Venture capital powerhouse Havaic has strategically entered the sports technology arena, announcing its maiden investment in Sportable, a South African startup revolutionizing data collection and analysis in contact sports. The Cape Town-based firm has injected $1 million into Sportable as part of a significant $15 million series A investment round.

Sportable, founded in 2016 by two South Africans, employs cutting-edge micro-tracing technology to elevate the standards of data collection and analysis, specifically in sports like rugby, soccer, and American football. The innovative approach involves embedding MT (micro-tracing) modules within balls or on players, which are interconnected by radio frequency beacons strategically placed around the field. This setup ensures the accurate capture and processing of data in real-time.

What sets Sportable apart is its cloud-based infrastructure, enabling the broadcasting and analysis of games within an impressive 90-minute timeframe with near-zero latency. As the global sports market reaches a staggering worth of $512 billion in 2023, growing at a compound annual rate of 5.2%, Sportable’s strategic investment is poised to facilitate the expansion of partnerships with international tournaments such as the Six Nations Rugby Championships, global ball manufacturers, media entities, and sporting leagues.

The leadership team at Sportable adds a unique blend of expertise to the mix. CEO Dugald Macdonald, a former NASA engineer with dual master’s degrees from Oxford University, spearheads the company alongside CTO Peter Husemeyer, a former investment analyst.

Havaic’s managing partner, Ian Lessem, expressed enthusiasm about Sportable’s broad reach across rugby, American football, and soccer, underscoring the company’s impressive standing within these prominent leagues. Lessem anticipates that Havaic’s unique insight network investing approach will synergize effectively with Sportable’s ambitions.

Sportable is not merely a beneficiary of Havaic’s investment; it joins a growing cohort of African-born technology companies that operate globally and reinvest in the continent, fostering skilled employment and contributing to local economies. The company is currently embarking on a recruitment drive to expand its team based in Cape Town.

Havaic, known for its forward-thinking investment strategies, recently closed its second $20 million pan-African investment fund in 2022. The fund focuses on nurturing African-born entrepreneurs leveraging technology to address real-world concerns. Noteworthy investments from this fund include early-stage digital businesses in fintech, healthtech, and safetech sectors, featuring companies like Aura, Kuda, Crowdforce, Mobiz, Comparisure, Tanda, RecoMed, and HearX.

Ian Lessem, Managing Partner at Havaic, emphasized the importance of institutional investors bringing both international contacts and capital to the fund. This, combined with the firm’s deep investment experience in Africa, creates a winning formula of local expertise, networks, and international follow-on capital — a crucial combination for scaling up businesses in the dynamic African market.

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.

Proparco, the French development finance institution, and 27four, a South African investment manager, spearheaded a substantial R550 million (28.7 Million USD) investment in the Divercity Urban Property Group, accompanied by reinvestment from its existing stakeholders. 

The primary purpose of this investment is to facilitate the expansion of the portfolio and optimize the balance sheet. Carel Kleynhans, the CEO of Divercity, expressed the significance of this financial injection, noting that it would pave the way for the development of more than 2,500 new apartments. He emphasized the importance of showcasing the positive impact and commercial viability of Divercity’s economically-productive, sustainable, and empowering urban development model.

In South Africa, the majority of affordable housing is situated at the urban periphery, distant from economic opportunities and essential amenities. This spatial arrangement perpetuates the spatial segregation inherited from the Apartheid era and hampers various social, developmental, and economic outcomes.

Founded in 2017 and positioned as a South African investment platform, Divercity is dedicated to providing affordable rental housing with supporting amenities in densely populated and centrally-located urban precincts. Mardé van Wyk, Principal at 27four, acknowledged the acute shortage of quality affordable accommodation in South African cities. Expressing enthusiasm for Divercity’s innovative approach to this persistent challenge, 27four is pleased to contribute to the funding of their expansion.

This investment by Pro parco and 27four aligns with the government’s prioritization of boosting affordable rental offerings in response to the severe housing shortage. Furthermore, it aims to counteract decades-long spatial segregation in the country. Harvard University’s Growth Lab, in its recent “Growth Through Inclusion in South Africa” report, identified spatial exclusion as a primary barrier to economic growth in South Africa, alongside state capacity issues. To address these challenges and propel South Africa toward growth, the report recommends the construction of more densely populated housing clusters closer to business centers — precisely what Divercity endeavors to achieve. The R550 million transaction not only catalyzes foreign direct investment for South Africa but also leverages the deep local context understanding of in-country investment partners 27four, resulting in a high-impact deal that significantly benefits the South African market.

Gregor Quiniou, Principal at Pro parco, emphasized that beyond revitalizing South African cities, the project provides an opportunity to support energy-efficient building programs aimed at achieving EDGE certification. The initiative aligns with several development goals, including Sustainable Development Goals (SDGs) 5, 8, 11, and 13. These goals encompass job creation and combating gender inequality by offering safe and best-in-class accommodation for tenants, a demographic where women comprise approximately half of Divercity’s tenant base.

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.

3Farmate Robotics, the Ghanaian agritech trailblazer, has successfully secured an undisclosed amount in angel investment to further propel the expansion of its precision AI-powered electric robots. The investment comes courtesy of a Silicon Valley investor facilitated through Alliance4ai.org, an Africa-based AI organization dedicated to empowering innovators to address critical challenges in the field.

Specializing in leveraging cutting-edge robotics and artificial intelligence, 3Farmate Robotics enables farmers to conduct farm operations swiftly and at reduced costs. The company first gained attention in 2021 with the introduction of its seed-planting robot, embodying its vision of deploying robots on a large scale. The overarching goal of 3Farmate Robotics is to democratize access to advanced AI-powered robots, equipping farmers with tools that elevate their capabilities, enhance productivity, and fortify resilience against the evolving challenges of food production.

The groundbreaking technology developed by 3Farmate is driven by state-of-the-art advancements in computer vision, deep learning, and advanced state estimation algorithms, setting its in-house AI-powered electric robots apart from the conventional methods that rely solely on GPS for navigation. Unlike their counterparts, these robots demonstrate an unprecedented ability to navigate dynamic farm environments with exceptional precision. This unique capability enables the robots to execute seed planting, fertilizer application, and mechanical weeding with unparalleled accuracy, thereby elevating farming efficiency to unprecedented levels.

Clinton Anani, the CEO of 3Farmate Robotics, expressed the significance of the recent investment, stating, “This investment is not merely about financial backing — it’s a validation of our vision to transform agriculture in Africa and beyond. At 3Farmate Robotics, our mission is to empower farmers with technology that enhances productivity, promotes sustainability, and addresses food production challenges. This investment propels us toward a future where technology harmoniously coexists with farming practices, driving innovation and fostering a sustainable, resilient food ecosystem.” The infusion of angel investment marks a pivotal moment for 3Farmate Robotics, reinforcing its commitment to revolutionizing agriculture through the integration of cutting-edge technology.

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.

In a landmark development for Africa’s agriculture and food sectors, Thola, the South African startup specializing in sustainability compliance solutions, has successfully raised significant funding to accelerate its groundbreaking mission. The company, launched in January 2023 by Nneile Nkholise, is strategically positioned to unlock compliance automation for smallholder farmers across the continent, addressing a critical need in the sector.

Smallholder farmers, constituting a significant portion of Africa’s agricultural landscape, often grapple with compliance challenges that impede their growth and market access. Thola’s innovative approach seeks to alleviate these challenges by streamlining certification processes, making compliance not only achievable but also advantageous for small and medium enterprises (SMEs).

Thola’s recent funding success marks a pivotal moment in its quest to empower smallholder farmers and SMEs. The financial injection will be instrumental in advancing Thola’s technology-driven solutions, particularly its mobile-based system that matches companies with accredited local auditors. This automation not only simplifies the compliance journey but also ensures that it is tailored to the unique needs and barriers faced by SMEs.

The funding round, which includes notable backers like Baobab Network, showcases early validation and investor confidence in Thola’s vision. The support from experienced investors not only provides Thola with the necessary capital but also brings strategic insights to optimize its tech and business models.

With the newfound financial backing, Thola is poised to extend its impact on a broader scale. The startup projects a substantial revenue potential of $144 million annually by addressing a fraction of the vast SME market in South Africa, particularly in the agriculture and food sectors. Thola’s focus on smallholder farmers is a strategic move that aligns with its commitment to inclusive, sustainable growth in Africa.

Thola’s success in securing funding not only paves the way for growth within South Africa but also positions the company for expansion into other African markets. The founders’ intimate understanding of local challenges and conditions, coupled with the demonstrated success of their compliance solutions, sets the stage for Thola to become a catalyst for positive change across the continent.

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tappi, a digital commerce Software as a Service (SaaS) solution for small and medium-sized businesses, successfully secured $1.5M in an oversubscribed Pre-Seed funding round. The leading contributors were Mercy Corps Ventures and Chui Ventures, with participation from Digital Currency Group, SOSV, Resilience17, growX ventures, Orbit Startups, and Reflect Ventures. Angel investors and advisors from prominent global tech companies, such as Google, Salesforce, Zendesk, and the financial sector, also played a role in the investment.

This early-stage funding is intended to propel tappi’s mission of empowering SMEs across Africa by enhancing visibility and trust in the digital commerce ecosystem. Founded in 2022 by Kenfield Griffith and Louis Majanja, tappi focuses on digitizing Africa’s $20 billion SME market through innovative software solutions. The company offers affordable SaaS and enterprise-grade tools, starting as low as $2 per month, and collaborates with major mobile network operators and financial institutions. AI integration in operations facilitates a seamless online business profile creation process, with a particular focus on Kenya and Nigeria. Key components of tappi’s end-to-end digital commerce stack include Payments, Messaging, and AI, aiming to serve as the SEO backbone to boost revenue for SMEs across the continent.

Why The Investors Invested

Investors chose to allocate funds to tappi for several compelling reasons. The $1.5M investment aligns with tappi’s goal of expanding its footprint across Africa and empowering SMEs. The fact that major players such as Mercy Corps Ventures and Chui Ventures led the funding suggests a strong belief in tappi’s potential to address the untapped market in Africa’s informal SME sector. This sector, comprising approximately 44 million businesses, drives significant employment (60%) and GDP (38%) on the continent. The investment aims to fill the gap for these underserved businesses, especially those led by women, and enhance their resilience to external shocks, including those exacerbated by climate change.

The decision to invest is also substantiated by the findings of the 2023 Africa MSME Pulse Survey, which indicates a growing reliance on technology among SMEs. As over 25% of respondents plan to invest in e-commerce and website development, tappi is strategically positioned to meet this demand. The company’s ability to provide a holistic package for SMEs, including a verified digital presence and performance tracking, further justifies the investors’ confidence.

A Look At tappi

Founded in 2022 by Kenfield Griffith and Louis Majanja, tappi is at the forefront of digitizing Africa’s $20 billion SME market. The startup offers end-to-end digital commerce solutions, with a particular focus on small and medium-sized businesses. tappi provides SaaS and enterprise-grade tools, starting at an affordable $2 per month, and collaborates with major mobile network operators and financial institutions. The company, headquartered in Kenya and Nigeria, embeds AI in its operations to streamline online business profile creation through an intuitive chat experience.

Key features of tappi’s digital commerce stack include Payments, Messaging, and AI, aiming to serve as the SEO backbone for SMEs across the continent. The company has successfully captured verified reviews on $3 million consumer transactions and engaged with over 150,000 consumers since its inception. In addition to its strong presence in Kenya and Nigeria, tappi plans to double down on its current markets by building a robust sales force, forging strategic partnerships, and investing in talent acquisition and brand building. Notably, tappi’s existing relationship with MTN Nigeria has contributed to a 19% month-over-month growth in business ads and business data bundle subscriptions, showcasing the practical impact of the startup’s solutions.

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.

Investment fund Investors & Partners (I&P), AFD, the European Union, and Gaia Impact Fund have initiated the I&P Digital Energy program. Launched in 2022 with a budget of 4 million euros (2.6 billion FCFA) to facilitate access to energy through digital means, the program has just revealed the names of its first two funding recipients. These are the Ugandan company Innovex and the Cameroonian company Solarly, both specializing in the manufacturing, distribution, and installation of off-grid solar energy solutions.

“We are proud to support these two companies in the energy sector. They align perfectly with the mandate of I&P Digital Energy, which aims to support the integration of renewable energy sources and enhance energy access across the continent. This ambitious program will benefit a dozen startups and SMEs in the energy sector operating in sub-Saharan Africa, accelerating their growth and supporting their innovation. In the long run, it is expected to impact over 150,000 people,” comments Caty Diokhané, Head of the I&P Digital Energy program.

Solarly, established in 2016, is a company providing off-grid solar energy solutions. It has also developed connected devices to collect necessary data for remotely monitoring its installations. I&P Digital Energy is supporting this company in strengthening its distribution network in Cameroon and improving its connected devices.

Founded in 2015, Uganda’s Innovex is disrupting the innovation space in Africa with its three interactive product and service suit.

According to its promoters, I&P Digital Energy offers seed funding with an average amount of 300,000 euros per company, along with strategic guidance and capacity building. In the long run, the initiative aims to generate a leverage effect for the funded companies, enabling them to structure and formalize. I&P Digital Energy aspires to support 10 to 15 SMEs offering innovative energy access solutions (SHS, nano-grids, mini-grids, renewable energy for productive use, smart grids, etc.) throughout sub-Saharan Africa.

Solarly Innovex Solarly Innovex