Latest from Annie Njanja
Kenya closes its probe of Worldcoin, opening the door to a relaunch of its orbs after a year-long suspension
Worldcoin — the crypto “proof of personhood” startup co-founded by OpenAI’s Sam Altman — has been given the green light to resume iris-scanning and other operations in Kenya after a…
Spend management startup SiFi raises $10M to grow further in Saudi Arabia
The global spend management sector is experiencing a tailwind of sorts. North America is arguably the biggest market in this space, but spend management companies have seen demand rise across…
Maad raises $3.2M seed amid B2B e-commerce sector turbulence in Africa
Maad, a B2B e-commerce startup based in Senegal, has secured $3.2 million debt-equity funding to bolster its growth in the western Africa country and to explore fresh opportunities in the…
Axmed raises $2M from Founderful to streamline drug supply chains in underserved markets
It is estimated that about 2 billion people, especially those in lower- and middle-income countries, lack access to quality and affordable essential medicines. The situation is exacerbated by low-quality or even killer…
Productive solar technologies draw investors as global off-grid solar sector funding slumps
Productive Use of Renewable Energy (PURE) technologies, especially those in the solar irrigation and cold chain segment, saw increased investor interest last year, despite a 43% funding slump recorded in…
Ethiopian plastic upcycling startup Kubik gets fresh funding, plans to license out its tech
Kubik, a plastic upcycling startup, has raised a $1.9 million seed extension, months after announcing initial equity investment. The startup’s latest investment is from African Renaissance Partners, an East African…
Madica, a program by Flourish Ventures, steps up pre-seed investing in Africa
Madica, an investment program launched by U.S.-based investor Flourish Ventures to back pre-seed startups in Africa, plans to invest in up to 10 ventures by the end of the year,…
Kenyan B2B e-commerce company MarketForce is winding down its B2B e-commerce business that served informal merchants (mom-and-pop stores) after a turbulent two-year period that saw it scale down operations severely.…
B2B marketplace The Folklore bags $3.4M seed to get brands into global stores
Amira Rasool founded The Folklore in 2018 to help fashion brands from emerging markets like Africa, Asia and The Caribbean tap into the international market. In 2022, the startup introduced…
Pula raises $20M Series B to provide agricultural insurance to farmers in Africa, Asia and LatAm
Since 2015, Pula, an insurtech based in Kenya, has been keen on enhancing the access to agricultural insurance by small-holder farmers across emerging markets, shielding them against losses from pests,…
Verod-Kepple Africa Ventures (VKAV) plans to back up to 21 growth-stage companies across the continent after closing its first fund at $60 million. The pan-African VC hit the milestone following…
Climate tech VC Satgana closes first fund that targets early-stage startups in Africa, Europe
Climate tech VC Satgana has reached a final close of its first fund, which aims to back up to 30 early-stage startups in Africa and Europe. The VC firm reached…
Swiss fintech nsave gets $4M to enable people from unstable economies to open offshore accounts
Swiss fintech nsave, which is making banking in Switzerland accessible to people in countries with unstable banking sectors or facing high inflation, has raised $4 million seed funding. The round…
Farm to Feed is cutting food loss and creating data platform to improve farming outcomes
Globally, a third of the food produced is lost or wasted, and in Kenya, that figure stands between 20% and 40%. For Kenya, unlike the developed world, food loss, not…
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Nala set out to offer remittance services, it’s building a B2B payment platform too
Payments company Nala pivoted to offer remittance service in 2021, tapping the growing money transfer market in Africa, and demand for reliable and affordable services. Nala founder Benjamin Fernandes said they intended to build their products on this premise right from the outset. Over the last two years, the Tanzanian…
BRKZ, a construction tech startup eyeing MENA, emerges from stealth with $8M
Saudi Arabia is poised to become one of the largest global construction hubs, owing to its trillion-dollar infrastructure and the real estate projects that are underway in the country. Yet…
Bfree, a Nigerian startup enabling lenders to recover debt ethically, gets $3M backing
Bfree, a tech-enabled debt collection startup based in Nigeria, was founded to automate and introduce ethical debt recovery processes after its founders witnessed the use and adverse effects of aggressive…
Roam raises $24M to scale electric vehicle production in Kenya
Roam, an EV startup based in Kenya, has raised $24 million in a Series A round, including up to $10 million debt commitment from the U.S. International Development Finance Corporation…
Kenya’s Ilara Health gets $4.2M backing to expand clinic-support services
Ilara Health, a Kenya-based health tech enabling private clinics to access diagnostic devices and pharmaceutical products, has secured $4.2 million debt-equity in a pre-Series A round. The funds will be…
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Africa-focused funds find their feet amid a downturn
In the midst of a funding downtime last year, and with conditions getting tougher for fund managers raising capital as backers (limited partners) enhanced their focus on strategy and track record, some new African and Africa-focused funds still emerged, with several of the existing ones receiving fresh backing. Among the…
Google has today said its cloud region in South Africa is operational, coming a year after the tech giant picked Johannesburg as its first site in Africa. Cloud regions allow…
Speedinvest closes fourth fund at $380M to back early-stage startups in Europe
Vienna-based early-stage VC Speedinvest has closed its fourth early-stage fund, Speedinvest 4, at €350 million (around $380 million at today’s exchange rate), surpassing the initial goal of €300 million ($325…
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How African startups raised funding in 2023
After defying the global funding slowdown of 2022, VC investments in African startups dropped considerably last year, mirroring the situation in other regions where capital taps were significantly turned off. The drop, however, was not unexpected as months preceding the year, deals had become infrequent as investors began to pull…
Kenyan agtech Shamba Pride raises $3.7M to grow its merchant network
Shamba Pride has since 2016 worked to enhance last-mile distribution for farm inputs and tackle price exploitation and quality issues for farmers through its merchant network dubbed digishops. The agtech…
Amazon Prime Video is discontinuing support for local originals in Africa and Middle East
Amazon Prime Video is said to be downsizing its Africa and Middle East operations in a move that will affect teams in the two regions; according to a report in…
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Homegrown African VCs emerge to fill in the gaps foreign investors cannot
The African startup scene is expanding beyond the traditional markets of Egypt, Kenya, Nigeria and South Africa, with accelerated activity now reported in other regions across the continent. As the market grows, there are calls for more local fund managers to unlock additional capital and support founders. This push arises…
Seedstars Africa Ventures gets $30M backing from EIB Global to invest in early-stage startups
Seedstars Africa Ventures has received a $30 million capital commitment from EIB Global, an arm of the European Investment Bank, which becomes the first major institutional investment for its first…
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Last year was a tough period for African growth-stage startups and 2024 presents a mixed bag
Last year presented a tough period for African tech startups. Venture capital was hard to bag (as predicted earlier), bridge and down rounds became the norm, and news of fire sales, layoffs and startup closures reverberated across the continent. With the overall amount of VC funding raised in Africa dipping…
Two of Africa’s largest B2B e-commerce platforms, MaxAB and Wasoko, in merger talks
Egyptian B2B e-commerce startup MaxAB and Wasoko, a Kenya-based e-commerce player with operations in Tanzania, Rwanda, Uganda and Zambia, are in talks to merge operations, TechCrunch has exclusively learned from…
Re-commerce marketplace Soum gets $18M backing to scale in MENA
The global re-commerce market is poised for growth as consumers increasingly settle for pre-owned goods to save on cost, and as some observe conscious consumption. With the global re-commerce market…