Venture Capital & Funding Sources - Afrikan Heroes

Wic Capital Secures $1 Million to Empower Women Entrepreneurs in Senegal and Côte d’Ivoire

December 8, 2023

In order to address the financial constraints faced by women entrepreneurs in Senegal and Côte d’Ivoire, the women-focused investment fund, Wic Capital, has successfully secured a $1 million loan from the FSDAi Nyala Facility, a prominent UK investor with a focus on sub-Saharan Africa.

Wic Capital, established in 2019 by the Women’s Investment Club Senegal, operates as a fund dedicated to supporting women-owned businesses in the challenging economic landscapes of Senegal and Côte d’Ivoire. The fund’s recent announcement on December 5, 2023, reveals its strategic move to further empower women entrepreneurs through a substantial line of credit from FSD Africa.

The $1 million loan is set to be utilized by Wic Capital in providing innovative financial products tailored to the specific needs of its target audience. Beyond financial assistance, the fund aims to fortify women entrepreneurs by offering mentoring and training sessions, recognizing the multifaceted challenges faced by businesses led by women in the region.

Anne-Marie Chidzero, the Investment Director at FSD Africa, managing FSDAi Nyala Facility, highlighted the significance of this loan in supporting Wic Capital’s expansion strategy in Senegal and Côte d’Ivoire. The loan is expected to act as a catalyst, enabling Wic Capital to secure additional funds to further bolster its mission in the two West African countries.

One of the major hurdles addressed by Wic Capital is the stark lack of financial access for women entrepreneurs in the region. In Senegal, only a mere 3.5% of businesswomen currently have access to credit from financial institutions. Additionally, there is a considerable deficit in access to coaching and technical assistance platforms, underscoring the critical need for initiatives such as Wic Capital.

While Wic Capital has not disclosed specific details on the allocation of funds to individual projects or the number of companies set to benefit from this facility, the overarching goal is clear — to bridge the financial gap and empower women entrepreneurs who face formidable challenges in accessing finance in the region.

The establishment of Wic Capital by the Women’s Investment Club Senegal in 2019 reflects a proactive response to the pressing issue of limited financial opportunities for businesses, particularly those led by women, in Senegal and Côte d’Ivoire. The fund’s commitment to offering not just financial support but also mentorship and training is poised to make a transformative impact on the entrepreneurial landscape, unlocking new avenues of growth and sustainability for women-owned businesses in the region.

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.

LeapFrog Secures $500M for Investment in African Climate-Tech

December 1, 2023

LeapFrog Investments, a renowned Profit with Purpose firm, has successfully raised $500 million to fuel its ambitious climate investing strategy in Africa and emerging Asia. The substantial investment comes from Temasek and has garnered support from the European Investment Bank, pending approval from its governing bodies.

In 2021, Temasek committed $500 million to LeapFrog to anchor its future investing activities, including a $100 million commitment to the newly unveiled climate investing strategy. The European Investment Bank, a long-term partner of LeapFrog in emerging market impact investing, is considering its fifth investment with the firm, subject to ongoing appraisal.

A recent report, the Investor Roadmap for Inclusive Green Growth, jointly released by LeapFrog, Temasek, and the World Bank’s CGAP think tank, underscores the urgency of addressing climate change in South Asia, Southeast Asia, and Africa. These regions currently contribute 25% of global climate emissions, a figure projected to surge to 73% by 2050 without prompt action.

LeapFrog’s climate strategy focuses on channeling investments into companies providing green tools and technologies targeting rising consumers. This includes sectors such as 2-wheeler electric vehicles, rooftop solar providers, and smart farming businesses in the energy, mobility, built environment, and agricultural sectors. The aim is to support low-carbon and resilient growth as incomes rise, with a specific focus on countries like India, Indonesia, and Kenya.

LeapFrog CEO Andy Kuper on Seeking Profit With Purpose - Bloomberg — *Andy Kuper is the Founder and CEO of LeapFrog. Credits: Leapfrog*

Dr. Andy Kuper, Founder and CEO of LeapFrog Investments, emphasized the global nature of the climate challenge, stating, “Climate has no borders, and so neither should global capital markets.” He commended the early support from Temasek and EIB, highlighting the understanding of long-term and progressive investors in tackling climate change holistically.

Benoit Valentin, Head of Impact Investing at Temasek, expressed optimism about the potential for emerging markets to leapfrog traditional technologies with access to clean technology. He stressed the need for urgent action to tap into the green discount and seize investible opportunities for a greener and more inclusive future.

Markus Berndt, Acting Managing Director of EIB Global, expressed excitement about the strategy’s objectives to invest in concrete solutions for private sector development and a green transition in transport, energy, and the environment in Asia and Africa.

LeapFrog’s climate team has already built a robust pipeline of green businesses in Africa and emerging Asia, with plans to announce initial investments in 2024. The firm’s previous funds have supported successful climate companies, such as Sun King, the largest pay-as-you-go solar financier in Africa.

The recent backing from Temasek and EIB follows LeapFrog’s $500 million climate commitment, announced four months ago at the US-UK Climate Mobilisation Forum. This forum, attended by key global figures including LeapFrog’s Dr. Kuper, aimed to tackle climate change in developing economies and accelerate a net-zero, resilient transition.

LeapFrog Investments, known for its profit with purpose approach in financial services and healthcare, has raised four growth equity funds and two separate accounts, spanning dozens of investments in 30 countries to date. With a portfolio that has generated 24% annual revenue growth on average, LeapFrog companies currently reach 492 million people across the globe, delivering healthcare, financial tools, or climate solutions to over 6% of the world’s population.

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

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

How Does Morocco’s 212 Founders Invest in Startups?

November 30, 2023

African-tech-startup-funding-rises-51-to-195M-in-2017

In a strategic move to boost the global presence of Moroccan and African startups, 212 Founders, the investment arm of CDG Group, has pioneered an innovative program providing both guidance and financing. This initiative seeks to propel startups with international ambitions, fostering a new wave of entrepreneurial success in connection with Morocco and Africa.

Whether seasoned entrepreneurs, experienced professionals, or recent graduates venturing into entrepreneurship, the program welcomes all high-potential individuals equipped with at least a Minimum Viable Product (MVP). The eligibility criteria encompass projects that are innovative, scalable, and demonstrate a strong ambition for internationalization in Africa or the Middle East.

Key conditions for entry include having a functional MVP with observable field feedback and measurable traction, a dedicated and expert project team, and a connection to Morocco, Africa, or the Middle East. The program emphasizes a deployment vision across one or more countries in the African or MENA region, with a base or team connection to Morocco.

Financed by CDG Invest, the program operates on a non-profit basis with a clear mission to bring forth globally impactful startups tied to Morocco and Africa. Entrepreneurs engaged in the program benefit from a funding structure designed to be entrepreneur-friendly, facilitating the growth and sustainability of their ventures.

During the incubation phase, startups can secure Seed funding ranging from €200k to €700k in exchange for a 10% to 20% equity stake. As startups progress to acceleration, 212 Founders stands ready to co-invest up to €1M during a Series A funding round, collaborating with other venture capital funds.

The program unfolds in three distinct phases:

Project Sourcing: An annual call for projects, open to both Moroccan and French campuses, selects the most promising startups for the 212 Founders program.

Incubation (6 months): Entrepreneurs benefit from comprehensive support in developing their startups, covering areas such as go-to-market strategy, product development, commercial strategy, and overall vision, preparing them for a Seed funding round.

Acceleration (12 months): Focused on enabling large-scale deployment and preparing startups for a Series A funding round, this phase targets expansion in the Middle East and Africa.

The rigorous selection process involves three stages of interviews, ensuring that only the most promising and well-prepared startups progress through the program.

Historically based in Casablanca, Morocco, 212 Founders has expanded its reach to Paris, France, establishing a presence within Station F, the world’s largest startup campus. The program’s operations remain consistent, whether a startup is based in Casablanca or Paris, ensuring equal access to mentorship, support, and resources.

For startups in the French campus, the program offers an opportunity to:

Develop and implement an internationalization strategy towards MENA and Africa.

Uncover the competitive and strategic advantages of Morocco, such as a pool of tech talents and development resources.

Access a unique financing structure for Seed and Series A directly provided by 212 Founders, complemented by connections to VC partners in Africa and the Middle East.

Startups based in the Moroccan campus also stand to benefit, providing a holistic approach to fostering entrepreneurship and innovation in the region.

11 Startups Selected For 212 Founders New Accelerator Program

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

EchoVC Unveils $2.5 Million Eco Pilot Fund I to Boost Early Stage African Startups

November 28, 2023

In a bold move to foster innovation and address the funding gap for underrepresented founders in Africa, EchoVC, a prominent seed and early-stage technology venture capital firm, has proudly introduced the EchoVC Eco Pilot Fund I. This $2.5 million ‘pilot’ fund, established in collaboration with Shell Foundation and co-funded through UK Aid from the UK Government, is set to propel groundbreaking ideas, products, solutions, and platforms in the realms of climate, energy, agriculture, and mobility.

Venturing into Impactful Sectors

EchoVC, known for its commitment to investing in underrepresented founders and underserved markets, is directing its focus towards very-early-stage enterprise development and innovation with the EchoVC Eco Pilot Fund I. Taiwo Kamson, Principal at EchoVC, emphasized that this strategic initiative aims to address the funding gap in impact-focused sectors, particularly in agriculture, climate, and energy.

Eghosa Omoigui, Managing Partner at EchoVC, asserted that Africa’s path to entrepreneurship, job creation, and household uplift requires mission-driven founders to be supported by high-risk capital. The Eco Pilot Fund I, as a first step initiative, intends to provide first institutional checks to founders, assisting them in syndicating financing rounds to further their mission.

Addressing Funding Disparities

The decision to launch the Eco Pilot Fund I was informed by EchoVC’s observation of the uneven distribution of funding to African entrepreneurs, despite a growing interest in harnessing business potential on the continent. According to data from 2017–2021, [Black] Africans accounted for 28% of CEOs and 31% of executive teams in startups winning financing deals. The distribution was even more skewed in sectors like energy, mobility, and agriculture, where only 21% of CEOs and 36% of executive teams were African.

Strategic Approach for Lasting Impact

Tsendai Chagwedera, Partner at EchoVC, explained the rationale behind the pilot fund, stating that it allows the firm to work out the challenges of backing founders in historically underfunded sectors. This strategic move positions EchoVC as one of the most experienced VC funds on the continent, aiming to finance startups that generate long-term positive financial and high-impact returns.

Key Features of EchoVC Eco Pilot Fund I

The EchoVC Eco Pilot Fund I will make up to ten pre-seed investments in African founders and startups focusing on key areas such as energy provision for agriculture, digital technologies to unlock finance for farmers, low-cost solutions for market information and training in farming practices, and value chain creation for small holder farmers.

Building a Climate-Resilient Future

EchoVC envisions making a lasting impact by contributing to the growth and success of innovative ventures in designated impact areas, creating jobs, uplifting incomes, and expanding the reach to customers. The firm aims to nurture groundbreaking ideas to their full potential, shaping a future where innovative ventures are not only funded but also supported in reaching their pinnacle.

Calling for Visionary Entrepreneurs

EchoVC extends an invitation to visionary entrepreneurs and forward-thinking founders in Africa to connect and shape the future together. The firm expresses gratitude to its investors and anticipates making a lasting impact with the EchoVC Eco Pilot Fund I and its future funds.

EchoVC, a Black-led technology-focused venture capital firm, operates with a mission to be the Sequoia Capital for underestimated founders and markets. With offices in Lagos, Nairobi, New York, and London, EchoVC has a portfolio of nearly seventy companies, investing in technology and technology-enabled startups across various sectors and themes, including smart planet, healthcare, education, agriculture, climate, energy, AI, financial services, mobility, commerce, media, and connectivity.

Accounting and Financial Professionals Must Lead Africa’s Transition to Sustainable Development

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

Beltone Financial Rounds Off 2023 with Four New Investments in Egyptian Startups

In a recent disclosure of its business results for the financial period ending on September 30, 2023, Beltone Financial Holding Company showcased a transformative journey under its new management. This overhaul involved a comprehensive restructuring of the company and its subsidiaries, encompassing the modernization of functions, implementation of new policies, and the assembly of a top-tier team to manage and diversify services. The strategic initiative aimed at positioning Beltone as a digital institution, leveraging data in operations, and making data science a cornerstone of innovation and decision-making.

A significant milestone in this evolution was the establishment of Beltone Academy, envisioned as a leading financial educational institution. The Academy aims to empower individuals with the knowledge and skills needed to navigate challenges in the financial sector successfully.

The company’s financial results bore witness to the success of this strategy. Operating revenues for the period soared to a record 957 million pounds, marking a remarkable 271% year-on-year increase. This surge was attributed to robust growth in revenues from non-banking financial activities, supported by the impressive performance of the investment bank.

Preceding deductions, interest, taxes, depreciation, and amortization, Beltone reported revenues of 266 million pounds and net profits of 86 million pounds during the same period, reflecting a remarkable 161% increase compared to the prior year’s losses of 140 million pounds. This turnaround is seen as compelling evidence of the effectiveness of the restructuring strategy initiated approximately a year ago.

Non-banking financial activities witnessed a staggering 680% annual increase, reaching 478 million pounds, driven by the growth in financial leasing, consumer finance, microfinance, and risk capital revenues. The investment bank reported operating revenues of 198 million pounds, while the portfolio of shares bought on margin from Beltone Securities Trading surged to 621 million pounds, a 109% YoY increase. Assets under management in the asset management activity reached 23 billion pounds by the end of the period.

Beltone not only redefined its strategic direction but also unveiled a new brand identity as part of its restructuring plan. In a move to bolster its position in the consumer finance sector, Beltone rebranded its consumer finance arm from “BelCash” to “Seven,” emphasizing its commitment to providing innovative payment solutions in financial technology.

During the third quarter of 2023, Beltone Financial Leasing Company obtained a license to incorporate factoring activity into its operations. Additionally, in November 2023, Beltone Real Estate Finance Company secured a license to engage in real estate financing, bringing the total number of Beltone licenses to 16.

As part of its commitment to fostering innovation and growth in the Egyptian startup ecosystem, Beltone Venture Capital increased its investments during the period. Notable investments were made in SehaTech, WayUp Sports, Bosta, and Ariika.

In a strategic move to strengthen its market presence, Beltone acquired 100% of Cash Microfinance Company, a leading provider of microfinance services in Upper Egypt. Cash Microfinance Company has ambitious plans to expand its branch network nationwide and launch mobile branches to facilitate access to financial services, particularly in remote areas.

LockBit Saga Unfolds: Fawry Claims Live System Integrity, Acknowledges Testing Environment Breach

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

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

November 27, 2023

Ghana’s 2024 budget and economic statement reveal a strategic move to bolster the nation’s entrepreneurial landscape. The Venture Capital Trust Fund (VCTF) is set to commit $14 million into local venture capital funds.

This development follows the noteworthy success of the VCTF in leading the Initial Close of the maiden fund for the Mirepa Capital SME Fund I (MCSFI) last year. Managed by Mirepa Investment Advisors Ltd., an authorized investment advisor with a robust capital base of GHS 120 million ($10.5M), the MCSFI aims to bridge the funding gap for Ghanaian small and medium-sized enterprises (SMEs) within the GHS 2.4M to GHS 24M ($200K — $2M) range, providing crucial patient capital support.

Focusing primarily on sectors such as light manufacturing, technology, and cleantech ventures, the MCSFI has its sights set on businesses within agribusiness/agroprocessing, education, healthcare, financial services, and business services sectors, including industrial and mining support. This noteworthy achievement establishes the fund as the second in Ghana to be anchored solely by local investors, led by the VCTF and prominent pension funds, following the precedent set by Injaro’s IGVCF fund.

In a further strategic move, the Venture Capital Trust Fund has also invested in Injaro Investments, an Africa-focused private equity and private credit fund manager. Injaro recently announced the launch of its third fund, totaling USD20 million and backed by local pension funds — a groundbreaking development for Ghana. Jerry Parkes, CEO of Injaro Investments, stated that the fund is designed to support mission-focused SMEs.

Cumulatively, 2023 witnessed the Venture Capital Trust Fund committing $16 million to various initiatives, including the Injaro Investments Limited Ghana Venture Fund, Industrial Support Fund, Mirepa Capital Ltd SME Fund, and Wangara Green Ventures. This strategic allocation underscores Ghana’s commitment to fostering a vibrant entrepreneurial ecosystem and supporting businesses across diverse sectors.

Venture Capital Trust Fund Ghana

Embracing Savings Culture will Strengthen the Economy, Says President Ruto

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

How Saviu Ventures Will Deploy Its New $13.1M Fund in Francophone African Startups

November 25, 2023

Saviu Ventures, a prolific Venture Capital firm in Francophone Africa, recently marked a significant milestone with the first close of its second fund, Saviu II, securing EUR 12 million in funding. Below, we explore how Saviu Ventures plans to deploy these new funds in African startups.

Historical Background and Expertise:

Saviu Ventures, founded in 2018, has established itself as a key player in the Francophone Africa Venture Capital landscape. Led by experienced entrepreneurs Benoit Delestre, Samuel Touboul, and Cynthia Mandjek, the team brings over 15 years of entrepreneurial experience, a decade of Venture Capital and Private Equity expertise, and backgrounds in renowned firms like Eurazeo and Orange Ventures.

Benoit Delestre, Samuel Touboul, and Cynthia Mandjek — Benoit Delestre, managing partner

Saviu II Fundamentals:

Fund Size: EUR 12 million.

Investor Base: Private investors, including European and African entrepreneurs, high-net-worth individuals (HNWI), and Family Offices.

Investment Focus: Early-stage startups from Seed to Series A, with a strong emphasis on Francophone Africa.

Sector Agnosticism with a Focus:

Saviu’s Sectors of Interest: Tech or Tech-enabled companies in Fintech, Healthtech, Edtech, ClimateTech, and E-commerce.
Investment Range: EUR 500k to EUR 3.0m per startup.

Hands-On Approach:

Operational DNA: Saviu Ventures follows a hands-on approach, avoiding the “Spray and Pray” philosophy. The team provides comprehensive support, including business development, recruitment, international expansion, and fundraising.

Proven Track Record:

Successful Portfolio: Saviu I, the predecessor fund, invested in 12 startups, primarily in Francophone Africa, with notable success stories such as Anka, Julaya, Zanifu, Lapaire, and Paps.

Key Holdings: Saviu maintains significant shareholdings in successful companies like Anka (20%), Julaya (board seat), Zanifu (15%), Lapaire (22%), and Paps (reference minority shareholder).

Regulatory Approval and Independence:

Milestone: Saviu II and its management company secured a License from the Mauritius Financial Markets Authority (FSC).
Significance: This positions Saviu Ventures as one of the few fully independent and regulated Venture Capital Fund management entities in the Francophone West African region.

Geographic Presence:

Team Distribution: Saviu Ventures has a team of over 7 investors and operators spread across Abidjan, Dakar, and Paris, reflecting a strategic geographic presence.

Recent Investments:

Companies Funded: Saviu II has already made investments in Waspito (Cameroon), Rubyx (Senegal), and Workpay (Kenya), showcasing the fund’s proactive approach.

Founder’s Perspective — Quotes:

Benoit Delestre (Partner): “Reaching the first close of Saviu II and obtaining our License is a recognition of all the work that has been done… We are now ready to support a new generation of talented entrepreneurs within the Tech industry.”

Samuel Touboul (Partner): “The renewed commitment of private investors from our first to our second fund is for us a key sign of confidence in our very focused strategy, and its capacity to scale-up startups while creating both value and impact.”

Future Outlook:

Strategic Vision: Saviu II aims to leverage the strong brand name of Saviu Ventures, a reinforced team, and a new institutional framework to further invest in the flourishing startup ecosystem in Francophone Africa.

East African Community, Federal Republic of Germany Marks 25 years of Cooperation

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

Swoop Funding Introduces New Funding Options for Startups in South Africa

November 17, 2023

Swoop Funding, a leading global player in business funding solutions, proudly declares its official entry into the South African market, as of November 16, 2023. This strategic move has been made possible through robust collaboration with industry leaders Sage and Enterprise Ireland, solidifying Swoop’s commitment to addressing social, political, and economic challenges in South Africa.

The company’s expansion into South Africa represents a significant stride in its dedication to combatting high unemployment rates and fostering economic growth. Swoop aims to empower South African businesses by providing seamless access to a variety of funding solutions tailored to their unique needs.

Ciaran Burke, Co-founder of Swoop Funding

At the core of Swoop’s mission is the resolve to offer comprehensive financial support, responding to the urgent demand highlighted by a survey indicating that 96% of South African small- and medium-sized businesses seek assistance with Access to Finance[1]. Swoop bridges this gap by connecting businesses with a diverse array of funding options, including loans, equity investment, and grants. This holistic approach ensures that businesses can access the most suitable finance to spur their growth and sustainability.

The decision to establish a presence in South Africa is reinforced by strategic partnerships with Sage, a global leader in accounting software and business technology solutions, and Enterprise Ireland, a key player in Irish economic development. These collaborations underscore a shared commitment to nurturing innovation, growth, and sustainability within the South African business landscape.

Ciaran Burke, Co-founder of Swoop Funding, expresses enthusiasm about the venture, stating, “We are thrilled to introduce Swoop to South Africa, a country teeming with potential and a vibrant entrepreneurial spirit. Our platform is designed to be a catalyst for positive change, offering a lifeline to businesses facing financial challenges.”

Swoop’s participation at AfricaCom, alongside industry leaders from Sage and Enterprise Ireland, as well as Ireland’s Ambassador to South Africa, HE Austin Gormley, showcased a collaborative effort and shared commitment to supporting South African businesses on their path to success.

Already making a positive impact in the local business community, Swoop has successfully funded enterprises such as Growing Paper, a South African company producing handmade, biodegradable paper embedded with seeds. This early success underscores the platform’s efficacy in addressing the diverse funding needs of businesses across various sectors.

Ambassador Austin Gormley expressed strong support for Swoop’s entry into the South African market, welcoming the arrival and acknowledging the contribution they will make by addressing critical challenges and creating meaningful opportunities for local businesses.

Swoop Funding is a global platform dedicated to facilitating simplified access to funding for businesses. Their mission is to empower all businesses and drive economic growth by seamlessly connecting them with a comprehensive range of funding options, including loans, equity investment, and grants.

Nairobi-Based Bio-Logical Raises $1M Seed Funding to Empower Smallholder Farmers and Combat CO2 Emissions

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

Flat6Labs Intensifies Sub-Saharan African Entry with New Partner for its $95M Africa Seed Fund

In a strategic move aimed at fortifying its presence in the dynamic African startup landscape, Flat6Labs (www.Flat6Labs.com), the preeminent seed venture capital firm in the Middle East and North Africa (MENA) region, proudly welcomes Christine Namara as a Partner for its Africa Seed Fund. With over a decade of extensive experience in private equity, startup operations, and venture capital, Namara brings unparalleled expertise and a vast network to Flat6Labs’ recently unveiled US $95 million Africa Seed Fund (ASF), dedicated to nurturing early-stage tech startups across the African continent.

The Africa Seed Fund will concentrate its investments in three key regions: North Africa, West Africa, and East Africa, signaling Flat6Labs’ expansion into the East and West African markets. Namara’s regional proficiency will play a crucial role in establishing and managing this expansion, ensuring seamless integration with local startup ecosystems. Over the next five years, ASF aims to invest in over 160 early-stage startups operating in the technology sector in Africa.

Describing herself as “vigorously pan-African,” Namara boasts extensive experience within the African technology ecosystem. Her journey includes transitioning from the operational side to the dynamic world of venture capital. In her previous roles at two prominent high-growth startups in East Africa, Namara honed her skills in B2B sales, people management, and product management. Before joining Flat6Labs, she led capital ventures at a reputable accelerator for early-stage startups in Africa. This diverse background has provided Namara with an intricate understanding of the multifaceted challenges and opportunities that early-stage entrepreneurs encounter in the ever-evolving African tech landscape.

In her role at Africa Seed Fund, Namara takes on a pivotal position in identifying, nurturing, and supporting innovative startups. Her extensive experience in private equity and venture capital equips her with unparalleled knowledge and strategic insights, making her an invaluable asset to the fund’s mission.

“With innovation as our compass and collaboration as our engine, I am honored to join Flat6Labs, a pioneering force in shaping Africa’s entrepreneurial landscape. Together, we will embark on a transformative journey, unlocking the vast potential of startups across the continent. In this interconnected world, every idea has the power to change lives. I am excited to champion these innovations, catalyzing progress and leaving a lasting impact on communities in Africa and beyond,” Namara states.

Dina el-Shenoufy and Ramez El Serafy, General Partners of Africa Seed Fund, emphasize that Namara’s appointment is a significant milestone in the company’s African expansion journey. Her wealth of knowledge, combined with her extensive regional network, will be invaluable as the team continues to support and nurture innovative startups on the continent through the Africa Seed Fund. The fund is anticipated to have a substantial impact on the continent, potentially creating more than 14,000 jobs, supporting over 1,200 founders with 20% female participation, and generating revenue exceeding US$700 million.

Leading Accelerator and Investor, Flat6Labs, Expanding to the Rest of 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 Fund Launched for South African Cleantech Startup: Here’s How To Access It

November 14, 2023

South Africa’s Technology Innovation Agency (TIA) and the UK government’s national innovation agency Innovate UK have established a R16-million (USD 854,000)fund to support collaborative research, development, and commercial partnerships between South African and UK water utilities. The focus is on innovations in water management, distribution, and treatment.

The UK-SA Water Innovation Lead Customer Programme fund aims to forge partnerships between South African and UK water utilities and innovators with proven solutions, enabling greater access to clean water and sanitation. This initiative addresses water security challenges faced by South Africa and the UK, including water shortages, capacity constraints on investing in new infrastructure, and maintenance of existing facilities.

“Innovate UK and TIA share common issues such as droughts, ageing infrastructure, and the ever-growing needs of expanding populations. This initiative is an opportunity for us to build stronger linkages between our two countries. By combining the resources, talent, expertise, and experiences of our respective water sectors, we can work together to solve our collective challenges,” said Innovate UK Global Alliance head Dr. Nee-Joo Teh.

The new initiative provides an opportunity for innovators to engage with their global counterparts, explore new environments, and create value for both markets and their communities.

“This partnership with Innovate UK ties in with TIA’s mandate and mission to harness technological innovation and knowledge for the betterment of all South Africans. By stimulating and supporting collaborative water innovation, we can promote economic growth and improve our citizens’ quality of life,” added TIA natural resources and energy business unit head Dayanandan Naidoo.

Of the R16-million in funding available, R5-million is being provided by TIA for South African organizations, while Innovate UK is providing £500,000 (about R11.4-million) for their UK partners. Eligible entries must propose a partnership between at least one South Africa- and one UK-based organization.

Innovate UK’s Global Alliance Africa project will manage the fund, which is divided into two streams based on Technology Readiness Levels (TRL).

South African organizations with projects at TRL 4 to 6 can receive grants up to R500,000, and their UK partners up to £25,000. For projects at TRL 6 to 8, South African entities are awarded up to R1-million, with UK partners eligible for up to £100,000.

Additionally, Global Alliance Africa and TIA will offer technical support and assist in finding and connecting South African and UK partners.

Applicants with innovative, tested proof-of-concept solutions that address key challenges will be prioritized. These challenges fall into two thematic areas, one of which is digitalization, focusing on water resource management, leak detection and reduction, data-driven decision-making, improved water quality monitoring, enhanced water treatment, better water distribution and access, water billing and revenue management, and remote monitoring of rural water infrastructure.

The second theme is effective waste management in the fields of wastewater treatment efficiency, water reuse and recycling, energy recovery, and nutrient recovery.

South African startups, small, medium-sized, and microenterprises, as well as large organizations, are encouraged to participate in this collaborative initiative.

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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