Startup Funding - Afrikan Heroes

Egyptian Auto Parts Startup Mtor Secures $2.8 Million in Pre-Seed Funding Led by Algebra Ventures

December 6, 2023

Egyptian online auto parts marketplace, Mtor, recently secured $2.8 million in pre-seed funding led by Algebra Ventures, an Egypt-focused venture capital firm. Other notable investors in this round include Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital, and various local and global angel investors.

Mtor, founded in April 2022 by Mohamed Maged, addresses inefficiencies and fragmentation in the auto parts supply chain, specifically targeting local workshops and car mechanic spaces in Egypt. Maged, drawing from his experience in the automotive sector in Germany, recognized a significant gap in information and technical knowledge between global suppliers and local service providers in Egypt.

Initially focused on supplying spare parts to local workshops and managing logistics, Mtor expanded its operations over time. The startup formed partnerships with importers to facilitate distribution in Egypt’s automotive after-sales market, which exceeds $5 billion in value. The country has an aging fleet of 8 million vehicles, and car owners spend an average of $600+ annually across 35,000 workshops and service providers.

Why The Investors Invested

Untapped Market Potential

Investors were attracted to Mtor due to its strategic position in Egypt’s automotive after-sales market, which exceeds $5 billion in value. The country has an aging fleet of 8 million vehicles, and car owners spend significant amounts annually on maintenance and aftersales parts. Mtor’s focus on addressing the pain points in this vast and relatively untapped market presented a lucrative opportunity for investors to capitalize on.

Innovative Solution to Industry Challenges

Mtor’s founder, Mohamed Maged, identified inefficiencies and fragmentation within the auto parts supply chain and the automotive aftermarket. Investors recognized the innovative approach of Mtor in simplifying the supply chain, offering more efficient pricing, and leveraging technology to bridge the gap between local workshops and importers. The startup’s commitment to resolving issues such as inaccurate fitment data, logistics challenges, and price transparency resonated with investors looking for disruptive solutions in the industry.

Experienced Leadership and Team

The leadership team at Mtor, including Mohamed Maged, CTO Khaled Kandil, COO Mohamed Altaf, and VP of Strategy Moaz El Megharbel, brought a combination of industry expertise and entrepreneurial experience. Maged’s background in the automotive sector, particularly in Germany, added credibility to the venture. Investors saw the team’s capability to execute the vision and navigate the complexities of the automotive after-sales market.

Efficient Business Model

Mtor’s business model, operating on a margin tied to the parts themselves and offering standardized pricing with free delivery, appealed to investors. The startup’s ability to serve over 2,500 workshops and fulfill more than 70,000 orders in a relatively short period demonstrated the scalability and efficiency of its operations. Investors were likely impressed by Mtor’s capacity to streamline the traditional supply chain, reducing costs for local mechanics and importers alike.

Strategic Partnerships and Expansion Plans

Mtor’s emphasis on forming partnerships with importers and parts suppliers aligned with investors’ interest in strategic collaborations. The startup’s plans to strengthen these partnerships, coupled with its expansion strategy within Egypt and potentially beyond, indicated a forward-looking approach that resonated positively with investors seeking long-term growth potential.

A Look at Mtor

Founded in April 2022 by Mohamed Maged, Mtor operates in Egypt’s automotive after-sales market, one of the largest in Africa and the MENA region. The startup, with a leadership team that includes CTO Khaled Kandil, COO Mohamed Altaf, and VP of Strategy Moaz El Megharbel, initially concentrated on supplying spare parts and managing logistics for local workshops.

Mtor’s unique approach involves simplifying the traditional supply chain, offering more efficient pricing through a tech platform that connects local workshops directly with importers. The startup has served over 2,500 workshops, fulfilling more than 70,000 orders in the past year and a half. Beyond distribution, Mtor’s Mechanic app facilitates ordering, provides insights into compatible aftersales parts, and establishes a feedback loop involving data, parts information, and pricing points.

Looking ahead, Mtor plans to strengthen partnerships with importers and parts suppliers, leveraging the new investment to enhance its product offerings and attract more mechanics monthly. The startup’s differentiation in focusing on B2B customers sets it apart from other platforms in the automotive sector, aiming to empower independent workshops and improve the overall experience for car owners in terms of quality, lead time, and pricing.

Mtor Auto Parts Mtor Auto Parts

Nigeria’s Payday Yields to Crypto Startup Bitmama in Major Acquisition Deal

Kenya’s BasiGo Charges Ahead with $5 Million Debt Funding for Electric Bus Expansion

BasiGo, an electric bus company active in Kenya and Rwanda, has secured $5 million in debt funding from the British International Investment (BII), the UK’s development finance institution and impact investor. In a departure from equity funding, where ownership is exchanged for capital, debt funding involves borrowing money that must be repaid under agreed-upon terms. BasiGo will utilize the funds to expand its electric bus assembly operations in Kenya, aiming to deliver a total of 100 buses within the country. Currently, the company has 19 buses operating on the streets of Nairobi, managed by various matatu (privately-owned mini-bus) companies.

Jonathan Green, the co-founder and chief financial officer of BasiGo, emphasized the transformative potential of electrifying public transport in Kenya, driven by the country’s abundant renewable energy resources.

BasiGo adopts a unique pay-as-you-drive model, offering its electric buses to matatu companies. Customers can choose to purchase an electric bus without a battery for a reduced upfront cost or opt for a pay-as-you-drive subscription, which includes battery lease coverage. This subscription also provides benefits such as free charging at BasiGo’s stations and maintenance. The K6 electric bus is initially priced at $35,600, with a subscription cost of $0.14 per kilometer.

In 2022, BasiGo successfully raised nearly $11 million. Within three months of its launch in Kenya, the company secured $4.3 million in seed funding, led by Novastar Ventures. This was followed by a further $6.6 million in equity funding in November 2022, with Novastar, Mobility54, and Trucks.vc leading the round. Additionally, BasiGo received a $1.5 million grant from the United States Agency for International Development (USAID) in November 2023 to support its pilot initiative in Kigali, Rwanda.

Founded in 2021 by Jit Bhattacharya and Jonathan Green, BasiGo aims to offer over 1,000 mass transit electric vehicles to Nairobi’s transportation operators in the next five years. The company will provide drivers with pay-as-you-drive credit options, along with maintenance and charging services, to encourage the adoption of electric vehicles.

BasiGo’s upcoming pilot program, set to launch next month, aligns with the efforts of Swedish-Kenyan EV firm Opibus, which recently introduced its first locally-manufactured electric bus in Kenya. Both companies target the mass transit industry, which is progressively transitioning to cleaner energy sources.

BasiGo plans to assemble its electric buses in-house, sourcing components from China’s BYD Automotive. These buses will be available in 25 and 36-seater configurations, boasting a range of approximately 250 kilometers. The recent announcement by the Kenyan government that its Bus Rapid Transit (BRT) network in Nairobi will exclusively operate green vehicles, including electric, hybrid, and biodiesel, presents a substantial business opportunity for EV manufacturers like Opibus and assemblers like BasiGo. Opibus, previously focused on converting gasoline and diesel vehicles to electric, is now expanding into the creation of new vehicles, including e-motorcycles.

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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.

How Kenya’s Lipa Later Saved E-commerce Startup Sky Garden from Total Extinction

December 4, 2023

In a remarkable turnaround, Kenyan e-commerce start-up Sky Garden has resurrected from the brink of closure, thanks to a strategic Ksh.250 million ($1.6 million) investment by tech credit platform Lipa Later. The acquisition, completed in December 2022, not only breathed new life into Sky Garden but positioned it for ambitious growth, aiming to connect with 100,000 merchants in the coming year.

Lipa Later, a key player in the Buy Now Pay Later (BNPL) service, injected fresh capital into Sky Garden, signaling a significant transformation. The revitalized platform now boasts integrated payment solutions, logistic support, marketing tools, and crucial business insights, aligning itself with the vision of becoming a commerce catalyst for businesses and communities across Africa.

Under the stewardship of Lipa Later, Sky Garden’s enhanced platform offers merchants a comprehensive suite of services, including access to financing, real-time transaction monitoring, direct bill payments, seamless deposits and withdrawals to M-Pesa or bank accounts, and the novel ability to open a bank account. This holistic approach aims to empower merchants, reduce online interactions, and facilitate sales from anywhere at any time.

The synergy between Lipa Later’s BNPL service and Sky Garden’s Amazon-style marketplace sets the stage for a customer-centric approach. Shoppers can now utilize Lipa Later’s flexible and affordable monthly instalment payment plan to purchase items, opening up new avenues for increased sales and customer engagement.

Notably, Sky Garden is expanding its horizons by venturing into social commerce. The platform introduces features that enable shoppers to discover, share, and make purchases directly within their social networks. This strategic move aligns with the evolving landscape of e-commerce, tapping into the power of social connections for both consumers and merchants.

Lipa Later Group CEO, Eric Muli, emphasized the group’s broader vision, stating, “Our group vision is to be a commerce catalyst for businesses and communities across Africa. We firmly believe that local ownership and operation are essential in understanding the needs of our people, contributing to the prosperity of our nation, and forging a true connection with our community.”

Sky Garden’s success story is particularly poignant considering its near closure in October of the previous year due to insolvency. The startup faced a funding gap in September, despite having raised over $6,000,000 (Ksh.919 million) before the acquisition. Lipa Later’s timely intervention not only saved the venture but propelled it into a phase of expansion and innovation.

Lipa Later’s strategic moves, including securing approval for fundraising in the United States and closing a Ksh.500 million debt issue, demonstrate the platform’s commitment to sustainable growth and financial stability. As one of the first African companies to receive approval from the U.S. Securities and Exchange Commission (SEC), Lipa Later’s success story is intricately woven with Sky Garden’s resurgence, marking a transformative chapter in the landscape of Kenyan e-commerce.

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Banknbox Secures Strategic Investment from DisrupTech Fund for Expansion

Amid Egypt’s digital banking transformation, DisrupTech Fund, a prominent venture capital entity specializing in financial technology in the country, has officially announced a strategic investment in Banknbox. A trailblazer in digital services and non-traditional payment technology, Banknbox is poised to leverage this partnership to introduce innovative services and comprehensive solutions previously unavailable to local and regional banks and financial technology firms.

This investment not only facilitates Banknbox’s expansion into new markets but also enhances its capabilities to meet evolving client needs, aligning with the broader objectives of DisrupTech Fund in its investments across various companies.

The collaboration underscores Banknbox’s distinctive capabilities in providing integrated services through its internally developed platform, positioning it as a leader in payment processing and digital banking technology. Drawing upon Banknbox’s 15-year experience in financial technology solutions, DisrupTech Fund aims to inform its current and future investments, expanding its portfolio with a focus on integrated platforms.

Banknbox, with a mission to deliver secure solutions adhering to the highest standards, aligns with the Central Bank of Egypt’s vision for promoting financial inclusion, banking technology, and digital payments. The collaboration seeks to offer a seamless digital banking experience to customers, emphasizing innovation, customer satisfaction, and the transformation of operational norms within banks and companies.

Mohamed Okasha, CEO of DisrupTech Fund, expressed enthusiasm for the partnership, highlighting the potential to revolutionize the industry. He emphasized the commitment to investing in innovative technologies that support financial technology companies, enabling the provision of safe and innovative services.

The investment positions Banknbox to utilize the Egyptian market as a launchpad for operations, serving both local and regional markets while supporting the company’s global expansions.

Basem Mahmoud, CEO of Banknbox, expressed pride in the achievements thus far and the cooperation with DisrupTech Fund. He highlighted the shared mission of providing integrated banking services and payment technology. Mahmoud emphasized the value of DisrupTech’s expertise in financial technology investments to help develop Banknbox’s platform and expand its reach in Egypt and the broader region.

Banknbox, having developed a suite of digital services internally, focuses on flexibility, compatibility, and cost-effectiveness. These services include phone banking applications, internet banking, electronic wallets, tokenization services, e-KYC services, artificial intelligence technology, Chatbot, Open Banking APIs, automated branch services, and communication services technology.

In addition to offering comprehensive services, Banknbox is currently in negotiations with banks and financial institutions within and outside Egypt to provide a range of services based on its robust infrastructure and established systems. These negotiations draw on the company’s experience with numerous institutions worldwide, spanning more than 15 countries. Banknbox’s services cover ATM machine management, transaction monitoring, POS and Soft-POS electronic payment machines, white-label electronic payment gateway, and anti-fraud systems with artificial intelligence, among others, catering to diverse sectors such as finance, healthcare, and transportation.

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Charles Rapulu Udoh

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

Kenyan Climate-Tech Pioneer Amini Secures $4M in Seed Funding to Revolutionize Environmental Data Access

December 2, 2023

Amini, a climate-tech startup based in Kenya, successfully secured $4 million in a seed funding round. The investment was led by Salesforce Ventures and the Female Founders Fund, with participation from Climate-tech VC Satgana, Pale Blue Dot, and Superorganism. Notably, Superorganism had previously backed Amini in its $2 million pre-seed round earlier in the year. The startup primarily leverages satellite data, integrating it with various datasets, including sensors, research, and ground truthing, to provide valuable insights on biodiversity, soil and crop health, and farming practices such as water and fertilizer use. Amini’s platform facilitates real-time monitoring tools and machine learning models, supporting actions like flood detection. The company’s CEO, Kate Kallot, emphasized the use of artificial intelligence and space technologies to make environmental data in Africa easily accessible for enhanced decision-making and transparency in supply chains. Initial clients include enterprises in agriculture and insurance, with Aon among them.

Kate Kallot, the founder and CEO Amini — Kate Kallot, the founder and CEO, Amini

Why The Investors Invested

Investors committed $4 million to Amini based on a strategic assessment of the startup’s potential impact. The key reasons behind this substantial investment lie in Amini’s pioneering role in bridging the environmental data gap in Africa. The startup’s unique approach of utilizing satellite data and artificial intelligence to address climate-related challenges aligns with the growing global emphasis on sustainability and accountability. Amini’s data aggregation platform holds the promise of making brands more accountable for their environmental practices, providing a tool for measuring progress and ensuring transparency in supply chains. With the increasing regulatory pressure in the U.S. and Europe for corporations to disclose climate risks, investors see Amini as well-positioned to meet these evolving demands. The investment is a strategic move to support a tech-driven solution that not only meets current market needs but also aligns with future trends in sustainability and climate technology.

A Look at Amini

Amini, founded in Kenya, stands out as a climate-tech startup focused on addressing environmental challenges by bridging data gaps. Kate Kallot, the founder and CEO, previously held tech roles at prominent companies such as Nvidia and Intel. Amini’s primary markets include enterprises in the agricultural and insurance industries, with plans to expand its reach to food and beverage companies and consumer packaged goods producers. The startup aims to transform supply chains to regenerative practices, aligning with emerging regulations that compel corporations to disclose climate risks. Beyond its immediate applications, Amini aspires to be a platform play, providing environmental data for Africa and empowering developers to create innovative solutions. With historical data spanning up to 20 years, Amini envisions a limitless array of use cases, intending to be a catalyst for positive feedback loops that transform global food systems.

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Charles Rapulu Udoh

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

Dakar Mobility Raises $147M to Pioneer Sub-Saharan Africa’s First 100% Electric Bus Rapid Transit System

December 1, 2023

In a groundbreaking development, Dakar Mobility, a Senegalese company jointly owned by Meridiam and the Sovereign Strategic Investment Fund of Senegal (FONSIS), has successfully secured €135 million for the implementation of Sub-Saharan Africa’s inaugural 100% electric Bus Rapid Transit (BRT) system. The funds, pooled together by Proparco, EAIF, PIDG TA, and the European Union (EU), mark a significant leap forward in the region’s commitment to sustainable urban transport.

Dakar, grappling with chronic traffic congestion leading to road safety concerns, high air pollution, and substantial greenhouse gas emissions, initiated a comprehensive urban transport restructuring program. The Executive Council for Sustainable Urban Transport (CETUD) is spearheading this effort, focusing on the introduction of a state-of-the-art BRT system to address these challenges.

The future BRT network is set to connect the Petersen bus station in Dakar Plateau to the Guédiawaye prefecture in the northern suburbs, covering a distance of 18.3 km with 23 stations. The deployment includes a fleet of 121 buses powered entirely by electricity, making it a pioneering project in Sub-Saharan Africa.

Financing for the Dakar BRT project includes a €85.4 million loan shared equally between Proparco and EAIF, with an additional €6.4 million loan from both institutions to fund battery replacements at the end of the buses’ eight-year lifespan. The European Union contributes €7 million, and PIDG TA secures approximately €9 million in grants to complement the project’s financial requirements. The remaining balance is covered by Meridiam and FONSIS.

The European Union’s involvement in the project aligns with its Global Gateway strategy, focusing on intelligent, clean, and secure connections in digital, energy, and transportation sectors. This financial backing underscores the EU’s commitment to promoting clean urban mobility solutions.

Upon completion, the BRT is poised to become a major mode of transport in the Dakar metropolitan area, with an ambitious target of 300,000 passengers daily. The system is expected to significantly reduce travel times, connecting the two ends of the line in just 45 minutes, compared to the current 90 minutes.

Beyond its transportation benefits, the Dakar BRT project promises numerous positive impacts on the local economy and quality of life. Dakar Mobility plans to create approximately 1,000 direct and local jobs, emphasizing employment access for women and providing opportunities for young people to develop skills in mass public transport.

Moreover, improved accessibility for residents of peripheral areas is expected to boost employment in the Dakar basin. Dakar Mobility aims to implement a social tariff, offering up to a 50% reduction compared to the standard fare, ensuring that disadvantaged populations can access the new opportunities facilitated by the BRT system.

Inclusivity and safety are integral aspects of the project, with quality facilities planned for stations and surrounding areas. These include provisions for pedestrians, public lighting along BRT routes to enhance security, dedicated spaces for wheelchair users within buses, and reserved seating for individuals with reduced mobility.

The Dakar BRT project, in parallel with the reorganization of existing bus lines, demonstrates a holistic approach to urban mobility. It complements the Regional Express Train (TER) inaugurated in 2021 and emphasizes the significance of sustainable transport solutions.

Dakar’s ambitious venture into a 100% electric BRT system stands as a testament to the region’s commitment to sustainable urban development. With environmental, economic, and social benefits in focus, this pioneering project is poised to make a transformative impact on Dakar’s transportation landscape and set a precedent for sustainable urban mobility across Sub-Saharan Africa.

VC4A Pledges 10x Early Stage Investing in Africa

Charles Rapulu Udoh

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

A New $17.5M Fund Announced for African Clean Cooking Solutions. Here’s How to Apply

November 30, 2023

In a bid to catalyze the green energy transition and address the global challenge of clean cooking solutions, the Modern Cooking Facility for Africa (MCFA) has unveiled its second funding round, offering up to EUR 16 million to support high-technology clean cooking solutions in seven Sub-Saharan African countries. The initiative aims to provide access to modern and clean cooking solutions for up to 4 million people.

Funding Structure and Eligibility Criteria

MCFA’s funding round is divided into two windows: the Catalytic Funding Window and the Scale-up Funding Window. The Catalytic Funding Window targets earlier-stage companies with scaling potential, offering 50% in non-reimbursable catalytic grants. This window is available to companies in the Democratic Republic of the Congo, Malawi, Mozambique, Zambia, and Zimbabwe. The Scale-up Funding Window, open to more mature companies, provides up to 30% in catalytic grants, with the remainder as results-based financing.

The funding is earmarked for companies involved in clean cooking services, including residential, commercial, or institutional use, utilities, mini-grid operators, and companies deploying standalone solar systems supporting e-cooking services. The focus remains on higher-tier cooking solutions, such as electric cookstoves and those using sustainably produced solid and liquid biofuels or biogas solutions.

Application Process

Companies interested in securing funding should navigate a two-stage application process: the Pre-Qualification stage and the Final Application stage. During the Pre-Qualification stage, applicants must provide limited information on eligibility criteria and funding utilization plans. Successful applicants will proceed to the Final Application stage, where they will submit comprehensive business plans evaluated by an external committee appointed by Nefco, the Nordic Green Bank managing MCFA.

It’s crucial to note that companies currently undergoing or contracted under the first funding round (MCFA1) for a specific project country are ineligible for funding under the new funding round (MCFA2) for the same project country. The application deadline is 31 January 2024 at 12:00 (noon) Helsinki time.

Information and Assistance

For detailed information about the Call for Proposals, interested parties are encouraged to visit the official MCFA website (www.moderncooking.africa) and register for the online application system. The website also hosts application guidelines and additional resources to aid in the application process.

Applicants are invited to submit questions through the online application system by 12 January 2024. Answers will be made available to all registered applicants by 19 January 2024 in an anonymized and redacted form.

Programme Overview and Background

The MCFA programme, managed by Nefco, aims to create sustainable markets for the clean cooking sector and accelerate access to modern cooking solutions in Sub-Saharan Africa. The facility, part of the Global Gateway initiative, is funded by Sweden, Norway, and the European Union. The overall goal is to provide clean cooking solutions to up to 4 million Africans across the Democratic Republic of the Congo, Kenya, Malawi, Mozambique, Tanzania, Zambia, and Zimbabwe.

Nefco, the Nordic Green Bank, operates as an international financial institution headquartered in Helsinki, Finland. Owned by the five Nordic countries, it focuses on environmental and climate investments, actively participating in the global green transition. Nefco also manages external funds in the climate and energy space, holding accreditation from the European Union and the Green Climate Fund. As the Facility Manager for the Beyond the Grid Fund for Africa, Nefco plays a pivotal role in driving multi-donor results-based financing for climate and energy initiatives. Further details are available on their official website (www.nefco.int).

As the application window opens, prospective applicants are encouraged to seize this opportunity to contribute to the acceleration of the green energy transition in Sub-Saharan Africa by providing innovative and scalable clean cooking solutions.

Cooking African fund Cooking African fund

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Charles Rapulu Udoh

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

Data-Driven Logistics: South Africa’s GoMetro Raises $11.4M in Series A to Accelerate Global Expansion

November 29, 2023

GoMetro, a South African tech company specializing in fleet management, recently secured a £9 million (~$11.4 million) investment in a Series A funding round. Leading the investment is Zenobē Energy, a strategic investor known for its involvement in financing and operating electric buses, particularly in collaboration with the U.K.’s National Grid. Other contributors include Futuregrowth, ESquared Ventures, Kalon Venture Partners, and angel investor Greg Fury, along with existing investors like 4 Decades Capital, Hlayisani Capital, and Tritech Global.

GoMetro operates a Software as a Service (SaaS) fleet management technology platform, with its flagship product, Bridge, serving as a telemetry and data aggregator. Zenobē Energy’s interest in GoMetro stems from the recognition of the pivotal role robust data quality plays in driving financing, aligning with GoMetro’s expertise in logistics optimization software. The collaboration aims to enhance services for Zenobē’s extensive customer base, particularly in the realm of electric transport-as-a-service.

Why The Investors Invested

The substantial investment in GoMetro can be attributed to several key factors.

Specialized Expertise and Niche Focus:

Investors are likely attracted to GoMetro due to its specialized expertise in logistics optimization software, particularly in the fleet management space. The fact that GoMetro operates in a niche market, focusing on the data challenges within transportation networks, positions the startup as a leader in a specific and crucial segment of the tech industry. Investors often seek companies with deep domain knowledge and a clear focus on solving specific challenges, and GoMetro’s emphasis on logistics and data management aligns with this criterion.

Market Potential and Growth Prospects

GoMetro’s impressive growth metrics, including doubling its revenue over the past 12 months and ambitious plans to triple current revenue, signal positive market reception and scalability. Investors are likely drawn to the company’s ability to actively deliver tangible value to clients, addressing critical challenges in data extraction and operational efficiency. The expansion into the electric vehicle category, with a network of over 15,000 vehicles and partnerships with key industry players, further indicates the startup’s potential to capitalize on the evolving transportation sector. Investors often seek opportunities with strong growth prospects and a clear roadmap for scaling operations.

Innovation in Electric Vehicle Telematics

The focus on electric vehicle telematics and the ambition to pioneer OEM-agnostic electric vehicle telematics position GoMetro as an innovative player in the transportation technology space. Investors recognize the significance of addressing the shift towards electric vehicles across the spectrum. GoMetro’s commitment to developing groundbreaking technology that manages electric buses and trucks better aligns with the changing dynamics of the transportation sector. The potential for the startup to play a leading role in the electrification of heavy-duty vehicles adds to its attractiveness for investors seeking opportunities in the rapidly evolving electric vehicle market.

A Look at GoMetro

Founded nine years ago by Justin Coetzee, a civil engineer with a background in transportation systems, GoMetro originated from the inadequacy of available data for designing transportation networks in South Africa. Coetzee’s initial project involved creating a chatbot for informing people about train arrival times during the 2010 World Cup, leading to the development of GoMetro.

GoMetro’s flagship product, Bridge, functions as a telemetry and data aggregator for diverse vehicles, regardless of make or model. The platform consolidates relevant data, allowing fleet managers to access and analyze information without being constrained by disparate telematics systems. GoMetro has evolved into a critical player in the South African logistics data management space, with a focus on electric vehicle and bus management in the U.K.

The company’s strategic move into the electric vehicle category, including a network of over 1,000 electric vehicles, has significantly contributed to its business growth. GoMetro’s next targets include tripling its revenue over the next year and integrating over 2,000 electric vehicles and 50,000 diesel vehicles onto its platform. The Series A funding will support operations in the U.K., Europe, and South Africa, with plans for expansion into the U.S., Latin America, Australia, and possibly the Middle East.

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Charles Rapulu Udoh

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

Tunisia’s Cynoia Secures $933K Funding for Global Expansion

In response to the dynamic shifts in work methodologies in recent years, Software as a Service (SaaS) solutions have emerged as pivotal tools for businesses, revolutionizing collaboration and communication. Leading the charge in supporting innovative startups, 216 Capital is thrilled to announce its €850,000 (USD 933,000) investment in Cynoia, a Tunisian startup founded by Nasreddine Riahi and Ayoub Rabeh in 2022. This strategic funding aims to propel Cynoia’s expansion into international markets.

Cynoia is dedicated to simplifying and optimizing collaboration within businesses. From chat and video conferencing to email, calendars, documents, and project management, Cynoia’s all-encompassing platform consolidates essential tools into a seamless user experience.

Dhekra Khelifi, Partner at 216 Capital, expresses enthusiasm for Cynoia’s unique position in the global market: “What is intriguing about Cynoia is its placement in the international landscape of high-performance collaboration tools. Their potential for global growth is reinforced by a formidable team, signaling a promising trajectory for success.”

Since its inception, Cynoia has achieved remarkable milestones, serving over 3,000 users across 9 different countries, a testament to the effectiveness of its approach. The €850,000 funding round, led by 216 Capital and bolstered by contributions from United Gulf Financial Services and Bpifrance, marks a critical milestone for Cynoia’s journey.

Ayoub Rabeh, Co-founder of Cynoia, emphasizes the company’s commitment to innovation: “We are dedicated to introducing avant-garde features for an unparalleled user experience. This funding will not only drive innovation but also facilitate our geographical expansion through robust strategic partnerships.”

This funding round signifies a pivotal moment in Cynoia’s growth trajectory, positioning the company for even greater success on the global stage.

Kenya’s Twiga Foods Secures Undisclosed Funding in Swift Refinancing Move Amidst Legal Turmoil

Charles Rapulu Udoh

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

Kenya’s Twiga Foods Secures Undisclosed Funding in Swift Refinancing Move Amidst Legal Turmoil

Twiga Foods, the Kenyan platform facilitating connections between farmers and food vendors, has successfully secured undisclosed funding in a strategic move to refinance its operations. This development comes in the wake of a recent legal challenge, where the company faced a KES 40 million (USD 261,878.75) debt collection lawsuit initiated by Incentro Africa, a cloud services vendor.

The undisclosed funding was procured as part of Twiga’s comprehensive business refinancing efforts, a significant turnaround occurring mere weeks after the cloud services dispute. Notably, the financing was sourced from prominent investors, including Creadev, Juven, TLcom Capital Partners, and DOB Equity. These same investors had previously participated in Twiga’s Series C funding round in 2021, which raised an impressive $50 million.

Peter Njonjo, Twiga’s CEO, addressed the recent developments in a Medium article that has since been deleted. In the statement, Njonjo announced the completion of the restructuring and refinancing process, assuring suppliers that long-overdue payments would be settled promptly. This marks a notable shift from Twiga’s initial stance of disputing Incentro’s debt claim, where the company had vehemently criticized the lawsuit as being “made in bad faith” and driven by ulterior motives.

Twiga had initially characterized the legal action as “unreasonable and motivated by malice.” Nevertheless, the company later confirmed engaging in negotiations with Incentro to resolve the outstanding debt. Throughout the liquidation proceedings, Twiga strategically argued that any harm to its reputation could dissuade other suppliers from pursuing similar legal actions. As of late 2022, Twiga had established relationships with over 140 suppliers, emphasizing the company’s pivotal role in the Kenyan agricultural ecosystem.

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Charles Rapulu Udoh

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