A grand total of $593M in venture capital was raised by startups across 74 deals in November. This is a climb compared to October that recorded $98M raised from 53 deals. November now ranks second, recording the second highest total of venture capital raised in the year 2021. This brings the total venture funding in 2021 so far to $3.34bn.
The Financial Services industry scored the highest venture funding to the tune of $403.5M across 19 deals making up 25.7% of the total funding. This figure was dominated by deals from Chipper Cash in a $150M Series C and Jumo in a $120M undisclosed venture deal. This was followed by the E-Commerce Sector ranked in second with 16.5% of the total funds in 10 deals to the tune of $97.7M. The two top deals in this sector ensued from Kenyan online grocer Twiga Foods in a $50M Series C and Egyptian Breadfast in a $26M Series A round.
By location, South African and Ugandan-based startups emerged as the most funded, attracting $252M and $153.5M of the total venture capital in the month respectively. A deeper delve into the funding rounds also realized over 45% of the month’s venture funding raised related to Series C rounds. This was to the tune of $270M raised in only three (3) deals. In terms of founder diversity, 76% (56) of the month’s venture deals were raised by male-founded startups amounting to $577M and 24% (18) of the venture deals were raised by female-founded startups amounting to $16.1M.
Here is a review of the top 10 deals of the month in order of amount raised:
Chipper Cash ($150M)
The payments startup made its second hefty raise of the year in a $150M Series C round led by crypto exchange platform FTX with participation from Silicon Valley Bank, Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures and Tribe Capital. This marks the company’s sixth disclosed fundraise bringing its total funding to $302M since 2019. Chipper Cash has also achieved unicorn status as confirmed by co-founder Ham Sserunjogi with an estimated valuation of over $2 billion. Chipper Cash recently launched into the USA market and released their product U.S fractional stocks which allows users to make investments as little as $1 in some of the world’s largest publicly traded companies listed on the NYSE.
In a round led by Fidelity Investments with participation from Visa and Kingsway Capital, Jumo raised $120M to fuel expansion into the Nigerian and Cameroon markets as well as increasing and improving the range of financial products for SMEs. Jumo is now reportedly valued at $400M according to UK newspaper The Times. Per Digest Africa data, the company’s total funding to date now stands at $267M across 8 disclosed rounds. Jumo currently operates in several markets including Uganda, Kenya, Tanzania, South Africa, Ghana, Zambia, Ivory Coast and Pakistan and has disbursed loans worth over $3.5 billion to more than 18 million customers within these markets.
MFS Africa ($70M)
MFS raised a $100M Series C round split in $70M Equity and $30M Debt Finance to expand their digital payments solution across the continent. The funds came in from a number of new and existing investors including AfricInvest, Goodwell Investments, LUN Partners Group, CommerzVentures, Allan Gray, among others. The startup aims to make the adaptability of mobile wallets similar to that of making phone calls and has already taken steps to expand its network. MFS Africa has made a number of strategic acquisitions in the previous years, with the most recent being financial service Beyonic.
Twiga Foods ($50M)
Twiga has built a retail and food distribution chain that has connected food vendors with farmers and FMCGs and manufacturers with retailers in Kenya. The startup now claims to have over 100,000 customers across Kenya using its services, delivering more than 600 metric tons of product to 10,000+ retailers daily. The company has received their first investment this year in a $50M Series C round from Creadev, TLcom Capital Partners, International Finance Corporation, DOB Equity, Juven, Finnfund and Endeavor Catalyst. The company has recently expanded operations in parts of Nyanza and the South Rift Valley with the new investment.
Another payments gateway Ozow raised $48M in a Series B round led by China-based investor Tencent Holdings with participation from Endeavor Catalyst among other investors. This new investment will be used to provide a wider alternative of solutions to both merchants and customers. Ozow provides an open internet banking platform by automating the manual EFT process for seamless payment transactions. To date the startup has raised a total of $48.7M in disclosed funds across 2 rounds.
In a Series A round with investments from WndrCo, DN Capital, Kismet Capital, Spike Ventures, Quiet Capital, Endeavor Catalyst, FJ Labs, Venture Souq and a number of other investors, Algerian-based logistics startup Yassir received $30M to use their marketplace model to offer payment services to all parties in the process and create a super app. Yassir was the first Agerian startup to join Y Combinator’s Winter 2020 batch. The company currently has over 3 million people and 40,000 partners transacting through its platform.
Egypt’s Breadfast made their third disclosed fundraise in a $26M Series A round from investors Vostok New Ventures, Endure Capital, JAM Fund, YC Continuity Fund, Shorooq Partners, 4DX Ventures and Flexport. The company has raised an estimated $28.2M raised across 3 rounds. Breakfast is an online one-stop supermarket for bakeries, groceries, fruits, veggies, personal care and household products. The new funds will be used to scale the company as it targets to deliver 6 million orders in Egypt within the next 12 months. Currently, Breakfast serves 170,000 households in Egypt with more than 2,500 supermarket items.
Africa Health Holdings ($18M)
Africa Health Holdings raised $18M to expand its “tech-forward” healthcare platform across Ghana, Nigeria and Kenya. The round was led by Asia Pacific Land, with participation from TRB Advisors, Breyer Capital, M3 Inc, Valiant Capital, Kepple Ventures and SUNU Capital. The company’s product MyCareApp gives patients access to a wide range of medical services by teleconferencing as well as access to test results and 24 hour emergency response and attends to 200,000 patients annually. The increased demand for telemedicine has fueled this growth.
Rabbit is taking advantage of the fast adaptation of on-demand grocery and delivery services. The startup raised $11M from investors Global Founders Capital, Raed Ventures, Foundation Ventures, MSA Capital and Goodwater Capital. Rabbit’s tech and operations work in such a way that an in-house team takes care of receiving an order and packaging and then delivers it all within 20 minutes. The company currently completed 50 deliveries per location daily but anticipates that this will grow to the end of hundreds of thousands per month soon.
Sabi has made its second fundraise yet in a $6M Pre-Series A round with investments from CRE Venture Capital. The company is a product of the energy startup Rensource’s team, who had their operations interrupted by the pandemic in 2020. Their total funding yet now stands at $8M across 2 funding rounds. Sabi is a B2B network for informal trade focused on accelerating the velocity of commerce by enabling stakeholders in the informal sector to access and offer value amongst each other. According to the company’s CEO Anu Adasolum, Sabi focuses its processes, policies and monitoring around understanding the different types of users and monitoring how the third parties we work with are serving them