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CDC commits $15M towards CCA's $100M Nigeria-focused SME fund
CDC, the UK’s development finance institution, has today announced a new investment designed to support high-growth SMEs in Nigeria. CDC has made a US$15 million commitment to CardinalStone Capital Advisors Growth Fund (“CCA”). CCA is a firs...
Ushahidi changes problem statement after securing grant funding
Ushahidi, a solution that was developed to map reports of violence in Kenya after the post-election violence in 2008, has secured an undisclosed amount in grant funding from The Rockefeller Foundation. "We are excited to announce that The Rockefel...
SolarWorks secures $2M in debt from SunFunder & MFX Solutions
SolarWorks – a pay-as-you-go (PAYG) company with operations in Mozambique – has secured a $2 million debt facility from SunFunder and US-based MFX Solutions. "We are expanding into new markets, with our first transaction in Mozambique with SolarW...
MFS Africa secures $2.5M to lower remittance fees to Africa
MFS Africa, a Johannesburg-based fintech, has secured £2 million (~$2,576,000) in funding from the UK's Department for International Development (DFID). The investment was announced yesterday by International Development Secretary, Penny Mordaunt, d...
Ethiopia's ride-hailing service proprietor secures additional funding
Zaytech, the proprietor of ZayRide - a ride-hailing service in Ethiopia - has closed an undisclosed amount of funding. The company, which made the announcement in a press release on December 30, 2018, also remained tight-lipped on who the investors w...
With over $38M raised last year, Egypt's Swvl expands to Kenya
Last year saw Africa's early stage and technology companies raise over $686.4 million in total funding, according to the Digest Africa Index. Egypt, with $68 million, was among the top five most funded countries. But, the most significant chunk of th...
YC startups in Africa have raised over $58.3M in total follow-on funding
Welcome to the first edition of Digest Africa Research Briefs. We shall be sending out at least one Research Brief a week, and the focus is on particular segments in Africa's tech ecosystem that need spotlighting. This week, we are taking an in-depth...
Microtraction's Yele Bademosi joins Binance Labs as a Director
Binance Labs has announced that Yele Bademosi joined them as a director. "We are thrilled to welcome Yele Bademosi to the Binance Labs team," the company wrote in a blog. Based in Lagos, Nigeria, Yele will focus on developing the blockchain ecosys...
AIIM invests $31M into BBOXX for a minority stake in its E. Africa business
BBOXX, a London headquartered solar company has raised $31 million in Private Equity from Africa Infrastructure Investment Managers (AIIM), which invested through its AIIF3 fund. In return, the Private Equity investor will get a minority stake in ...
Africa's technology companies recorded 454 deals worth $1.19B in 2018
Today, we release our very first report - Digest Africa INDEX - which summarises the investment into Africa's early stage and technology companies for the year 2018. Below are the excerpts of the Executive Summary and the Methodology we used. Plea...
In Brief: SA's WhereIsMyTransport Secures $1.85M Series A
WhereIsMyTransport has received an investment of USD 1.85 million as part of its Series A funding round. Returning investor, Goodwell Investments, is joined by Liil Ventures, a Corporate Venture Capital fund in the mobility sector. The company sec...
Scaleup accelerator Growth Africa extends cohort application deadline
Growth Africa has announced the extension of the deadline for applications to its 2019 cohort. The new application period is until January 31, 2019. The Nairobi-headquartered business scaleup accelerator has operations across Kenya, Uganda, Ethiop...
Alibaba extends the relationship with Rwanda to the rest of East Africa
In December 2018, we reported that Alibaba and the Rwanda Development Board (RDB) were organising a unique e-Founders Fellowship Program for Rwandan entrepreneurs. According to the notice from RDB, the program was slated to kickstart in February this...
SolarNow closes $9M to deploy new off-grid solar systems across Uganda
SolarNow, a Uganda-based company that sells and finances solar home systems, has raised $9 million in debt. SunFunder, a longtime debt financier for the company arranged the debt facility alongside co-lenders responsAbility and Oikocredit. The fun...
Africa's 50 most funded tech companies in 2018 raised a total of $618M
This Thursday, we shall release the Digest Africa INDEX, an annual report that summarises Africa's technology investment landscape. As a build-up to the day, we shall release snippets of what is contained in the report. In this article, we look at th...