize the scalability of Shamba Pride’s model and its potential to bring positive changes to the agriculture value chain, addressing issues related to accessibility, quality, and financial services for farmers.

A Look at Shamba Pride:

Founded in 2016, Shamba Pride focuses on enhancing last-mile distribution for farm inputs, combating price exploitation, and addressing quality issues for farmers in Kenya. The agtech has built a robust network of 2,700 merchants across 24 counties, covering over half of Kenya. Shamba Pride’s primary markets include small-scale farmers in the agriculture sector, constituting 33% of the country’s GDP and employing over 40% of the population, particularly in rural settings.

The startup plays a pivotal role in digitizing agro-dealers, providing them with tools for business management and inventory ordering. This ensures the availability of vital supplies like fertilizers and seeds to millions of small-scale farmers in rural areas. Shamba Pride’s commitment extends to offering market linkages, Buy Now Pay Later (BNPL) financial services, and training information through its USSD platform. Additionally, the company sources inventory from partners like the French multinational Elephant Verve, focusing on “climate-smart” farm inputs to build resilience for small-holder farmers. The successful integration of these strategies positions Shamba Pride as a key player in revolutionizing agricultural distribution and supporting the economic growth of the sector.

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 Mira Cosmetics Raises Funding, Aims for 100,000 Clients and Global Expansion

Cairo-based D2C beauty and wellness startup, Mira Cosmetics, is set to make waves in the industry as it secures a $200,000 investment from Wingoo Investment and Technology. The funding comes on the heels of Mira’s successful production of its inaugural local beauty product, scheduled for launch later this year.

Mira, founded by the visionary entrepreneur Amira Dawood, has rapidly gained recognition for its diverse range of high-quality cosmetic and skincare products. The startup has been making strides in reshaping the beauty industry landscape by addressing the demand for affordable, locally-produced alternatives.

Local Roots, Global Ambitions

Amira Dawood, CEO and Founder of Mira Cosmetics and Skincare, identified a gap in the market for accessible and affordable beauty and wellness products in Egypt. Fueled by the increasing demand for imported cosmetics, often accompanied by hefty price tags in foreign currency, Dawood set out to revolutionize the industry.

In a recent press release, Dawood emphasized the importance of offering high-quality Egyptian products at competitive prices. Her vision is not only to cater to local needs but also to combat the challenges posed by the US dollar shortage affecting e-commerce platforms.

Strategic Investment for Growth

Despite securing a substantial $200,000 investment from Wingoo Investment and Technology, Dawood’s primary focus remains on building a robust Egyptian brand and fostering a loyal customer base. She aims to achieve this by the end of the year before considering further investments to support business expansion.

Anticipating a surge in demand, particularly among the younger demographic, Dawood projects Mira’s customer base to reach 100,000 clients by the close of 2024. The company’s commitment to delivering exceptional quality and customer service sets it apart in a highly competitive market.

Local Innovation, Global Competition

Acknowledging the fierce competition with international products, Dawood highlighted the unique selling points of Mira’s offerings — exceptional quality, affordability, and the pride of being made in Egypt. The company’s current focus is on tailoring products to the domestic market, with plans to establish retail outlets in addition to their online platform.

Amira Dawood underlined the company’s dedication to understanding the needs of their target audience and delivering products that meet those needs with top-notch materials and competitive pricing. The emphasis is not only on attracting online customers but also on creating a physical presence for potential buyers to experience their products firsthand.

Confidence in Egyptian Products

Ahmed Al-Shehabi, CEO of Wingoo for Investments and Technology, expressed confidence in the potential of Egyptian products to compete globally. This confidence prompted the investment in Mira Cosmetics and Skincare. Al-Shehabi highlighted Mira’s strategic plans for expansion and growth, envisioning the company’s presence beyond Egypt, targeting the UAE and Saudi Arabia in the next three years.

As Mira continues to make waves in the beauty and wellness sector, the funding injection from Wingoo Investment and Technology marks a significant step towards achieving its ambitious goals and reshaping the narrative of Egyptian beauty products on the global stage.

Mira Cosmetics

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.

Watu Credit Secures US$15Mn Funding for Financial Inclusion Endeavor in Uganda

January 21, 2024

In a significant development, Watu Credit in Uganda has successfully raised an initial 5-year term facility of US$15 million from Gateway Partners through their Africa Credit Opportunities Fund. This funding, the first tranche of a larger initiative to raise US$50 million, is aimed at supporting Watu Credit’s mission to enhance financial inclusion in the region.

Headquartered in Nairobi, Watu Credit is an Asset FinTech company operating in seven African countries. Established in 2019, the company specializes in providing loans for mobility and connectivity assets, such as smartphones, two & three-wheelers, electric motorbikes, and cars. Watu Credit has been at the forefront of revolutionizing financial inclusion for the unbanked and financially underprivileged.

Watu Credit’s unique business model focuses on offering affordable financing options to riders, providing them with an opportunity to achieve financial security and ownership of essential assets like motorcycles. These vehicles often serve as the main source of income for many riders.

Gateway Partners, an emerging markets manager, has played a crucial role in this funding initiative. Their investment through the Africa Credit Opportunities Fund aligns with the strategic goal of using capital to empower “base-of-the-pyramid” clients while incorporating basic credit risk mitigation measures.

The subordinated debt investment made by the fund will contribute to Watu Credit’s balance sheet growth and facilitate the “crowding-in” of additional senior debt financing. Watu Credit’s business strategy, rooted in financial inclusion, resonated with Gateway Partners’ mission to positively impact emerging markets.

Watu Credit’s business model is designed to serve the unbanked and financially underprivileged population, providing them with essential financial services and opportunities. Specializing in financing two-wheelers, the company leverages technology extensively in its operations, utilizing automated procedures, GPS monitoring devices for motorbikes, and exclusive use of digital payments through mobile money wallets.

The infusion of funds from Gateway Partners will not only strengthen Watu Credit’s position but also contribute significantly to advancing financial inclusion in Uganda. As the company continues to grow and diversify its mobility portfolio, it aims to make a lasting impact on the lives of the underserved and unbanked population, offering them a pathway to financial security and empowerment.

This funding milestone is a testament to the collaborative efforts of Watu Credit and Gateway Partners in driving positive change and fostering financial inclusion in the African continent.

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

Egypt’s Zeal Raises $4 Million to Revolutionize Global Smart Payments Market

January 19, 2024

Cairo-based technology company Zeal has secured $4 million in a successful funding round led by Raed Ventures and Cur8 Capital, along with a consortium of strategic angel investors. The funds raised are earmarked for expanding Zeal’s groundbreaking technology solutions into the Europe, Middle East, and Africa (EMEA) regions, following the company’s recent triumph in the UK market.

At the core of Zeal’s product offering is the SmartPOS Plugin, a revolutionary technology reshaping the landscape of in-store payments and customer interactions in the smart payment solutions sector. This innovative solution empowers credit card readers to identify, classify, and re-target in-store customers, fundamentally transforming how retailers engage with their clientele and drive increased conversion rates.

Founder and CEO of Zeal, Omar Obaid, expressed his enthusiasm about the funding and the company’s vision. “This investment will accelerate our journey towards utilizing artificial intelligence to transform customer interactions in retail globally,” Obaid stated. “We are committed to expanding our impact, with a focus on connecting billions of customers to millions of retailers.”

The SmartPOS Plugin is positioned as a game-changer, offering retailers the ability to interact with customers in a more personalized and efficient manner. The technology not only enhances the overall shopping experience but also provides retailers with valuable insights into customer behavior, enabling them to tailor their offerings and marketing strategies.

Wael Nafea of Raed Ventures shared his excitement about supporting Zeal’s mission. “We are very excited to support Omar and the Zeal team, which is based in Egypt and the Middle East. They are working to build a unique global product for the smart payments market, a market thirsty for innovators who provide value-added services.”

Nafea emphasized the belief that Zeal’s product is a key innovative solution for payment service providers and point-of-sale (POS) device manufacturers globally. As the smart payments market continues to evolve, the demand for cutting-edge solutions like Zeal’s SmartPOS Plugin is expected to rise, positioning the company as a key player in the industry.

Zeal’s successful funding round signifies not only a vote of confidence from investors but also a significant step forward in the company’s mission to transform the retail landscape globally. As Zeal expands its footprint into the EMEA regions, the technology is poised to redefine how businesses and customers interact, setting the stage for a new era in smart payments and customer engagement.

Zeal Smart Payments Zeal Smart Payments

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 Development Bank Invests $10.5 Million in Seedstars Africa Ventures to Boost Innovation and Economic Growth

January 18, 2024

The African Development Bank (AfDB) has taken a significant step in supporting the growth of innovative African businesses by agreeing to invest USD 10.50 million in Seedstars Africa Ventures S.L.P. (SAV), a venture capital fund targeting high-potential companies across Sub-Saharan Africa.

In a decision reached by the AfDB’s Board of Directors on Wednesday, the bank will contribute USD 7 million from its ordinary resources and an additional USD 3.5 million from the European Union Boost Africa programme. This strategic equity investment is aimed at enabling Seedstars Africa Ventures to expand its footprint, raise funds, and attract further investments for innovative startups with substantial growth potential.

Seedstars Africa Ventures is an early-stage venture capital fund with a focus on high-growth companies operating in Sub-Saharan Africa. The fund, with a capital of USD 75 million, specifically targets the startup and launch phases of businesses addressing key market constraints, particularly in French-speaking countries such as Senegal, Côte d’Ivoire, Benin, and Cameroon, as well as in Ghana, Uganda, and Tanzania.

The fund’s investment strategy aligns with its emphasis on financial inclusion and technology adoption in various sectors, including fintech, insurtech, retail sales, logistics platforms, health technologies, pre-paid off-grid energy, and technology adoption in the food-processing industry and value chains.

Seedstars Africa Ventures plans to make initial investments around the EUR 250,000 mark, followed by additional capital injections of €5 million to support the growth of the selected businesses. The fund estimates that this initiative will contribute to the creation of 9,000 full-time jobs, with 50% of them designated for women, thereby having a significant economic impact.

This move is in line with the objectives of the Boost Africa program, which seeks to invest in innovative startups with robust growth potential and positive social impact. Additionally, it supports the African Development Bank’s High 5 priorities by fostering entrepreneurship, encouraging investments, and promoting economic growth with a focus on critical sectors such as agriculture, health, industrialization, and off-grid energy.

By strengthening regional integration and improving the lives of people in Africa, these investments are poised to play a crucial role in achieving sustainable development goals, further solidifying the African Development Bank’s commitment to reducing poverty through entrepreneurship and investment in key 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.

Ezdehar Invests $10 Million in Egyptian Healthtech Yodawy to Boost Digital Healthcare

January 17, 2024

In a significant move into the healthtech sector, Egypt-based investment fund management company Ezdehar has acquired a minority stake in Yodawy, a pioneering medical technology company, for a substantial $10 million. The investment represents a strategic initiative by Ezdehar to venture into the healthtech domain, aligning with its commitment to support startups through its Mid-Cap Fund II.

Yodawy, founded in 2018 by Karim Khashaba, Yasser Abdel Gawad, and Sherief El-Feky, has made a mark in the industry with its innovative healthcare platform. The company offers a comprehensive marketplace where patients can seamlessly process prescriptions and place online orders for medicines. Additionally, Yodawy plays a crucial role in connecting patients with medical labs and insurance companies, thereby streamlining the healthcare experience.

This investment, facilitated by Ezdehar’s Ezdehar 2 mid-cap fund, is anticipated to be a game-changer for Yodawy. The funds will be instrumental in supporting the company’s ambitious growth plans, including expanding its customer base and enhancing its technology-enabled prescription fulfillment capabilities. The overarching goal is to create more value in the healthcare services market and solidify Yodawy’s position as a key player in the digital health landscape in Egypt.

CEO of Yodawy, Karim Khashaba, expressed his enthusiasm for the collaboration, stating that the company aims to address the main challenges in the healthcare sector and fortify its standing in the digital health field in Egypt. Khashaba highlighted Yodawy’s collaborations with insurance companies and healthcare service providers, emphasizing the commitment to improving patient access and experience.

Yodawy currently serves approximately 35 health insurance and healthcare service companies, with contracts spanning over 800 companies, 20 hospitals, and 30 clinics in the market. The company has forged partnerships with 3,000 pharmacies, providing services for both chronic and non-chronic conditions across Egypt. Since its establishment, Yodawy has successfully delivered more than 6 million prescriptions, showcasing its significant impact on the healthcare landscape.

Amir El-Sharqy, General Manager of Ezdehar, commended Yodawy for identifying and seizing an untapped opportunity in the prescription and delivery sector. He acknowledged the effectiveness of Yodawy’s model in serving both patients and healthcare providers in the market.

Ezdehar’s investors include esteemed international institutions such as the European Bank for Reconstruction and Development, the European Investment Bank, the BAE Group, the Netherlands Development Bank, the International Finance Corporation, the Egyptian-American Enterprise Fund, and the Belgian Investment Company for Developing Countries. Additionally, a group of Egyptian investors from banks and other investment entities contribute to Ezdehar’s robust investment portfolio.

The collaboration between Ezdehar and Yodawy is poised to make significant strides in the digital healthcare space, reflecting the continued evolution of the Egyptian healthtech landscape.

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.

Canza Finance Secures $2.3M to Propel Cross-Border Payments for African Startups

January 16, 2024

Canza Finance, a neobank operating within the Web3 framework to facilitate cross-border payments for African startups, has successfully concluded a strategic funding round, securing $2.3 million. The newly acquired funds will be utilized by the company to obtain licenses from various financial regulatory bodies across the African continent, laying the groundwork for its revolutionary FX DeFi platform named Baki. This latest financing brings Canza’s total raised capital to $5.5 million, following a previous seed round that closed at $3.27 million last year. The primary contributors to the current round include Polychain Capital, Protocol Labs, Avalanche’s Blizzard Fund, 99 Capital, Stratified Capital, Hyperithm, among others.

In the context of African markets such as Nigeria, Cameroon, and Senegal, businesses requiring cross-border payment solutions often encounter challenges associated with slow and expensive traditional methods for international transactions. These obstacles impede their ability to secure favorable terms for international payments, engage in stock trading, or earn interest on their funds.

Pascal Ntsama, Co-founder and CEO of Canza, articulates the company’s mission to simplify access to financial services traditionally reserved for larger corporations. Canza collaborates with FX agents in these regions to offer a more efficient and cost-effective channel for sending and receiving money. The transaction process involves businesses submitting a valid invoice and completing the Know Your Customer (KYC) and Know Your Business (KYB) processes. Canza determines the exchange rate for the transaction, aiming to complete it within a 24-hour timeframe.

Canza generates revenue by applying a 1% fee to the processed transactions. The startup envisions reducing transaction fees to 0.2% with the introduction of Baki, its on-chain synthetic FX exchange protocol. This innovative system facilitates the digital exchange of different currencies without the involvement of real money.

Through Baki, Canza leverages stablecoins — digital currencies pegged to the dollar — to assist businesses in converting their currencies to the dollar without incurring substantial forex fees. By embracing stablecoins and decentralized finance tools like Baki, Canza empowers businesses to achieve dollar stability and overcome traditional forex challenges, thereby reducing transaction costs to a mere 1%.

Canza claims to process transactions worth $2,000,000 on a weekly basis and currently serves 150 clients. Oyedeji Oluwoye, Co-founder and CTO of Canza Finance, expressed the startup’s commitment to significantly enhancing infrastructure development in Africa, with a specific focus on expanding infrastructure and obtaining necessary licenses in suitable jurisdictions. He emphasized, “Additionally, we will drive the growth of our DeFi infrastructure products,” highlighting the company’s dedication to advancing decentralized finance solutions in the region.

Looking ahead, Canza aims to secure multiple licenses for virtual asset custodianship, broker-dealer services, and exchange operations in the coming months. Ntsama stated, “We aim to secure a Money Services Business (MSB) license in the United States, obtain a Foreign Exchange (FX) license in Nigeria, and acquire three crucial Virtual Asset Licenses from the Financial Service Commission of Mauritius.” This strategic move aligns with Canza’s broader vision of fostering financial inclusion and innovation across the African continent.

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

Lendable Supports Sun King’s Expansion Across Africa with $7 Million Debt Investment

January 15, 2024

In a major boost to the efforts of Sun King, the global leader in off-grid solar energy solutions, Lendable has extended a $7 million unsecured loan to support the company’s ambitious expansion plans across Africa. The debt investment, aimed at facilitating the purchase of solar home system inventory, underlines the commitment of both Sun King and Lendable to driving positive change, fostering financial inclusion, and transforming the energy landscape on the African continent.

Sun King, formerly known as Greenlight Planet Inc, has secured the loan from Lendable, a prominent provider of debt to financial technology companies operating in emerging and frontier markets. The strategic partnership is expected to empower Sun King in scaling its business and furthering its mission to provide clean energy solutions to low-income consumers through its innovative pay-as-you-go (PAYG) financing model.

Lendable’s Regional Head for Africa, Sebastian Wichmann, expressed excitement about being part of Sun King’s journey to expand access to clean energy solutions across the continent. “Our investment underscores our commitment to fostering sustainable development and promoting clean energy initiatives that positively impact communities. Sun King’s proven track record and commitment to innovation align seamlessly with our mission, making this partnership a powerful force for change,” stated Wichmann.

This debt investment by Lendable signifies a crucial step towards advancing sustainable solutions, as it directly supports Sun King’s efforts in designing, distributing, and financing solar home systems. Sun King’s Chief Financial Officer, Krishna Swaroop, commented on the partnership, saying, “We are delighted to partner with Lendable in our mission to promote access to energy and financial inclusion and create a sustainable, clean energy future for Africa.”

Swaroop added, “This debt investment will enable us to reach more communities, providing them with access to clean energy. We look forward to building on this partnership with Lendable to drive future growth and amplify our positive impact.”

Sun King, founded in 2007, has become a benchmark for off-grid solar performance and design, reaching over 107 million people in underserved communities to date. The company’s commitment to powering access to brighter lives aligns with Lendable’s mission to create a more equitable and sustainable world through data and finance.

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.

Ivory Coast’s Lapaire Secures $3 Million Investment for Expansive Eyewear Reach Across Africa

January 14, 2024

Pan-African eyewear startup, Lapaire, recently secured a substantial $3 million investment to propel its expansion across the continent. The equity round was spearheaded by Investisseurs & Partenaires (I&P), an impact investment fund, with notable contributions from AAIC, FINCA Ventures, and Beyond Capital. Additionally, CrossBoundary provided advisory support for the deal through USAID’s Africa Trade and Investment activity.

The primary purpose of this infusion of capital is to facilitate Lapaire’s ambitious expansion plans across Africa. The funds will be instrumental in supporting the establishment of new eye care centers, reaching more customers, and further solidifying Lapaire’s presence in the eyewear market. This financial backing is anticipated to contribute to the company’s goal of positively impacting the lives of one million people across the continent by 2026.

Lapaire, founded in 2018 by Swiss national Jérôme Lapaire, operates in six countries, including Côte d’Ivoire, Benin, Togo, Burkina Faso, Mali, and Uganda. The company employs a unique business model, engaging directly with manufacturers and offering affordable eyewear, priced at around $25 per pair. With 58 eye care centers already in operation, Lapaire plans to open an additional 300 centers over the next two years, aiming for 80 new locations by 2024.

Rationale Behind the Investment

Strategic Market Expansion

Investors are attracted to Lapaire’s strategic approach to penetrating the eyewear market in Africa. The continent represents a substantial untapped market for affordable eyewear, with an estimated 35% of the population experiencing vision impairments. Lapaire’s expansion plan aligns with the increasing demand for accessible eye care services, positioning the company as a key player in addressing this widespread issue.

Innovative Business Model

Lapaire’s innovative business model, characterized by direct engagement with manufacturers and exclusive stocking of its own glasses, allows the company to offer eyewear at a significantly lower cost. Investors recognize the scalability and sustainability of this approach, as it not only addresses a critical health need but also does so in a financially viable manner, making eyewear accessible to a broader demographic.

Social Impact and Growth Potential

Beyond financial returns, investors are motivated by the social impact potential of Lapaire. By providing affordable eyewear and free eye tests, Lapaire addresses a pressing healthcare challenge in Africa. This aligns with impact investment principles, where financial success is coupled with positive societal contributions. The company’s demonstrated growth, transition from B2B to direct customer interaction, and commitment to opening more eye care centers underscore its potential for widespread impact.

A Look At Lapaire:

Founded in 2018 by Jérôme Lapaire, a Swiss national who relocated to Kenya in 2015, Lapaire initially launched in Kenya but has since expanded its operations to encompass six countries, as mentioned earlier. The primary markets for Lapaire include Côte d’Ivoire, Benin, Togo, Burkina Faso, Mali, and Uganda.

Lapaire’s business model revolves around providing affordable eyewear by bypassing middlemen and dealing directly with manufacturers. This allows the company to exert control over pricing, ensuring that its glasses are 80% more affordable than alternatives in the market. With 58 eye care centers currently in operation, Lapaire has tested the eyesight of over 300,000 individuals and employs 350 people.

Looking forward, Lapaire aims to open 300 additional eye care centers over the next two years, with a specific target of establishing 80 new locations by 2024. This ambitious growth plan reflects the company’s confidence in its scalable model and its commitment to positively impacting the lives of one million people across the continent by 2026.

Lapaire eyewear

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.