Startup Funding - Afrikan Heroes

Tech Talent Startup Remoteli Secures $315K Investment from Ghanaian-Dutch Footballer

February 8, 2024

Remoteli, a Ghana-based tech talent startup, successfully secured £250,000 ($314,824) in pre-seed funding to fuel its expansion across Africa. The principal investor leading the funding round is Jeremie Frimpong, a Ghanaian-Dutch professional footballer associated with Bundesliga club Bayern Leverkusen. Remoteli’s founder, Samuel Brooksworth, initiated the company during the COVID-19 pandemic, identifying a crucial gap between unemployed young graduates and organizations struggling to grow. The primary aim of this funding is to scale operations, with a special focus on the ambitious target of facilitating employment for 1 million people by 2030. The collaboration with Frimpong also involves the Pathways project, addressing the career challenges faced by young footballers. This project aims to provide new opportunities and support in training and upskilling, unlocking potential careers beyond the football pitch.

Jeremie Frimpong’s decision to invest in Remoteli stems from a genuine belief in the startup’s mission. He emphasizes a personal commitment to developing opportunities for those facing limited prospects, drawing on his own background. Frimpong’s endorsement of Remoteli is grounded in its potential to make a positive impact, aligning with his values and the societal change he wishes to contribute to. Samuel Brooksworth’s pitch resonated with Frimpong, prompting an immediate buy-in. This strategic investment also aligns with a broader trend of football stars backing tech startups, highlighting a growing intersection between sports and technology.

A Look at Remoteli

Founded by Samuel Brooksworth, Remoteli is a tech talent startup originating from Ghana. The startup focuses on connecting African tech talents with remote workplace services. Its AI-powered software facilitates the matching of organizations with qualified tech professionals, while also offering a suite of tools and resources to empower companies worldwide. Remoteli has already made a significant impact, directly hiring over 100 individuals and supporting more than 100 dedicated clients. The startup’s expansion includes a recent move to Kigali, Rwanda, with plans to extend operations to various other African countries in 2024. Despite securing pre-seed funding, Remoteli emphasizes a history of strategic bootstrapping and minimal fundraising to maximize organic growth, with aspirations for a Series A round later in the year.

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.

Zambian Construction Tech Startup Bosso Africa Secures Funding to Streamline Construction Supply Chain

In a bid to address the critical issue of affordable housing in Africa, Zambia-based company Bosso Africa is pioneering a transformative approach to streamline the construction supply chain. The company’s all-in-one online marketplace is set to revolutionize the accessibility of building materials for hardware stores, construction companies, and individual builders across the continent.

Bosso Africa’s CEO, Chisepo Chirwa, expressed the company’s commitment to making affordable building materials universally accessible through their innovative e-commerce platform. The platform aims to provide a faster, more cost-effective, and efficient solution to the challenges faced by millions in Africa’s construction industry.

One of Bosso Africa’s key strategies is the collaboration with financial institutions to enhance access to finance for its customers. By partnering with these institutions, Bosso offers a variety of financing options, including the increasingly popular “buy now pay later” (BNPL) credit approach, traditional mortgages, and the unique “save now, build later” (SNBL) approach.

Chirwa emphasized the immense challenges and potential within Africa’s construction industry, noting that Bosso Africa sees this as a significant opportunity to contribute to the continent’s development. The company’s mission aligns with the current push by many African governments to provide affordable housing for their citizens.

Renew Capital, an Africa-focused impact investment firm, recognizes the value of Bosso Africa’s innovative platform. Calvin Chitangala, Renew Capital’s investment and project manager for Zambia, highlighted the pivotal role of affordable housing materials in achieving the goal of affordable housing. Renew Capital is pleased to support Bosso Africa in its journey to improve the sourcing of building materials in Africa.

Bosso Africa’s strategic collaborations with manufacturers play a crucial role in offering a diverse product range while enhancing transparency and efficiency in the construction supply chain. This, in turn, helps to reduce transaction costs, making affordable housing more attainable for a broader segment of the population.

As Bosso Africa continues to gain momentum, it is anticipated that their e-commerce platform will not only contribute to the growth of the construction industry but also foster sustainable development and address the pressing need for affordable housing across the continent.

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

Senegalese Startup Kwely Secures Funding for Global Expansion

February 7, 2024

Digital Africa, a leading investment group, is thrilled to announce that Kwely Inc., a Senegalese startup, has secured funding from Fuzé, marking a significant milestone in the expansion of the Made-in-Africa products in the global market.

Kwely Inc., founded in the first quarter of 2020, operates as a B2B wholesale distribution network focusing on Made-in-Africa products. The company collaborates with local suppliers to develop new and existing African brands, aiming to achieve export-ready status and redefine the perception of African products globally.

During a challenging economic period for many, Digital Africa is providing essential support to startups like Kwely Inc. The investment group recognizes the significance of fostering the growth of e-commerce platforms, especially those dedicated to showcasing the richness of African products worldwide.

Birame Sock Ali Mnif, Founder and CEO of Kwely, expressed her excitement, stating, “We are truly delighted to have a genuine partner in Fuzé who shares Kwely’s vision. We remain committed to showcasing Made-in-Africa products globally and appreciate the support in achieving our goals.”

As the Chief Investment Officer of Digital Africa, Ali Mnif emphasized the innovative approach taken by Kwely in supporting local producers and artisans. The initial results have been promising, and both Digital Africa and Fuzé express their confidence in Kwely’s success in the upcoming stages.

Kwely is not merely a distribution platform; it is a catalyst for the global presence of high-quality Made-in-Africa items.

The platform’s primary goal is to position Made-in-Africa products in major global retail outlets, hotels, airports, specialized shops, and restaurants. Kwely’s comprehensive approach includes not only distribution but also the development of a proprietary platform for B2B wholesale transactions and a packaging studio to ensure products meet international standards.

In April 2021, Kwely initiated the TEKKI Challenge in Senegal, presenting an opportunity for ten local food and cosmetics firms to enhance their branding, packaging, and market access. Through this initiative, Kwely has collaborated with these businesses, co-developing Made-in-Africa products and brands ready for export and compliant with international quality standards.

With the introduction of its packaging studio, Kwely is poised to offer filling and packaging services meeting stringent global requirements, including those set by the United States Food and Drug Administration and other international standardization agencies.

Kwely’s collaboration with #Fuzé marks a pivotal moment for the startup and reflects the growing confidence in the potential of Made-in-Africa products to captivate global markets. As Kwely continues to pursue its vision, Digital Africa and Fuzé stand as steadfast supporters, determined to redefine the landscape of African e-commerce on a global scale.

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.

EMURGO Africa Invests in Fig Finance to Drive Financial Inclusion in Africa

EMURGO Africa, the venture arm of Cardano’s official commercial entity, has announced a strategic investment in Fig Finance, a US-incorporated company providing innovative financial solutions across Africa, the EU, and the US. The partnership aims to revolutionize access to capital for underserved small and medium-sized enterprises (SMEs) in Africa while setting a precedent for similar models in other regions.

In many African nations, traditional banking systems face challenges in catering to the needs of creditworthy SMEs. Issues such as limited access to credit data and inadequate infrastructure hinder traditional banks in serving this crucial sector. This collaboration addresses these gaps, presenting a significant opportunity to democratize access to capital for SMEs.

Fig Finance has distinguished itself by demonstrating the ability to disburse loans instantly to hundreds of small businesses daily, with zero defaults. Leveraging the founders’ networks established during their roles as CEOs of emerging market banks and founders/advisors to major tech companies in Africa, Fig has positioned itself as an efficient and transparent access point for real-world decentralized finance (DeFi) lending in Africa and beyond.

Ahmed M. Amer, CEO of EMURGO Africa, emphasized the commitment to driving financial inclusion and empowering African communities on the Cardano blockchain. He stated, “By investing in Fig, we are not only supporting a pioneering fintech company but also contributing to the development of a robust DeFi ecosystem that empowers SMEs and fuels sustainable economic growth across the continent.”

Oscar Price, CEO of Fig Finance, expressed excitement about the partnership, stating, “We are thrilled to join forces with EMURGO Africa and enable capital to flow from DeFi to creditworthy businesses, with full line of sight and real-time reporting that has not previously existed.”

Akinseye Akinola, CFO of Fig Finance, highlighted the global underservice of SMEs by traditional lenders, noting the value Fig’s technology brings to solving this problem. “We’re excited to have built technology that solves this problem and can be deployed by our distribution partners with no coding required,” he added.

The collaboration represents a significant step in fostering a thriving DeFi ecosystem in Africa. EMURGO Africa’s investment in Fig Finance is seen as a testament to its dedication to empowering African entrepreneurs and unlocking new avenues for economic growth on the continent.

EMURGO Africa, as the commercial arm of Cardano in Africa, focuses on accelerating blockchain technology adoption by building partnerships and supporting the development of a vibrant DeFi ecosystem. Fig Finance’s technology, which allows B2B platforms to automate lending programs for small businesses, aligns with this vision, offering a quick, white-labeled, and flexible solution for institutional lenders and leading B2B platforms.

Through strategic partnerships like this, EMURGO Africa aims to pave the way for a more inclusive and prosperous future for Africa by harnessing the transformative potential of blockchain technology and decentralized finance.

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

Investors Bet Big on Nigeria’s Klas as User Base Surpasses 5,000 Online Schools Globally

February 6, 2024

Nigerian online teaching platform, Klas, recently secured $1 million in pre-seed funding. The funding round was spearheaded by Ingressive Capital, with contributions from Techstars, HoaQ, and various angel investors. Founded in 2022 by Nathan Nwachuku and Lekan Adejumo, Klas specializes in enabling users to develop and sell ebooks, courses, and conduct live classes. This platform encompasses essential components like scheduling, payments, community features, analytics, and video conferencing across diverse subjects such as coding, design, finance, art, and languages.

The investment serves as a strategic move for Klas, allowing it to expand its services and enhance user experiences. The startup has already gained traction with a user base of over 5,000 online schools and 300,000 learners across 30 countries. The platform stands out by providing a simplified toolset and user-friendly interface, differentiating itself from established competitors in the market.

Why the Investors Invested

Investors committed to Klas for several strategic and compelling reasons, demonstrating a strong belief in the startup’s potential to disrupt the online education market.

Founder’s Personal Story and Vision:

Nathan Nwachuku’s personal journey significantly influenced investor confidence. Facing adversity after losing an eye and undergoing a two-month coma, Nwachuku leveraged his passion for physics and the challenges he encountered in existing platforms to ideate Klas. This narrative resonated with investors, showcasing the founder’s resilience, determination, and unique perspective.

Late Mover Advantage:

Investors recognized Klas’s strategic positioning as a late mover in the market. The founders identified a gap where existing platforms like Kajabi and Thinkific were deemed overwhelming for first-time users. Klas differentiated itself by providing a simplified toolset and user-friendly experience, catering to the growing demand for online education. Investors saw the potential for Klas to capture a substantial market share by addressing the needs of beginners in the online education space.

Innovative Approach to Education Technology:

Klas’s commitment to a closed ecosystem and the development of its virtual classroom tool, KlasLife, from the ground up, showcased innovation. Investors were attracted to the startup’s unique video architecture, distinguishing it from competitors that relied on external tools like Zoom or Google Meet. This commitment to building a proprietary solution demonstrated a forward-thinking approach, enhancing the overall user experience and setting Klas apart in a crowded market.

Market Potential and User Growth:

Klas demonstrated impressive user growth, boasting a user base of over 5,000 online schools and 300,000 learners across 30 countries. Investors recognized the startup’s potential to tap into the rising global demand for online education. With a focus on making online classes accessible to a broader audience, especially in regions with increasing demand, Klas’s market potential aligned with investors’ interests in participating in a venture with substantial scalability.

Strategic Expansion Plans:

Klas outlined a clear roadmap for expansion, targeting markets such as India and North America. The startup’s emphasis on addressing currency devaluation concerns by facilitating transactions in local currencies showcased a thoughtful approach to international growth. Investors were likely attracted to Klas’s well-defined strategy for reaching

A Look at Klas

Founded in 2022 by Nathan Nwachuku, who initiated the project after a personal setback, and co-founder Lekan Adejumo, Klas has quickly grown into a platform with a global presence. The startup focuses on empowering users to set up and run online schools with ease. Its unique selling point lies in providing a closed ecosystem, building its virtual classroom tool called KlasLife from scratch.

Currently boasting a user base primarily concentrated in Nigeria, Klas aims to expand its international reach, with a focus on India and North America. The startup’s strategic approach includes facilitating transactions in local currencies to address currency devaluation concerns. Looking forward, Klas envisions powering up to 100,000 online schools globally by 2027, emphasizing both its commitment to growth and its mission to make online education accessible worldwide.

Klas online school Klas online school Klas online school

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.

Tanzanian Innovative Healthcare Startup Medikea Secures Funding to Tackle Climate-Induced Health Crises

Medikea recently attracted a significant investment from the Catalyst Fund to support its mission of providing affordable healthcare services to vulnerable populations in Tanzania. The investment amount is undisclosed.

The intention behind this investment is to address the pressing healthcare needs exacerbated by climate change impacts in Africa. Medikea’s innovative hybrid model combines round-the-clock telemedicine with physical clinics, strategically located in underserved communities, making essential healthcare services more accessible to Tanzanians who face challenges in obtaining quality medical care.

The investment aims to fuel the expansion of Medikea’s reach and impact, particularly in the face of the growing demand for healthcare services due to climate-related health issues.

The decision to invest in Medikea stems from a careful consideration of the impactful role the startup plays in addressing the healthcare challenges intensified by climate change in Africa.

The continent is experiencing a surge in health issues related to malnutrition, infectious diseases, heat-related conditions, and more, with a scarcity of healthcare resources. Medikea’s hybrid model directly tackles this issue by providing an integrated care ecosystem that combines physical clinics with telemedicine support.

This approach not only makes healthcare services more affordable but also ensures that vulnerable communities receive timely and quality care. The fact-based rationale for the investment lies in the urgent need for accessible healthcare services in the face of increasing climate-related health threats and the potential to break the cycle of poverty caused by high healthcare costs.

A Look at Medikea

Medikea, founded just over a year ago, is the brainchild of CEO Dr. Elvis Silayo and COO Dr. Desire Ruhinda, both of whom have extensive medical experience gained from practicing at Tanzania’s national hospital. The startup operates in Tanzania’s largest city, Dar es Salaam, with a current focus on providing care to those living on limited budgets.

Medikea’s unique approach combines virtual telemedicine with physical clinics, offering affordable primary care and diagnostics. The startup has already served nearly 10,000 Tanzanians, providing crucial services such as consultations, connections to specialists, and pharmacies at a cost nearly half of alternative options.

Medikea’s innovative use of telemedicine, mobile savings schemes, and preventative approaches positions it as a key player in expanding healthcare access for overlooked groups facing the dual challenges of poverty and climate threats. The founders’ commitment to maximizing impact and their innovative model make Medikea a promising player in the African healthcare landscape.

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

Renew Capital Angels Invest in Tappi, Aiming to Revolutionize Digital Marketing Solutions for African SMEs

February 5, 2024

Tappi, a Pan-African digital marketing startup, is set to redefine how small and medium-sized enterprises (SMEs) establish their online presence, following a recent investment by Renew Capital Angels. The infusion of capital is expected to propel Tappi’s mission of empowering African businesses to craft digital identities swiftly and connect with their target markets seamlessly.

Tappi offers an innovative end-to-end Software as a Service (SaaS) and enterprise-grade tools that streamline website creation, customer engagement, and online advertising for SMEs. With the ability to create an online identity in under two minutes, the platform provides integrated access to major advertising channels such as Google Ads, Facebook Ads, and Instagram Ads, revolutionizing digital marketing strategies for African businesses.

Kenfield Griffith, co-founder of Tappi, expressed his enthusiasm about the transformative impact the investment will have on SMEs across Africa. “Tappi is a catalyst for SMEs entering the digital world, and with the investment, we are set to amplify this transformation across Africa’s diverse markets. We are enthusiastic about leveraging this investment to deepen our connections with SMEs on the continent,” said Griffith.

Tappi’s platform features an intuitive chat tool powered by artificial intelligence, facilitating seamless webpage setup to ensure businesses are visible online. The company’s solution extends beyond marketing, enhancing customer communication via WhatsApp, reducing operational costs, and enabling direct transactions and feedback collection.

Drawing on their success with Ajua, where they developed customer experience tools for major banks and operators, Tappi’s founders, Kenfield Griffith and Louis Majanja, are now leveraging their expertise to provide bespoke digital solutions tailored for SMEs.

Tappi’s operations are designed to address the increasing demand for digital marketing solutions and online presence tools for small and growing businesses in Africa. The platform captures verified customer reviews, bolstering business trust, credibility, and insights. Esther Mwikali, Renew Capital’s Investment Manager for Kenya, highlighted the remarkable impact of Tappi in high-growth markets, stating, “Their passion, grit, and impact are among some of the things we look for at Renew Capital. We are delighted to partner with Tappi to transform how SMEs engage customers and manage their online footprint.”

Renew Capital, an Africa-focused impact investment firm, manages investments made on behalf of the Renew Capital Angels, a global network of angel investors, foundations, and family offices seeking both financial returns and sustainable social impact. The partnership between Renew Capital and Tappi reflects a commitment to driving positive change and innovation in the digital landscape for African SMEs.

Tappi Digital marketing Tappi Digital marketing

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.

Founders Factory Africa Doubles Down on South Africa’s Athena with New Funding for Affordable Healthcare Financing

January 31, 2024

Founders Factory Africa (FFA) has announced a significant boost in its investment in Athena, injecting an additional $150,000 into the innovative healthcare financing platform. This latest infusion brings FFA’s total investment in Athena to an impressive $250,000.

Over the past year, Founders Factory Africa has collaborated closely with Athena’s founder, Jabulani Nyembe, to foster the growth of the company from a conceptual stage to a fully operational business with a market presence and a growing customer base.

Athena, established in 2022 and headquartered in Johannesburg, is revolutionizing healthcare financing by allowing patients to pay for medical procedures in interest-free installments. The platform ensures that healthcare practitioners receive upfront payments, mitigating the risk of bad debts and facilitating a more stable financial environment for medical professionals.

One of Athena’s key features is its commitment to providing more affordable options for individuals to access the private healthcare system in South Africa. At a time when innovative solutions are crucial for addressing healthcare challenges in the country, Athena’s approach aligns with the pressing needs of the population.

“If you’re either a Patient or Doctor, check-it out here,” encouraged Founders Factory Africa in their announcement, emphasizing the platform’s potential benefits for both healthcare consumers and providers.

Athena’s unique model allows patients to receive and accept their repayment terms, making the financial aspect of healthcare more manageable. By paying the first installment, patients can initiate their coverage, proceed with their medical procedure, and Athena takes the responsibility of settling the full amount owed to the healthcare practitioner. Repayment to Athena is then spread over 3 or 6 months, offering flexibility and easing the financial burden on patients.

In a statement, Founders Factory Africa expressed their excitement about the progress made with Athena and their commitment to supporting innovative solutions that address critical challenges in the healthcare sector. The investment not only reflects confidence in Athena’s business model but also signals Founders Factory Africa’s dedication to fostering impactful ventures in the African startup ecosystem.

As Athena continues to pave the way for accessible and affordable healthcare financing, the collaboration with Founders Factory Africa serves as a testament to the potential of such partnerships in driving positive change in the healthcare landscape.

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

Joliba Capital’s Debut Fund Surpasses $96.5M, to Back Francophone African Businesses

Joliba Capital, an African private equity firm, has achieved a significant milestone with the first close of its inaugural fund, Joliba Capital Fund I, securing commitments exceeding EUR 33 million from the U.S. International Development Finance Corporation (DFC) and Swedfund as part of a successful Rolling First Close. The fund, which has reached a total of EUR 89 million (USD 96.5 Million), aims to target investment opportunities across Francophone countries in Western and Central Africa.

This strategic move reflects the strong confidence and trust investors have placed in Joliba Capital’s vision and strategy. The fund will primarily focus on developing a diversified portfolio comprised of small and mid-cap regional champions seeking growth capital and operating expertise across various consumer-driven sectors, including agribusiness, manufacturing, FMCG, education, healthcare, financial services, and logistics.

In a market that remains largely undeveloped from a private equity perspective, Joliba Capital intends to play a crucial role in supporting SME financing and strengthening environmental, social, and governance (ESG) and impact standards across the region. The firm is committed to increasing awareness of the benefits of private equity investments in the region.

Joliba Capital Fund I is proud to be 2X Challenge qualified, showcasing its dedication to maximizing impact while delivering superior returns for its investors. LBO France, a multi-specialist and multi-country investment platform and majority owner of Joliba Capital, expresses its commitment to supporting local communities and entrepreneurs to unlock the full potential of the continent.

Robert Daussun, Chairman of LBO France, and Stéphanie Casciola, CEO of LBO France, state, “We are happy to welcome DFC and Swedfund in Joliba Capital’s inaugural fund. Their commitment is a strong endorsement of the high value that African companies can create with the help of professional investors while addressing very concrete development challenges.”

The founders of Joliba Capital, Hamada Touré and Yann Pambou, express their gratitude, stating, “We are pleased to count on the trust and support of DFC and Swedfund on our mission to boost the Francophone Africa private sector and create sustainable jobs. We sincerely thank our partner LBO France and our initial anchor investors Proparco, FMO, and IFC for their confidence and support.”

Mateo Goldman, Acting Vice President of DFC’s Office of Equity and Investment Funds, emphasizes DFC’s pride in supporting Joliba Capital’s expansion, stating, “DFC’s support will provide vital access to capital in these regions to support small businesses facing barriers to financing.”

Sofia Gedeon, Investment Director Sustainable Enterprises at Swedfund, highlights the opportunity to strengthen the private sector and contribute to socio-economic development, stating, “This gives Swedfund the opportunity to strengthen the private sector and to contribute to socio-economic development via increased decent job opportunities and enhanced gender equality.”

Joliba Capital, in collaboration with DFC and Swedfund, is poised to make a significant impact on small and medium-sized businesses in Cote d’Ivoire, Senegal, Cameroon, and other Francophone West and Central African countries. The investment will not only support these businesses but also contribute to improved access to goods and services for the underserved in the region.

A pioneer in private equity in France, LBO France is today a leading multi-specialist and multi-country investment platform. Active in Private Equity, Real Estate, Venture, and Listed Investment, the Company has been expanding its activities in Europe and on the African continent. Wholly owned by its managers, LBO France is one of the founding members of the International Climate Initiative and one of the first signatories of the France Invest charter for parity.

Joliba Capital is a private equity firm, founded by two seasoned African investment professionals, Hamada Touré & Yann Pambou, in partnership with LBO France, to target investment opportunities across Francophone countries in WAEMU and CEMAC regions to develop small and mid-cap regional champions seeking growth capital and operating expertise.

The U.S. International Development Finance Corporation (DFC) is the U.S. Government’s development finance institution, partnering with the private sector to finance solutions to the most critical challenges facing the developing world. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

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.

Sony Innovation Fund Kicks Off African Investment with Funding for South Africa’s Carry1st

January 30, 2024

In a groundbreaking move for Africa’s gaming industry, Carry1st, an Africa-focused game publisher and digital commerce platform, has secured a substantial investment from the Sony Innovation Fund. This marks the inaugural investment from the newly established Sony Innovation Fund: Africa, a venture capital initiative aimed at fostering the growth of entertainment businesses on the continent.

With over 200 million unique players, Africa’s gaming industry is on the brink of a remarkable transformation, driven by the rapid adoption of technology. According to industry sources like Newzoo and Carry1st, the sector is poised to surpass a market size of $1 billion in 2024.

Cordel Robbin-Coker, CEO and co-founder of Carry1st, expressed excitement about the collaboration, stating, “We are thrilled to join forces with Sony Innovation Fund: Africa. The relationship will help Carry1st drive the future of gaming in Africa.”

Carry1st’s unique position in the market, coupled with Sony’s extensive experience in the gaming and entertainment industry, is expected to create a formidable alliance. The partnership aims to explore and capitalize on the vast potential of the African gaming market.

Antonio Avitabile, Managing Director — EMEA, Sony Ventures Corporation, commented on the investment, stating, “We believe there is tremendous untapped potential for the gaming market in Africa, which we hope to experience and contribute to through our investment in Carry1st.”

This strategic collaboration is not only set to elevate Carry1st’s presence in the gaming industry but also contribute to the overall development and expansion of Africa’s entertainment landscape. As technology continues to reshape the continent’s economic and cultural landscape, the partnership between Carry1st and Sony sets a precedent for future investments and collaborations in Africa’s burgeoning gaming sector.

Sony Ventures’ Ambitious Plans for Africa

Sony Ventures plans to deploy its new $10 million fund, known as Sony Innovation Fund: Africa (SIF: AF), to support early-stage startups in the fields of gaming, music, film, and content distribution. This initiative is part of Sony Ventures Corporation’s broader efforts to back technology businesses across different markets and stages.

Despite fintech being the most funded sector in Africa, Sony Ventures is focusing on entertainment startups for its initial entry into the African market. Gen Tsuchikawa, CEO of Sony Ventures, stated that the company’s mission is to combine creativity and technology to enhance entertainment experiences worldwide.

Sony’s Africa-focused fund aims to provide much-needed support to entertainment tech startups in Africa, historically struggling to secure consistent venture capital. According to Partech Africa, these startups received only $42 million in 2022, accounting for just 0.9% of Africa’s total venture capital investments.

For example, the gaming market in Sub-Saharan Africa is expected to exceed $1 billion by 2024. Video-on-demand subscriptions and the music industry are also on the rise, with considerable growth expected in these areas in the coming years.

Sony Ventures plans to offer follow-on investments to its portfolio companies in addition to its seed and early-stage investment strategy. The $10 million fund anticipates ticket sizes ranging from $250,000 to $1 million.

Initially, Sony Innovation Fund: Africa will focus on South Africa, Kenya, Nigeria, and Ghana, with the potential for expansion in the future. The fund’s activities in Africa will be supported by the Sony Ventures team in Europe, with the intention of hiring a full-time member on the continent to manage venture capital sourcing.

Sony Ventures’ commitment to supporting African entertainment startups demonstrates its recognition of the region’s untapped potential and its desire to foster the growth of the entertainment industry in Africa through technology and innovation.

How Sony Ventures Plans to Deploy Its New $10M Fund in African Startups