Startup Funding - Afrikan Heroes

Climate-Tech TomorrowNow Secures $5 Million to Propel Climate Adaptation for 20 Million African Farmers

November 28, 2023

TomorrowNow is on the verge of catalyzing climate adaptation for 20 million farmers across Africa, thanks to an additional $5 million grant from the Bill & Melinda Gates Foundation. This infusion of funds is set to elevate TomorrowNow’s flagship program, Osiris, aiming to harness the revolutionary potential of next-generation weather and climate data services tailored for the African continent.

Osiris stands as a pivotal strategic initiative, directed towards augmenting the value, adoption, and long-term sustainability of localized weather forecasts and historical climate datasets specifically designed to empower the Small-Scale Producer (SSP) ecosystem in Africa. Building upon a prior $2 million grant in 2021 from the Gates Foundation, TomorrowNow, in collaboration with its partners, has already assisted one million African farmers in adapting to climate change. This effort underscored the critical importance of improved access to localized weather data for applications in the food system, emphasizing both quality and accuracy.

Looking forward, TomorrowNow envisions impacting a remarkable 20 million smallholder farmers within the next three years. This ambitious goal entails delivering value-added weather intelligence services across the African continent to a spectrum of stakeholders, including research organizations, NGOs, multilateral bodies, private service providers, farmer cooperatives, and government agencies serving SSPs.

Philip Frost, the Climate Resilience Lead at TomorrowNow, expresses satisfaction, stating, “We are delighted to see donors such as the Gates Foundation place huge value on weather and climate data services in Africa as a key solution to climate change and local prosperity.”

The initiative plans to leverage significantly improved historical datasets, observations, and short-term and seasonal weather forecasts provided by global technology companies like Tomorrow.io, Salient Predictions, and Arable. Working closely with local governments and private/NGO partners, this collaborative effort aims to revolutionize farming practices in the region, democratizing access to next-generation weather and climate information. The goal is to empower frontline organizations serving farmers and scientists innovating for the food system, improving crop simulation for climate-resilient seed breeding and advocating for regenerative farming practices.

Kauê de Sousa from Alliance Bioversity-CIAT (CGIAR) underscores the impact of the Osiris project: “The Osiris project led by TomorrowNow has empowered CGIAR by providing direct access to a comprehensive and localized historical reanalysis dataset for East Africa. This has shown the potential to significantly enhance the outcomes of seed breeding analytics for our trial sites.”

By facilitating access to weather intelligence for frontline farmer-facing organizations and vital research entities such as CGIAR, TomorrowNow, fueled by transformative philanthropy, envisions local farming communities in Africa contributing to next-generation food systems. These systems are anticipated to be sustainable, enhancing crop yields and ensuring a more reliable future for all. TomorrowNow.org, the climate-tech nonprofit spearheading this mission, is dedicated to urgently addressing the systemic gaps preventing the reach of transformative weather technologies, powered by AI and satellites, to the most vulnerable communities impacted by climate change.

TomorrowNow African farmers

Ghana Allocates $14 Million to Boost Local Venture Capital Funds in 2024 Budget

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

Aqua-Spark Leads $1.7 Million Investment in Aquarech, Pioneering Digital Solutions for Fish Farming

November 24, 2023

Aquarech, a Kenyan fish farming startup, has successfully secured $1.7 million in equity funding to enhance the prospects of small-scale fish farmers in Kenya through its innovative mobile app platform. Established in 2019, the company is spearheaded by founder and CEO Dave Okech, based in Kisumu, and co-founded by James Odede and Joseph Okoth. Aquarech’s primary objective is to streamline fish farming production by leveraging its mobile app platform. This platform facilitates the seamless trading, buying, and selling of quality fish feed, while also serving as an educational resource for aquaculture best practices, aimed at improving the financial outcomes of farmers.

Small-scale farmers in the region often grapple with limited resources and struggle to access high-quality feed. Aquarech aims to address these challenges by boosting production, enhancing the economic prospects of small-scale farmers, and fostering overall growth in Kenya’s aquaculture industry. The startup adopts a holistic approach, supporting farmers with quality feed, climate-smart precision fish feeding techniques, market access, technical training, and financial assistance, including a 90-day credit period for feed payments.

In its latest funding round, Aquarech successfully raised $1.7 million in equity funding. This capital infusion will be utilized to recruit skilled talent, procure additional feed, and establish infrastructure to facilitate greater vertical integration of its technology. The investment was led by Aqua-Spark, a global aquaculture investment fund based in the Netherlands, with contributions from Acumen, Katapult, and Mercy Corps Ventures.

Dave Okech expressed the startup’s commitment to empowering farmers by quoting the proverb, “If you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime.” He emphasized the goal of improving the aquaculture value chain, and the funding and partnerships with investors are pivotal in advancing Aquarech’s mobile-enabled platform. This platform aims to overcome barriers faced by smallholder fish farmers, fostering collaboration among various value chain actors while prioritizing the needs of the farmers.

Christiaan Lensvelt, the head of new deals at Aqua-Spark, commended Aquarech’s dedication to enhancing local livelihoods by supporting small to medium farmers in achieving commercial and environmental sustainability. Lensvelt expressed enthusiasm about supporting Aquarech’s team in their endeavors, highlighting the company as one of the few aquaculture startups in Africa with a distinctive blend of field experience and digital tools.

Aquarech fish farming Aquarech fish farming

Inactive Google Accounts Face Deletion Starting December 1

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

Egypt’s WayUp Sports Attracts Investors, Aims to Dominate MENA Sports Retail Landscape

WayUp Sports, a pioneering e-commerce platform specializing in performance-based sports gear in Egypt, has successfully secured a seed round of funding. This investment round is led by Beltone Venture Capital, Index Sports Fund, and several strategic angel investors. The exact amount raised in this round remains undisclosed. Emphasizing its commitment to originality and innovation, WayUp Sports aims to leverage this funding to advance its growth through three key initiatives: regional expansion, the launch of its exclusive WayUp Sports private brand, and the enhancement of user experiences on both its application and website.

Distinguished as the first of its kind in Egypt, WayUp Sports focuses on providing high-quality sportswear and equipment across various sports disciplines. The platform directly sources products from a diverse range of local and international brands, catering to everyone from aspiring young athletes to seasoned professionals. WayUp Sports offers customers a comprehensive journey, managing the entire process from product warehousing and quality checks to sales, delivery processes, and customer service training to assist sports enthusiasts.

In 2021, the sports apparel market in the Middle East and North Africa region was valued at USD 15 billion. With a burgeoning interest in healthier lifestyles, sports, and the prevalence of athleisure, the market is projected to reach USD 23 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 4.8% during the forecast period. This upward trend underscores the growing demand for sportswear, with online channels playing a pivotal role in fueling substantial market growth and providing consumers access to the latest products available.

Commenting on this significant achievement, Mohamed Afifi, Co-founder and Co-CEO of WayUp Sports, expressed enthusiasm, stating, “This Seed round is a significant milestone for WayUp Sports that will support the growth of the company to meet the rising demand and potential in the local and regional market. Accordingly, we are excited to be backed by leading investors who understand and support our vision. Their trust in our business will help us enhance our offering and scale our business to the next level.”

Egypt’s WayUp Sports closes Seed round — *Credits: WayUP*

Ali Mokhtar, CEO of Beltone Venture Capital, added, “We are excited to support WayUp Sports and its leadership team to achieve their vision and lead the sports retail sector in Egypt and the MENA region. WayUp is considered the most promising company that achieved significant operational performance and business growth since its inception, within a rapidly growing market. With its ambitious expansion plans set in place, WayUp Sports company is well positioned to become the leading platform in the region.”

Benefiting from a collective 35 years of expertise in the B2B sports gear market, WayUp Sports was founded by Omar, Mohamed, and Basma Afifi in 2021 to meet the increasing demand for specialized and performance-based sportswear and equipment. Following a pre-seed round in 2022, the business has experienced remarkable growth, expanding nine times over. WayUp Sports has established strategic partnerships with over 70 diverse local and international brands, serving a wide array of sports, offering an extensive product range of over 10,000 items, and successfully serving more than 100,000 customers.

Nigerian Fintech FrontEdge Raises $10 Million to Enhance Cross-Border Trade Financing

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

Cameroonian Health Startup Waspito Eyes Expansion with $2.5 Million Funding Boost

November 23, 2023

Cameroonian health startup, Waspito, has successfully secured a $2.5 million seed extension in funding. Notable contributors to this investment include DP World, facilitated through Newtown Partners, along with Saviu Ventures, AAIC Investment, Axian Ventures, and CFAO’s Health54. The primary objective of this funding is to fuel Waspito’s expansion efforts within the Francophone region.

The startup, founded by Jean Lobe Lobe in early 2020, focuses on creating a health-centric social network. Users on Waspito can access verified doctors through video calls, obtain sample collection services at home, and receive medication deliveries. Waspito, dubbed the “Facebook for healthcare” by Lobe, adopts a unique approach to telemedicine by providing instant video consultations, eliminating the need for pre-registration and appointment bookings. The startup has expanded its operations to Ivory Coast and has plans for further growth in Senegal and Gabon.

Waspito, founded by Jean Lobe Lobe — Waspito, founder Jean Lobe Lobe

Why The Investors Invested

The investors’ decision to inject $2.5 million into Waspito is grounded in the startup’s innovative approach to telemedicine and its mission to make healthcare universally accessible.

Waspito’s emphasis on instant video consultations, integration with local hospitals, and partnerships with laboratories sets it apart in the health-tech landscape. The critical need for improved healthcare accessibility in target countries, where there are fewer than two doctors per 10,000 people, underscores the significance of Waspito’s mission.

The startup’s impressive track record, reaching 650,000 users, onboarding 950 doctors, and facilitating 60,000 consultations, demonstrates its potential impact. The hybrid model, piloted in Ivory Coast and set to expand, addresses the challenge of offline users in Africa, making healthcare services available even in areas with limited internet access.

A Look At Waspito

Waspito, founded by Jean Lobe Lobe in early 2020, emerged strategically just before the global COVID-19 pandemic, allowing it to fulfill its mission of enhancing healthcare accessibility.

In contrast to traditional telemedicine platforms, Waspito prioritizes instant connections with doctors rather than pre-scheduled appointments.

The platform, often likened to “Facebook for healthcare,” enables users to select available doctors online, and for additional medical services, it collaborates with partner laboratories and local hospitals.

Waspito has expanded its operations into Ivory Coast and plans further growth in Senegal and Gabon. The startup has gained recognition, winning the title of the best health startup in Africa at the VivaTech awards. Waspito’s innovative approach includes the establishment of mini-clinics in Ivory Coast, within the branch network of La Poste Corporation, catering to offline populations and expanding its reach.

The introduction of a hybrid model aims to address challenges related to internet costs and smartphone accessibility in Africa. The fundraising advisory firm Raisers played a pivotal role in advising Waspito during this successful funding round.

Waspito health Waspito health

What Led to the Firing of OpenAI’s CEO?

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

Nigerian Fintech FrontEdge Raises $10 Million to Enhance Cross-Border Trade Financing

FrontEdge, the Lagos-based fintech, recently secured a noteworthy $10 million in a seed round, with debt financing contributing over 70% of the total. Distinguished investors, including TLG Capital and notable partners like JP Morgan and Providus Bank, are backing FrontEdge.

The investment intends to fuel the expansion of the startup’s innovative approach, which involves providing upfront capital to SME exporters and importers without the conventional requirement of collateral.

Why The Investors Invested.

Addressing a Significant Market Gap:

The investment in FrontEdge is motivated by the recognition of a substantial gap in financing for cross-border trade in Africa, particularly affecting SMEs. The limited availability of financial intermediaries in banks for trade transactions, especially for smaller enterprises, highlights an underserved market. The annual value of international trade volumes in Africa is a staggering $1.2 trillion, indicating a vast untapped market. This presents a significant opportunity for startups like FrontEdge to reshape and facilitate African cross-border trade.

Experienced Leadership and Industry Knowledge:

The founder, Moni Alli, brings a wealth of experience, having worked as a consultant for McKinsey and in private equity at Development Partners International. His background in advising banks on SME financing, coupled with insights gained from digital transformations in tier-one banks, positions FrontEdge to understand and address the challenges in the market.

Diversified Offerings and Partnerships:

FrontEdge has evolved beyond a lending-first platform to become a vertical bank, offering financing, cross-border payments, offshore accounts, and software tools. Partnerships with established entities such as JP Morgan and Providus Bank enhance its credibility and broaden its service capabilities.

Proven Success and Growth:

FrontEdge claims to have recorded a zero default rate after performing over 50 contracts, demonstrating successful repayments and the effectiveness of its business model. The reported 20% month-on-month growth in SME exporters on its platform further validates its impact in the market.

A Look At FrontEdge

Founded in 2021 by Moni Alli, FrontEdge emerges as a dynamic force in the African fintech arena.

Headquartered in Lagos, FrontEdge primarily operates in Nigeria, South Africa, and Morocco. The startup’s core mission is to empower SME exporters and importers, providing them with working capital and sophisticated software tools to navigate the complexities of cross-border and international transactions.

Beyond financing, FrontEdge distinguishes itself by offering additional tools such as logistics management, cargo insurance, and document management, creating a comprehensive ecosystem for SMEs. The startup has demonstrated significant customer growth, with SME exporters reportedly tripling their sales on the platform since its launch.

As FrontEdge plans expansion into Nigeria, Ghana, Ivory Coast, and Kenya, its goal is to diversify revenue streams and further contribute to the financial empowerment of African SMEs engaged in global trade. The collaboration with partners like JP Morgan and Providus Bank reinforces FrontEdge’s position as a strategic player in the intersection of finance and technology, poised to reshape the landscape of cross-border trade in Africa.

What Led to the Firing of OpenAI’s CEO?

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

PepsiCo Invests in South African Agritech Startup Khula to Support Expansion

November 22, 2023

In a significant move to bolster its expansion plans, South African agritech startup Khula has secured an investment from a PepsiCo fund. The undisclosed investment will play a crucial role in furthering Khula’s mission of empowering farmers through a digital platform that connects them with suppliers, buyers, and financing options.

The Kgodiso Development Fund, established by PepsiCo South Africa to support the growth of emerging farmers, spearheaded this investment. With an initial capital of R600 million ($32.7M), the fund aims to enhance market-driven programs, collaborate on innovative solutions, and scale its impact through investments.

Khula’s founders, Karidas Tshintsholo, Jackson Dyora, and Matthew Piper, have created a digital ecosystem that addresses the challenges faced by South African farmers in accessing markets and securing financing. This investment from PepsiCo positions Khula well to expand its reach beyond South Africa, leveraging PepsiCo’s global presence and supply chain.

*Khula!, PepsiCo and Kgodiso Fund team. Credits: Khula*

PepsiCo Africa, Middle East, and South Asia CEO Eugene Willemsen emphasized the importance of partnerships like this one in addressing local development challenges. He stated, “These partnerships tackle knowledge and skills gaps across the South African food system, leading to real, large-scale strategic transformation. Additionally, PepsiCo’s scale and reach provide farmers and producers with a new route to market.”

PepsiCo and the Kgodiso Fund join Absa, AECI, and E Squared as shareholders in Khula, demonstrating the strong support for the startup’s mission of transforming the South African agricultural sector.

The Khula! Fresh Produce Marketplace connects farmers to suppliers and allows them to sell in bulk; the Khula! Funder Dashboard connects investors with farmers; and the Khula! Inputs App connects local farmers to local and international suppliers and service providers.

South African Fintech Stitch Launches Crypto Payment Option Amidst Soaring Cryptocurrency Adoption

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 EdTech Pioneer, Ed Partners Africa, Receives $10M Loan Facility for Expansion

Kenya’s Ed Partners Africa, a non-banking financial institution specializing in providing loans to affordable private schools, has disclosed its receipt of a US$10 million loan guarantee facility from the United States’ Development Finance Corporation (DFC) to enhance the accessibility of affordable education. Established in 2018 by Lydia Koros and David FitzHerbert, and presently under the leadership of CEO Amos Mwangi, Ed Partners offers financing solutions for critical components of the education system, encompassing infrastructure, technology, and transportation. The organization has made a substantial impact, extending its reach to over 100,000 students across 350 schools.

The startup extends infrastructural loans to educational institutions, supporting the construction of new classrooms, washrooms, laboratories, and dormitories, as well as the procurement of computers, buses, vans, and internet connectivity. Following a successful US$1.9 million funding round in June 2021, Ed Partners secured US$1.5 million in debt funding from Oiko Credit in August. Building on these achievements, the company has now obtained a US$10 million loan guarantee from DFC, aligning with DFC’s commitment to enhancing access to quality education, particularly for underserved populations.

Upon disbursement, the loan aims to facilitate the expansion of accessible, high-quality education opportunities in Kenya by providing crucial financial support to these schools. James Polan, vice president of DFC’s Office of Development Credit, emphasized the significance of this transaction in delivering essential financing to enhance access to affordable, quality education, particularly for underserved populations in Kenya. He highlighted that the investment reflects DFC’s dedication to improving educational access in Kenya and supporting sustainable development in the region.

Janet Waweru, CFO of Ed Partners Africa, expressed enthusiasm about the collaboration with DFC, stating that the company is “thrilled” to partner with DFC in their joint efforts to expand educational opportunities in Kenya and East Africa. She emphasized that the funding will empower them to reach more schools and students, thereby improving learning outcomes and making quality education more accessible. Ultimately, this contributes to the long-term development and prosperity of the region, according to Waweru.

South African Fintech Stitch Launches Crypto Payment Option Amidst Soaring Cryptocurrency Adoption

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

Nigeria’s Pricepally Secures $1.3M Seed Funding to Fuel Expansion and Group Buying Revival

November 19, 2023

Pricepally, a Nigerian online grocery store specializing in fresh produce and packaged food, has successfully secured $1.3 million in seed funding. This funding round was supported by various investors, including Samurai Incubate, a Japanese VC that had also participated in the startup’s 2021 pre-seed round, along with contributions from SOSV, ELEA, Hi2 Global, Chui Ventures, and ex-Unilever executive David Mureithi. Pricepally plans to utilize the funds to expand its operations beyond the three cities it currently serves in Nigeria and to reintroduce group buying, aligning with its commitment to providing affordable food options for consumers.

Pricepally’s business model involves sourcing fresh produce directly from farmers, some of whom are under contract, and obtaining packaged food from manufacturers. The negotiation of prices, combined with short supply chains, allows the startup to maintain affordable supplies. Luther Lawoyin, the CEO, emphasizes the importance of transparency in their operations, stating that the company’s growth and customer retention, with existing buyers contributing over 80% of revenues, are indicative of the value proposition.

The startup, founded in 2019 by Luther Lawoyin, Deepak Bansal, Mosun Lawoyin, and Jummai Abalaka, facilitates same- or next-day delivery through its digital channels, including an app and WhatsApp chatbot. While Pricepally outsources delivery services, it operates a network of fulfillment centers within the cities it serves.

Investors have chosen to inject funds into Pricepally for several compelling reasons. The startup’s commitment to reducing the cost of food, ensuring availability, and maintaining predictable prices aligns with the pressing issue of food insecurity in Nigeria. By eliminating numerous layers of middlemen, Pricepally maintains control over the quality and supply of its products, offering fairer prices to consumers.

Furthermore, the strategic decision to reintroduce group buying is seen as a catalyst for growth. This approach allows retail customers to join forces, unlocking wholesale prices and potentially accelerating Pricepally’s market expansion. The startup’s emphasis on transparency has resulted in steady customer growth and high retention rates, showcasing its ability to address challenges in the Nigerian e-commerce landscape and build trust with consumers.

A Look at Pricepally:

Founded in 2019, Pricepally operates in Nigeria, with its founders being Luther Lawoyin (CEO), Deepak Bansal (CTO), Mosun Lawoyin (CXO), and Jummai Abalaka (COO). The startup focuses on three primary cities but aims to expand its reach with the recent funding. Pricepally’s core mission is to provide affordable, fresh produce and packaged food, sourced directly from farmers and manufacturers.

The startup’s unique selling points include a commitment to transparency, visible in its pricing strategies and supply chain management. By leveraging its sourcing strength and negotiating prices with farmers, Pricepally aims to contribute to solving Nigeria’s significant challenge of food insecurity. With a customer base primarily composed of retail buyers, the startup anticipates accelerated growth through the reintroduction of online group buying and the launch of April, a WhatsApp chatbot targeting the mass market in Nigeria. Rena Yoneyama of Samurai Incubate commended Pricepally’s execution ability, emphasizing the company’s success in navigating the challenges of e-commerce in Nigeria through improved service quality and customer trust.

Senegalese Agtech Startup Tolbi Raises Funding to Drive AI-Powered Precision Agriculture

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

Senegalese Agtech Startup Tolbi Raises Funding to Drive AI-Powered Precision Agriculture

November 18, 2023

In a significant stride for African agriculture, Tolbi, a cutting-edge Senegalese startup, has announced a pivotal investment from Fuzé. This funding marks a turning point for the agtech sector in the region, as Tolbi’s innovative solutions promise to revolutionize farm management and environmental sustainability.

Tolbi’s groundbreaking approach incorporates satellite imagery and artificial intelligence to deliver precise insights for farmers, empowering them to optimize practices, increase yields, and reduce operational costs. The startup’s commitment to sustainable agriculture is further exemplified by its creation of a marketplace facilitating the estimation and trading of carbon credits, allowing farmers to economically benefit from environmentally conscious farming practices.

The infusion of capital from Fuzé is poised to catapult Tolbi’s expansion throughout Africa and drive the development of advanced features for its digital solution. This strategic investment underscores Fuzé’s confidence in Tolbi’s potential and its positive impact on the African continent.

Mouhamadou Lamine KEBE, CEO & Founder of Tolbi, expressed enthusiasm about the partnership: “We are thrilled to welcome Digital Africa to our investment round. Their alignment with our vision and impactful initiatives in Agtech will undoubtedly accelerate Tolbi’s growth. With their robust financial and technical support, our team is poised for rapid scalability and progress.”

Ali Mnif, CIO of Digital Africa, echoed the sentiment: “We take pride in announcing our investment in Tolbi. Mouhamadou and his team have developed an innovative technology that seamlessly integrates climate considerations with smart agriculture solutions. With a seasoned team of researchers and specialists, Tolbi is well-positioned to lead the charge in transforming African agriculture.”

Tolbi stands as a pan-African climate-Agtech pioneer, harnessing the power of satellite imagery and AI for precision agriculture. The startup also operates a marketplace facilitating carbon credit estimation and trading in the voluntary market.

Tolbi is a Senegalese agtech startup founded in 2022, dedicated to advancing precision agriculture in Africa. Through the integration of satellite imagery and artificial intelligence, Tolbi empowers farmers with data-driven insights to enhance productivity and environmental sustainability.

Tolbi Fuzé Tolbi Fuzé

Moroccan Startup Chari Secures Major Funding from UM6P Ventures for B2B ECommerce Expansion

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

South Africa’s Welltec Group Secures $5.4M Funding, Eyes Global Impact in FinWellTech Revolution

November 17, 2023

Legacy Africa Capital Partners’ (LACP) Fund 1 has recently injected a substantial R100 Million ($5.4M) investment into Welltec, a prominent Financial Wellness Technology (FinWellTech) firm. This investment aims to fortify Welltec’s market standing and facilitate the expansion of their customized financial wellness programs targeted at financial and fintech organizations. The timing is crucial, given the challenging financial landscape in South Africa, marked by soaring debt levels and economic strains. Welltec’s FinWellTech software is designed to craft configurable, personalized financial wellness programs, offering a lifeline for individuals navigating the complexities of personal loans in the face of economic adversity. The investment is strategic for LACP, aligning with their commitment to fostering innovation in the financial technology space, and is a testament to Welltec’s adept and diverse management team.

Weltech founders, Johannes Jonck, Richard Charrington, Gert Jonck, and Obed Tongoane

Why the Investors Invested

The investment decision is anchored in Welltec’s potential to address the pressing financial challenges faced by South Africans. LACP recognizes Welltec’s capacity to make significant impacts in the FinWellTech domain, emphasizing the leadership prowess of Johannes Jonck, Richard Charrington, Gert Jonck, and Obed Tongoane. The financial struggles of South Africans, as highlighted by PwC’s 2023 Employee Financial Wellness Survey, underscore the demand for effective financial management solutions. Welltec’s products directly target this need by providing tools for managing personal finances, tracking spending, and setting realistic financial goals. The investment from LACP not only supports Welltec’s mission to alleviate employee over-indebtedness but also propels the company towards becoming a leader in the Financial Wellness Technology sector.

A Look at Welltec

Founded in September 2020, Welltec Group is a FinWellTech startup operating in South Africa. The founders, Johannes Jonck, Richard Charrington, Gert Jonck, and Obed Tongoane, lead a company with a primary focus on automating the complex process of restructuring consumer debt. The Welltec platform employs a rule-based decision-making logic that tailors debt restructuring plans to each consumer’s unique situation, distinguishing itself from other service providers in its product agnostic and client-centric approach. Welltec’s commitment to addressing local financial challenges aligns with LACP’s dedication to nurturing homegrown South African solutions. By focusing on financial wellness and technology, Welltec not only tackles critical financial issues but also contributes to the growth and development of the tech industry, making a meaningful impact on the economy and society.

Welltec South Africa Welltec South Africa

Grindstone and Anglo American Foundation Unveil First Cohort of Green Tech Startups in South 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