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Mastercard Foundation Launches $24.8 million Facility To Support Startups And SMEs in Ethiopia

tartups, small and medium scale businesses in Ethiopia have a new support from Mastercard Foundation. The Jobs Creation Commission of Ethiopia, the Mastercard Foundation and First Consult have announced the creation of the Mastercard Foundation MSE’s Resilience Facility. This is an emergency program that will support micro and small-sized enterprises (MSEs) and start-ups in Ethiopia during the economic downturn caused by the COVID-19 pandemic. Here Is What You Need To Know The program, with an initial commitment of approximately USD 24.8 million from the Mastercard Foundation COVID-19 Recovery and Resilience Program , will ensure MSEs remain solvent, retain their employees, and are able to create increasingly innovative work opportunities in the wake of...

Nigerian Startups Max.ng and Releaf Group Secure $200k From Harambe Entrepreneur Alliance

Two Nigerian startups, bike-hailing startup Metro Africa Express (Max.ng) and agritech venture Releaf Group have both secured $200,000 from newly launched Harambeans Prosperity Fund $1 million fund. Harambe Entrepreneur Alliance launched the fund to support its African portfolio companies affected by the economic challenges of the Covid-19 pandemic. Here Is What You Need To Know Harambeans Prosperity Fund is simply a fund for Harambeans, so called if you are referring to some sort of a social club where members pool together or source funds to support members. Harambeans Prosperity Fund usually follows a set of self-made rules in choosing where and whom to invest in. The Alliance is looking to invest up to between...

Sun Exchange secures $3m investment, closes $4m round

SA blockchain-based solar panel micro-leasing marketplace Sun Exchange has raised a $3-million (R50-million) investment from ARPF, a Mauritian private equity fund which is advised by London-based Arch Emerging Markets Partners. The investment marks the close of a R67-million ($4-million) Series-A funding round, Sun Exchange said in a statement. The startup, which was founded by Abe Cambridge in 2015, enables almost anyone, anywhere in the world, to buy remotely-located solar cells that power schools, businesses and other organisations in South Africa and other sunny emerging markets. The latest investment marks the close of Sun Exchange’s $4m Series-A funding round The Sun Exchange said it will use the funds to scale its solution and expand into new...

Morocco invests €5mln to build a bridge on the Rabat-Casablanca highway

The government of Morocco is constructing a bridge linking the city of Temara to the Rabat-Casablanca highway. The investment of MAD50 million (€4.6 million) is aimed at improving traffic flow on this 86 km corridor, which has a high traffic volume of 65,000 vehicles per day, with peaks of 85,000. Work started since September 2019 and is expected to be completed by the end of this year, according to Abdelkader Amara, the Minister of Transport. Next article: Tabby, the UAE’s first Buy Now, Pay Later solution secures $7M in funding According to Mohammed Karim Al Imam, director of the Autoroutes du Maroc (ADM) development project, this bridge will...

Daily Digest Tuesday, 9 June 2020

Funding In North Africa Shezlong raises investment to expand its operations to help mental health Shezlong has raised a new investment to expand its services in the Middle East and North Africa region as well as Arabic speaking population globally, and to introduce new products that focus on mental health including Texting-Base Therapy and Corporate Wellness programs. Read More Funding In Southern Africa Sticitt, South African Cashless Payment Startup Raises 4.2 Million Rands Funding [Update] Even in the midst of global despair, venture capitalists are seeking out businesses with opportunities to make an impact in the market, this points out why the fintech sub-sector is making a lot of inroads and attracting great attention. Read more Funding In Other Emerging Markets Robo-advisory startup Wahed...

Tabby, the UAE’s first Buy Now, Pay Later solution secures $7M in funding

Tabby, a FinTech startup that provides consumers across the UAE and Saudi Arabia with the flexibility to pay for their online and offline purchases either in a deferred single payment or in multiple installments has raised $7M in funding. The round was led by Raed Ventures. This news comes over 6 months after they raised their Seed round last November. • Tabby’s mission is to empower consumers to easily buy what they want, when they want, while remaining in control of their finances. The Pay in Installments option gives customers the flexibility to pay for their purchases in multiple, interest-free installments without requiring a credit card.• Tabby has partnered with over 20 regional e-commerce...

Shezlong raises investment to expand its operations to help mental health

Cairo-headquartered Online Mental Health Platform - Shezlong - has raised a new investment to expand its services in the Middle East and North Africa region as well as Arabic speaking population globally, and to introduce new products that focus on mental health including Texting-Base Therapy and Corporate Wellness programs. The new investment came from AAIC – a Singapore based investor who is focused on the healthcare sector in Africa, GCC based Mohamed El Khamissy – Chairman of MK Capital and an investor in a number of health & wellness and sports entities across the Middle East, Europe, and the US, and Khaled Ismail, Chairman of HIMangel, the leading angel fund in Egypt, which has focused on health-tech and is one of Shezlong’s early investors.  “Mental health is important at every stage of life and our mission in Shezlong is to help people manage their psychological and mental health at all...

Sticitt, South African Cashless Payment Startup Raises 4.2 Million Rands Funding [Update]

Even in the midst of global despair, venture capitalists are seeking out businesses with opportunities to make an impact in the market, this points out why the fintech sub-sector is making a lot of inroads and attracting great attention. This informs why South African cashless payments startup Sticitt was able to raise ZAR4.25 million (US$249,000) in funding so far this year to cover operational expenses to support its current market rollouts. Founded at the beginning of 2018 by Mitch Dart, Dennis Wevell and Theo Kitshoff, Sticitt was launched to establish a simplified banking alternative. Its wallet-based payment platform Sticitt Pay provides niche communities with an alternative payment solution to...

Robo-advisory startup Wahed closes $25M strategic funding round to expand in MENA

Wahed, a robo-advisory service that provides efficient, reliable, and accessible Shari’ah compliant investment platform to investors has raised a $25M strategic funding round led by  Saudi Aramco Entrepreneurship Ventures (Wa’ed Ventures) and BECO Capital. The news comes almost one year after they raised their Bridge round in September 2019. • Wahed was founded in 2015 and is the world’s leading robo-advisory service aimed toward Muslim investors with a Sharia-compliant online investment platform which will give clients the opportunity to seek advice on securities or investment scheme through direct access to an automated online platform (or application).•  In 2019, Wahed’s foray into Malaysia bolstered its client base, and the company now serves over 50,000...

GFA’s Must Attend Web Events For The Week June 6-June 12

Not all the events are free and some will require booking in advance. Please click on the event names to find out more information. All times below are set in South African time, unless indicated. Nic Haralambous StartSomething stream Serial entrepreneur and author Nic Haralambous is hosting a regular stream for startup founders and business owners called StartSomething. This week Haralambous talks to Catherine Lückhoff, CEO of 20fifty. Date: 9 June, 2pmLocation: Crowdcast All about cryptocurrency Throughout the month of June, Bitcoin peer-to-peer marketplace, Paxful, will be hosting a series of free, virtual sessions to teach viewers more about the cryptocurrency sector. The first sessions will deal with the use of bitcoin as a philanthropic tool. Date: 9...

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