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Zimbabwe's Cassava hits $3.7B valuation on first day of listing on ZSE
Cassava SmartTech, a former division of Econet, has listed on Zimbabwe Stock Exchange. This brings the number of companies listed on the exchange to 63. The company was also the first to list on the exchange since 2016. The company, trading under ...
Mastercard awards $2.8M to 3 companies from Uganda, Burundi & Malawi
The Mastercard Foundation Fund for Rural Prosperity (FRP) has announced that three companies from Burundi, Malawi, and Uganda will receive a total of $2,808,295. The amount is aimed at supporting projects that expand financial inclusion in rural Afri...
IFC to invest $1M into Flat6Labs proposed $10M Tunisia-focused fund
The International Finance Corporation is considering making an equity investment into Flat6Labs proposed Tunisia -focused fund. This is according to the documents we came across from the IFC. Flat6Labs Tunis is fundraising TND 30 million (~$10 mil...
Africa Tech Ventures closes $7.5M from AfDB for seed-stage investments
The African Development Bank (AfDB) has approved a $7.5 million investment into Africa Tech Ventures (ATV). The equity investment is part of the Boost Africa Investment Program. A joint collaboration between AfDB, the European Commission and the E...
RemitFund to become the world’s first African Diaspora Investment Fund
According to the World Bank, remittances to sub-Saharan Africa grew to $37.8 billion in 2017. These are forecast to hit around $39.2 billion this year and $39.6 billion in 2019. When this money remitted, it is for different purposes. From supporting ...
Egypt's leading bank establishes fintech-focused corporate venture arm
Commercial International Bank (CIB), one of Egypt’s leading banks, has established a corporate venture arm. CVentures, the corporate venture capital firm will focus on investments into FinTechs. There are no details about the fund size will be o...
D.light raises $41M to expand as well as buy out some existing investors
D.light, a provider of solar-powered solutions, has raised $41 million. The amount came from a consortium led by Inspired Evolution. The other partners include FMO, Swedfund and Norfund. According to d.light, they will use the funding to expand th...
South Africa's Fastvan closes $200,000 Seed round
Fastvan, a South African 'all in one' logistics startup, raised $200,000 in funding. According to Daud Nur, the founder, they closed the amount in October this year. It came from an angel investor they were not willing to disclose at the moment. T...
Rwanda's Kasha & Kenya's Arifu raise $250k from Optimizer Foundation
Kasha, an e-commerce startup that sells men's protection and contraceptives via an SMS-based, Arifu - an edtech startup -raised funding from the Swedish Optimizer Foundation. The foundation made the announcements towards the end of last month. The...
Nigeria's PrepClass raised $300,000 in their recent Series A
In August, PrepClass - an online tutoring marketplace - announced that it had raised its Series A. The amount came from Rise Capital. An American group whose only other investment in Africa, according to Techpoint, was in iROKOtv 5 years ago. But,...
Tunisia's blockchain startup Utopixar receives $100k from UNICEF
UNICEF selected Utopixar, the developer of a social collaboration tool, for investment. The startup, together with 5 others, will receive up to $100,000 from the UNICEF Innovation Fund. Utopixar's is the developer of Coinsense. It connects people ...
OffGridBox, with operations in Rwanda, raises $1.6M in seed funding
OffGridBox, a provider of affordable renewable energy and clean water, has raised $1.6 million in seed funding. According to TechCrunch, the Doen and Good Energies Foundations led the round. With Banque Populaire du Rwanda as a partner. According ...
Egypt's Halan actually raised $4.3M in their recently announced Series A
Halan, an Egyptian ride-hailing startup, announced its Series A at the beginning of the month. The funding came from the existing backer, Battery Road Digital Holdings. As well as one of Egypt’s leading VCs, AlgebraVentures. But, startup declined t...
Nairobi-based Lori Systems raised $6.1M this year according to SEC filing
Lori Systems, a Nairobi-based logistics company, raised $6,170,000 in funding this year. That is according to their Securities and Exchange Commission filing in January. This is the most significant external funding the company has raised. After the ...
Emergent Technology acquires Ghana's InterPay to fuel Africa expansion
Emergent Technology (EmTech), a California-based financial technology company, has acquired Interpay Africa. Interpay is a Ghana-based payments processor with other offices in Benin and Pakistan. According to EmTech, this acquisition will strength...