Startup Funding - Afrikan Heroes

Baims Edges Towards Regional Dominance with Strategic Acquisition of Egypt’s Orcas in $11 Million Deal

January 9, 2024

Kuwaiti education technology company, Baims, has successfully completed the acquisition of its Egyptian counterpart, Orcas, in a comprehensive 100% deal. Established in 2017 by Bader Al-Rasheed and Yousef Alhusaini, Baims specializes in delivering online pre-recorded courses to university and high school students across Saudi Arabia, Kuwait, Bahrain, and Jordan. This strategic move aims to integrate Orcas’ personalized tutoring services into Baims’ existing platform, creating a synergistic and adaptable educational experience for learners in the MENA region.

Orcas, founded in 2019 by Hossam Taher and Amira El Gharib, provides tailored learning experiences to K12 students in international schools. The combined efforts of Baims and Orcas have attracted over $11 million in funding from prominent investors such as Access Bridge Ventures, Algebra Ventures, NFX Ventures, AlWazzan Educational Group, Rasameel Investment Company, Seedstars International Ventures, and AK Holding. This collaboration positions the newly consolidated entity as a leading EdTech player in the MENA region.

With the MENA education landscape evolving toward hybrid learning models, Baims and Orcas are committed to offering comprehensive education solutions that encompass both synchronous and asynchronous formats. Yousef AlHusaini, CEO of Baims, emphasizes the significance of the acquisition, stating, “By acquiring Orcas Tutoring, we are not just expanding our reach; we are redefining the EdTech landscape in MENA.” This consolidation aims to address the profound challenges faced by students in the region.

Baims, known for its online tailored recorded courses for university students, sees the acquisition of Orcas as a strategic move to enhance its offerings. The incorporation of Orcas’ personalized tutoring services into the platform aims to create a well-rounded and adaptable educational experience for students across the MENA region.

Hossam Taher, CEO of Orcas Tutoring, highlights the goal of establishing product and market synergies. The focus is on introducing personalized K12 tutoring services in the GCC and expanding the portfolio to cater to the diverse needs of university students.

While Baims plans expansion in the GCC, particular attention is given to the growing Saudi Arabian market. Recognizing Riyadh as a future startup hub, Baims aims to solidify its presence by launching specialized AI-driven test preparation products. The company also plans to expand its offerings by incorporating one-to-one tutoring services and reaching more universities in Saudi Arabia.

The newly consolidated company, leveraging the experience of both teams, seeks to achieve its objectives of product and market expansion, along with regional dominance. Seasoned professionals with over 35 years of combined experience in the EdTech space, including Hossam Taher and Amira El Gharib, join Baims’ leadership.

The strategic acquisition has gained support from investors who recognize the potential of the consolidated entity in transforming education in the MENA region. Issa Aghabi, Managing Partner at Access Bridge Ventures, expresses enthusiasm for the promising path ahead for EdTech in the Middle East.

Despite the immense potential, the $100 billion education market in the MENA region remains largely untapped. Baims aims to bridge the gap by offering a consolidated platform that fosters skill development and prepares students for success in the workforce.

Baims also envisions contributing to job creation in the MENA region. Yousef AlHusaini emphasizes the goal of not only solving the education problem but also creating more job opportunities in Saudi Arabia, Kuwait, Egypt, UAE, and Jordan.

The Orcas exit, led by CEO Hossam Taher, is seen as a positive development for the Egyptian startup ecosystem. In a challenging environment, Orcas’ focus on expansion serves as a beacon of hope for the region. Taher remarks, “Our journey with Orcas has been about empowering students and teachers, and with Baims, we see this impact expanding even further.”

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.

Why 1984 Ventures and Y Combinator Backed Cleva’s Vision in $1.5M Pre-seed Round

Nigerian fintech startup, Cleva, specializing in providing a banking platform for Africans to receive international payments by opening USD accounts, recently secured $1.5 million in pre-seed funding. The investment round was spearheaded by 1984 Ventures, a San Francisco-based early-stage venture capital firm. Other key contributors include The Raba Partnership, Byld Ventures, FirstCheck Africa, and various angel investors. Notably, Y Combinator, a renowned accelerator, participated in Cleva’s pre-seed round as the company embarks on its involvement in the accelerator’s winter 2024 batch.

Aaron Michael, a partner at 1984 Ventures, emphasized the unique qualifications of Cleva’s founders, Tolu Alabi and Philip Abel. Their product aims to address hyperinflation challenges in Africa, providing a valuable solution to navigate this issue. Michael highlighted the founders’ prior experience at major tech companies, including Stripe and AWS, as a testament to their ability to execute across both the African and U.S. markets.

Why The Investors Invested

Market Opportunity and Potential Returns:

Investors were drawn to the substantial market opportunity identified by Cleva’s founders. The persistent challenges faced by Africans in receiving international payments, estimated at an $18 billion market for remote workers and freelancers in Africa, presented an attractive prospect for investors seeking substantial returns.

Founder-Market Fit and Expertise:

The founders, Tolu Alabi and Philip Abel, possessed a unique blend of market insight and technical expertise. Born and raised in Nigeria, their firsthand understanding of the African market, combined with valuable experience at major tech companies such as Amazon, Stripe, AWS, and Twilio, signaled to investors that they were well-positioned to tackle the global issue of facilitating international payments.

Execution Capability:

The founders’ track record in building banking products at Stripe and robust platforms at AWS instilled confidence in their ability to execute. Investors recognized Cleva’s founders as uniquely qualified to navigate the challenges posed by hyperinflation in Africa, viewing their experience as a crucial asset for successfully expanding their fintech solution across both African and U.S. markets.

Differentiation through Customer Experience and Business Model

Cleva’s emphasis on providing an exceptional customer experience and its distinctive business model set it apart from competitors. Investors acknowledged the importance of customer-centricity in fintech and appreciated Cleva’s commitment to going “above and beyond” for its users. The capped fee structure also distinguished Cleva from competitors, showcasing a thoughtful approach to its revenue model.

Early Growth and Traction:

The fintech demonstrated impressive early growth, facilitating the opening of U.S.-based accounts for thousands of Nigerians within just four months. The month-on-month revenue growth of 100% underscored the viability of Cleva’s business model and fueled investor confidence in the company’s potential to capture a significant share of the market.

A Look at Cleva

Cleva was founded in August by Tolu Alabi and Philip Abel, both Nigerian-born individuals who moved to the U.S. for their education. The startup primarily focuses on the Nigerian market, allowing users to open USD accounts. Despite a competitive landscape, Cleva has experienced impressive early growth, facilitating the opening of U.S.-based accounts for thousands of Nigerians in just four months.

The fintech differentiates itself through a strong emphasis on customer experience and a unique business model. It has processed over $1 million in monthly payments, achieving a month-on-month revenue growth of 100%. Cleva plans to diversify its revenue streams with upcoming products such as USD cards and savings in U.S. assets. Looking ahead, the company aims to target Africans in the diaspora and expand its services globally, envisioning a future where it evolves from a product-only service to a platform issuing APIs for broader service distribution.

Cleva banking Cleva banking

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.

Ghana’s Remoteli Secures Six-Figure Deal with Pathways to Fuse Football and Tech Empowerment

Remoteli, the tech talent startup based in Ghana, has recently finalized a six-figure agreement with Pathways, an organization committed to transforming the football culture and expanding prospects for young athletes. The objective of this partnership is to narrow the divide between football and technology, presenting a lifeline for players whose aspirations may not materialize on the field.

Samuel Brooksworth, CEO of Remoteli, emphasized the impact of these collaborations, stating, “These partnerships have allowed us to leverage existing networks, promote digital literacy, and generate employment opportunities for a diverse talent pool.” Renowned for revolutionizing the employment landscape in Africa by connecting individuals possessing technological skills to global job opportunities, Remoteli is now extending its mission to empower young footballers with tech expertise.

In alignment with their strategic partnership with Pathways, Remoteli aims to establish a pathway for footballers to cultivate valuable technology skills and access job opportunities beyond the traditional confines of the football field. The collaboration includes a venture with footballer Jermie Frimpong and his Pathways Project, addressing critical challenges in football, reshaping the sport’s culture, and improving players’ skills and workforce prospects.

Additionally, Remoteli’s AI-powered software will play a pivotal role in connecting organizations with footballers based on personality and organizational culture within the framework of this partnership.

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.

ZeroComplex AI Secures Substantial Pre-Seed Funding to Drive AI Integration Across Africa

ZeroComplex AI, a burgeoning player in the field of artificial intelligence, has successfully secured significant pre-seed funding from a consortium of distinguished investors. This financial backing is earmarked to advance the company’s mission of facilitating the seamless integration of AI into digital infrastructures across the African continent.

On a global scale, there has been an unparalleled surge in the development and adoption of AI in recent years. The transformative impact of AI is evident across diverse sectors such as finance, health, education, software development, and e-commerce, revolutionizing work processes and problem-solving approaches. Its ability to enhance efficiency, streamline complex operations, process vast datasets, and deliver swift and precise analyses surpasses human capabilities.

Forward-thinking companies worldwide are increasingly interested in incorporating AI into their existing systems to harness its transformative potential. ZeroComplex AI is at the forefront of making this integration process effortless for organizations, irrespective of their size or industry. The company harnesses the power of AI to address workflow challenges, propelling businesses and organizations to new heights globally.

The brainchild of Kehinde Olateru, Adegbenga Agoro, and Olusola Adebayo, ZeroComplex AI emerges from the visionary minds behind Crenet, a B2B technology consulting and implementation company specializing in digital products for enterprise organizations. The founders, with their extensive experience in technology implementation projects across diverse sectors, recognized the profound opportunities presented by AI in simplifying business processes. Years dedicated to constructing AI implementation projects equipped the team with the requisite skills and competencies to establish ZeroComplex AI.

Discussing the transition from Crenet to ZeroComplex AI, Kehinde Olateru, Co-founder of Crenet and former Head of Flutterwave Labs, states, “Based on the conversations we were having with customers who wanted to know how AI would impact their businesses, we realized that AI integration will be one of the toughest things for a lot of businesses, especially businesses that have existing digital infrastructure. So we decided to put together AI workflows that are specific to different use cases for a lot of these businesses, regardless of their size.” This realization led to the creation of ZeroComplex AI, with the primary goal of simplifying the AI integration process for businesses through its tailored AI workflows.

Pitch2Win and the subsequent funding round played pivotal roles in ZeroComplex AI’s journey. In 2023, the startup secured the second position in the Pitch2Win competition, capturing the attention of Olumide Soyombo, founder of Voltron Capital and one of the judges at the event. This fortuitous encounter resulted in investments from Voltron Capital, Henry Kaestner’s Kaleo Ventures, Alpha Gaps, Velocity Digital, and numerous other esteemed angel investors.

The oversubscribed seed funding round signifies a resounding vote of confidence in ZeroComplex AI’s potential. The company has already piloted three AI workflow solutions, addressing use cases in finance, education, health, and various industries. Looking ahead, ZeroComplex AI aspires to pioneer additional AI workflow solutions across a diverse array of global industries.

Ethiopia Signs Access Deal With Somaliland

Kenyan Climate Tech Startup Octavia Carbon Secures Funding for Carbon Capture Technology

January 4, 2024

Octavia Carbon, headquartered in Kenya, has secured funding to advance its Direct Air Capture (DAC) technology, with a primary focus on extracting carbon dioxide (CO2) from the atmosphere. The company is committed to combating climate change through the development, construction, and deployment of machines designed to directly capture atmospheric CO2 using DAC technology. Martin Freimüller, the founder and CEO of Octavia Carbon, emphasized the pivotal role of carbon capture technologies in addressing climate change. He expressed confidence that their DAC technology would contribute significantly to reducing global carbon emissions in the pursuit of a net-zero future.

Octavia Carbon not only pioneers in technological solutions but also provides a platform for the purchase of carbon credits. This allows both companies and individuals to offset their carbon footprint affordably. Simultaneously, the initiative aims to promote climate justice for communities in Kenya. Leveraging Kenya’s natural geothermal resources, geological advantages, and a pool of talented individuals, Octavia Carbon ensures cost-effective operations.

Martin Freimüller’s vision is encapsulated in the company’s mission to offer innovative technology while acknowledging the growing demand for durable and verifiable carbon credits in the carbon market. Esther Mwikali, Investment Manager at Renew Capital, expressed excitement about supporting Octavia in their endeavors. Renew Capital, an Africa-focused impact investment firm, recognizes the significance of Octavia Carbon’s contribution to global climate solutions. The investment received by Octavia Carbon underscores the importance of pioneering climate solutions and Africa’s active role in fostering a more sustainable future.

Renew Capital, as the driving force behind the investment, stands as an Africa-focused impact investment firm. The organization supports growth-oriented founders who possess a unique combination of skills, grit, and passion. Acting on behalf of the Renew Capital Angels, a global network comprising angel investors, foundations, and family offices seeking both financial returns and sustainable social impact, Renew Capital plays a crucial role in promoting impactful and sustainable ventures.

The collaboration between Octavia Carbon and Renew Capital symbolizes a strategic alliance in the pursuit of innovative climate solutions and a commitment to shaping a more sustainable future.

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.

Cameroon’s Koree Raises Pre-Seed Round to Fuel Expansion Plans Across Francophone Africa

Cameroonian fintech Koree, specializing in enabling customers to save spare cash on their cards, has successfully secured a $200,000 pre-seed funding round. The funds are earmarked for expanding the network of merchants, scaling the user base, and ultimately achieving product-market fit, as stated by Koree’s founder, Magalie Gauze-Sanga.

The pre-seed round received support from various investors, including Tunde Akinnuwa, co-founder at Duplo, Cameroon Angels Network, Catalytic Africa, Digital Africa, and other private investors. Koree addresses the challenge of spare change in cash-based economies by utilizing a card and digital wallet system, allowing merchants to return customers’ spare change. Additionally, merchants can leverage Koree’s platform to create loyalty programs, offering cashback rewards to customers.

In pursuit of its fundraising goal, Koree is gearing up to launch a new marketplace that incentivizes users with rewards on their everyday purchases. According to Gauze-Sanga, consumers will earn cash while shopping on the Koree app across 14 categories such as bakery, supermarket, fast food, movies, and pharmacy. The cash earned can be directly redeemed into the user’s mobile money account.

To facilitate the redemption process, Koree will collaborate with customers’ referenced payment service providers. Since its launch in September 2022, Koree has garnered over 13,000 users and processed more than 50,000 cash-based transactions totaling $400,000. The fintech has also generated 30,000 private wallets, with revenue sourced from charging merchants a subscription fee and a commission on each transaction.

Noteworthy achievements include winning the Orange Fab Cameroon challenge in June 2023, providing access to resources for expansion. The Orange Fab acceleration program offers mentorship from industry experts to support Koree’s strategic development plans. Subsequently, in October, Koree secured victory in the Ecobank Fintech Challenge, securing $50,000 in non-dilutive funding, which is being utilized to hire for business development and engineering roles.

With a team spanning Cameroon, Côte d’Ivoire, Togo, Nigeria, and Senegal, Gauze-Sanga emphasizes the importance of a physical office, to be located in Douala, Cameroon, as it would facilitate team bonding and the creation of a robust work culture.

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.

All On Invests $2.25M in Nigeria’s Baobab+ for Solar Solutions

December 28, 2023

All On, a prominent Nigerian impact investment company, has inked a strategic $2.25 million credit facility investment deal with Baobab Plus Nigeria. This investment is set to propel the deployment of 1,536 solar energy systems across Nigeria, ranging from 600W to 3KW.

The partnership aims to leverage Baobab+ Nigeria’s existing Pay-as-you-Go Agent Network, spanning 21 locations across the Southwest, North Central, and Northwest regions. All On emphasized that the collaboration will not only illuminate homes and communities but also empower them while safeguarding the environment.

In an official statement, All On’s CEO, Caroline Eboumbou, highlighted the company’s dedication to increasing access to energy products and services for underserved communities in Nigeria. She emphasized the support for innovative companies, such as Baobab+, that are leading the charge in renewable energy access.

“This collaboration with Baobab+ is proof of our commitment to supporting Nigeria’s path to sustainable development and creating a brighter future for all Nigerians,” Eboumbou asserted.

Baobab+ Nigeria’s CEO, Kolawole Osinowo, expressed enthusiasm about the partnership, describing the investment as a unique financing model that allows Baobab+ to expand its reach and empower SMEs and communities nationwide. Osinowo emphasized that by providing affordable solar systems, Baobab+ is not only delivering cost savings and improved living conditions but also contributing to environmental sustainability.

“This perfectly aligns with Baobab+’s mission, and with All On’s invaluable support, we can make a significant impact on the lives of countless people,” Osinowo noted.

The investment will facilitate the expansion of Baobab+’s PayGo Agent Network into new locations, with a focus on rural off-grid and underserved communities. The flexible payment options offered to consumers aim to remove the major price barrier, making solar energy products accessible to those on low incomes by adapting to their spending habits.

Baobab Plus All On Baobab Plus All On

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 Cloudline Secures $6M to Propel Emissions-Free Autonomous Flight Vision

December 22, 2023

South African aerospace startup Cloudline recently secured $6 million in funding through a seed round. The investment was led by Schmidt Futures, a philanthropic venture founded by ex-Google CEO Eric Schmidt and Wendy Schmidt. Other prominent investors in this round include pan-African funds like the Raba Partnership, Verod-Kepple Africa Ventures, 4Di, and various venture firms. Cloudline, founded by Spencer Horne six years ago, envisions leading the global frontier of carbon emissions-free autonomous flight.

Spencer Horne’s initial intent, dating back to the company’s inception, was to develop a transport system connecting isolated communities to the global supply chain. This was to be achieved through the use of lighter-than-air uncrewed aerial vehicles for delivering large payloads. The founder’s childhood fascination with trains and a passion for transportation technology, especially aviation, drove him to contribute to this field. The startup’s unique approach involves autonomous airships that offer a cost-efficient alternative to drones, helicopters, and satellites.

Why The Investors Invested

Investors committed to Cloudline’s vision for several compelling reasons. In the first place, Cloudline addresses a critical gap in the market by providing long-distance real-time data and extended flight times for large regions. The startup’s autonomous airships, powered by helium and solar energy, stand out for their range, endurance, and efficiency. This innovative solution allows for emissions-free, cost-effective flights, covering over 400 km with a 40 kg payload for 10 hours. Cloudline’s first-mover advantage in the relatively uncompetitive airship market positions it strongly.

Again, investors recognize the breakthrough potential of Cloudline’s platform in reaching remote or disaster-affected areas, enabling them to become accessible and affordable. The company’s focus on hardware, particularly integrating software for airship autonomy, establishes a robust intellectual property that proves challenging for potential competitors to replicate. The success of drone companies, according to Horne, hinges not just on functional drones but on delivering value through a viable business model.

A Look At Cloudline

Founded in 2016, Cloudline is the brainchild of Spencer Horne, a Harvard alum with a background in mechanical engineering. The startup, headquartered in Cape Town, South Africa, operates in a relatively uncompetitive market due to its emphasis on hardware, specifically autonomous airships. Cloudline’s technology allows for comprehensive data capture through various sensors, including visual, infrared, and lidar, in a single flight.

The company’s primary markets include governmental institutions seeking multi-sensor payloads for aerial monitoring, as well as organizations involved in nature conservation, coastal monitoring, and reforestation. Cloudline’s success lies in its beachhead strategy, developing solutions in Africa for the continent as its initial customer base before expanding globally. The startup’s commitment to emissions-free technology, combined with its unique value proposition, has quickly gained traction among customers and investors alike.

Egyptian EdTech iSchool Secures $4.5 Million Funding to Fuel Sub-Saharan Africa Outreach

Egyptian EdTech iSchool Secures $4.5 Million Funding to Fuel Sub-Saharan Africa Outreach

December 21, 2023

In a recent funding round led by VentureWave Capital, Egyptian-based educational technology firm iSchool has successfully raised $4.5 million, drawing support from prominent investors such as OneStop Capital UK, Webit Investment Network, and Oraseya Capital, the Venture Capital arm of the Dubai Integrated Economic Zones Authority.

Company Overview

iSchool, founded in 2018 by Muhammad Gawish, Ebrahim Youssef, Mustafa Abdelmon’em, and Osama Ghareb, has emerged as a dynamic force in the education technology sector. Specializing in live gamified classes led by expert coding instructors, iSchool caters to students aged six to 18, offering a comprehensive curriculum that spans AI, VR, app development, game development, and web development.

Rapid Growth and Unique Approach

The platform’s unique approach, blending live instruction with gamification and international accreditation, has fueled iSchool’s rapid growth. Originating as a solution for the lack of technology education access in the MENA region, iSchool has achieved a remarkable 72% customer retention month over month. With over 26,000 live learners and more than 1,000,000 training hours delivered, the company has worked with 35 schools, managing national-level initiatives in Egypt, Saudi Arabia, and the United Arab Emirates.

Global Expansion Plans

Buoyed by the recent funding, iSchool aims to expand its footprint into six additional countries in the MENA region. The capital infusion will also support technological scaling for the ‘Online Coding Platform’ and pave the way for extending its gamified online classroom app service throughout Sub-Saharan Africa.

Global Presence and Team Expansion

iSchool Holdings, the parent company, is establishing its presence in Ireland, marking a significant step towards global expansion. Plans are underway to grow a new team in Dublin to support the company’s ambitious goals.

Founder’s Vision

Muhammad Gawish, co-founder and CEO of iSchool, expressed his vision, stating, “Our mission is to empower today’s generations to become tomorrow’s technology leaders, beginning in the Middle East and Africa and spreading to the rest of the world. Using dynamic technology and a deep understanding of the end-to-end live class process, we are growing a simple idea into a product that we believe can improve the lives of millions of people.”

Investor Enthusiasm

Kieran McLoughlin, Managing Partner of VentureWave Capital, praised iSchool’s impact on education in the Middle East and Africa, stating, “This investment aligns perfectly with our mission to achieve social progress by supporting transformative entrepreneurs. We are delighted to play our part in iSchool’s ambitious plans to bring their unique educational model to new markets and empower the next generation of technology leaders.”

iSchool’s success in securing substantial funding underscores the growing importance of innovative education technology in the global landscape, particularly in regions where access to quality tech education is limited. As the company gears up for expansion, eyes are on iSchool to continue transforming the educational experience for thousands of students across the Middle East, Africa, and beyond.

iSchool Egypt iSchool Egypt iSchool Egypt

Investors Rally Behind Twiga with $35M Funding Injection Amid Operational Challenges

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 Ampersand Secures $19.5M Investment to Scale Operations

December 20, 2023

Ampersand, Africa’s pioneering electric transport energy company, has secured a total of $19.5 million in funding, with a significant portion, $7.5 million, obtained as new debt from the Africa Go Green Fund (AGG) managed by Cygnum Capital. The purpose of this capital injection is threefold: firstly, to ramp up production of electric motorcycle batteries, secondly, to expand the existing battery swap station network, and thirdly, to accelerate research and development efforts focused on battery technology, software enhancements, and the improvement of battery-swap systems.

Specifically, Ampersand plans to utilize the equity funds to expedite product development, while both debt and equity will be channeled towards the expansion of Ampersand’s battery swap network. This expansion is crucial to meet the surging demand from delivery and taxi motorcycle riders in Africa who are keen on transitioning from traditional fuel to electric motorcycles. R&D initiatives will primarily target the development of Ampersand’s next-generation batteries and advancements in battery-swap technology.

Why the Investors Invested

The infusion of funds into Ampersand can be attributed to several compelling factors. Foremost, the company has demonstrated a successful track record since its inception in 2016, being the first in Africa to deploy electric motorcycles in May 2019. Over the past four years, Ampersand’s motorcycles have collectively covered an impressive 180 million kilometers, resulting in a substantial reduction of 8,000 tons of carbon emissions. The company presently serves 1,700 electric motorcycle riders, facilitating 140,000 monthly battery swaps in Kigali and Nairobi.

Investors, led by the Ecosystem Integrity Fund (EIF) alongside Acumen and Hard Edged Hope Fund, recognize the significant impact Ampersand has had in pioneering sustainable, affordable, and reliable mobility solutions in Africa. The confidence in Ampersand’s business model, technology, customer-centric approach, robust unit economics, and competitive advantage has motivated both existing and new investors to support the company during a challenging fundraising environment. Moreover, the alignment of Ampersand’s mission with the broader green transition in Africa has further bolstered investor confidence.

A Look at Ampersand

Founded in Kigali, Rwanda, in 2016, Ampersand is Africa’s premier electric transport energy company. The company, co-founded by Josh Whale and Alp Tilev, has been instrumental in introducing electric motorcycles to the continent, fostering a shift towards sustainable transportation. Ampersand’s primary markets are in Rwanda and Kenya, where it operates 32 battery swap stations, serving 1,700 electric motorcycle riders.

The startup has gained recognition for its commitment to affordability and environmental sustainability. Ampersand’s battery fleet, manufactured in Africa, is hailed as a global leader in cost per kilometer and uptime for light-electric vehicles. The company’s goal is ambitious, aiming to serve one million vehicles daily by 2030, thereby contributing to the growth of a green economy and the creation of green jobs. Ampersand’s innovative approach has earned it a place in the Start Up Energy Transition’s 2023 SET100 List and the 2023 Secretary of State’s Award for Corporate Excellence in Sustainable Supply Chains.

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