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Daily Digest Tuesday, 19 May 2020

Funding In Africa SunFunder Invests Over $100m In Venture Debts In Two African Solar Startups SunFunder, a provider of debt financing to solar enterprises, has closed four new loans at the end of the First Quarter (Q1) 2020, which took it over US$100 million invested in distributed solar in Africa and other emerging regions.  Read more Funding In Southern Africa South African insurtech CompariSure lands investment Cape Town based insurtech startup CompariSure announced today that it has secured venture capital (VC) funding from SA Umkhathi Wethu Ventures in partnership with Allan Gray. Read more Funding In North Africa Egypt’s Shahry raises $650,000 pre-seed for its ‘buy now pay later’ platform Egypt-based online lending startup...

South African insurtech CompariSure lands investment

Cape Town based insurtech startup CompariSure announced today that it has secured venture capital (VC) funding from SA Umkhathi Wethu Ventures in partnership with Allan Gray. The deal comes off the back of CompariSure’s first external investment deal concluded in August last year with SA VC company 4Di Capital (which was not announced to the media at the time). The details of the latest investment, as well as that of the 4Di Capital investment, were not disclosed. CompariSure was founded in 2017 by Jonathan Elcock The startup distributes financial services products via its proprietary chatbot technology that leverages platforms like Facebook Messenger and WhatsApp. In a statement today, Kloos explained that at the time that...

[Apply] Southern African start-ups have 2weeks to apply for SAIS’s Boost Up 2020 Training

BOOST UP is a three-part startup support programme organised by the Connected Hubs network and the Southern Africa Innovation Support Programme (SAIS 2) in Botswana, Namibia, South Africa, Tanzania, and Zambia. BOOST UP targets startups that use technology to solve a societal challenge and are looking for skills that could help them articulate their business. The BOOST UP series comprises the Set Up online training events, Stand Up pitching competitions, and Scale Up incubation programme. Eligibility Your startup is located in Botswana, Namibia, South Africa, Tanzania, or Zambia.You use technology to solve a societal challenge in Southern Africa.You are eager to scale up your business and have a scalable...

SunFunder Invests Over $100m In Venture Debts In Two African Solar Startups

SunFunder, a provider of debt financing to solar enterprises, has closed four new loans at the end of the First Quarter (Q1) 2020, which took it over US$100 million invested in distributed solar in Africa and other emerging regions.  Those new loans were with two existing solar home system borrowers – M-KOPA in Kenya and PEG Africa in Ghana – as well as long-term financing for the solarisation of Orange’s telecom towers in the Central African Republic by energy solutions provider CREI, which will cut CO2 emissions by 1,300 tons annually.  They also completed their first commercial & industrial (C&I) end user financing with MCI in Kenya...

Dubai’s Ogram raises $870,000 Pre-Series A to connect vetted gig workers with temporary job opportunities

Dubai-based employment startup Ogram has raised $870,000 in a Pre-Series A (equity) round by Global Ventures. Founded in 2016 by Shafiq Khartabil and Karim Kouatly, who previously operated restaurants (and joined by a former banker Karim Beyhum in 2019), Ogram is an online marketplace that connects on-demand vetted gig workers with temporary (mostly part-time) job opportunities in different sectors (mainly F&B, hospitality, ecommerce, and logistics). “We founded the company on the premise of solving a pain point that we often faced in the hospitality sector: inflexible and costly staffing solutions that were not suitable for on-demand business requirements,” co-founder and CEO Shafiq Khartabil said Some of the jobs listed on its...

Egypt’s Shahry raises $650,000 pre-seed for its ‘buy now pay later’ platform

Egypt-based online lending startup Shahry, has closed a $650,000 pre-seed round from the investment arm of EGBANK.  Powered by a proprietary artificial intelligence  (AI)-based credit scoring engine, the financial technology (fintech) company allows its users to apply for contactless, virtual credit, place an order online and then pay fees later in monthly installments.  “While Shahry is for everyone, we can see Egypt’s un- and underbanked, who live outside of the formal banking system, as being our largest customer segment. Those are people who need access to finance most, and we try to help them make ends meet,” said Sherif ElRakabawy, CEO of Shahry who claims that this...

Healthcare Startup Emergency Response Africa Secures $25,000 From The Bulb Africa

The Bulb Africa, an Enov8 Solution’s tech hub has awarded $25,000 in investment funding to Emergency Response Africa through its #ALLoverCOVID19 initiative. Through the initiative, The Bulb organized discussions on health safety, the role of technology and projections into possible economic and business implications of the Covid-19 pandemic. The company also provided food items to hundreds of people around its Jibowu community as part of being socially responsible. The Bulb took it a step further by calling for tech startups solving problems in healthcare to pitch for up to $25,000 in investment to help scale up their business. In a statement by the Programme Manager, Mo Durosinmi-Etti,...

Black Business Council and Ubank set up R1bn township and rural economy fund

The Black Business Council and Ubank have together set up a R1-billion township and rural economy fund. In a statement yesterday, Ubank said it signed the “historic partnership agreement” on Wednesday (13 May) to establish a R1 billion fund for Township and Rural Economy Revitalisation. An amount of R250-million will be available each year for the next five years, to lend to mostly black-owned businesses based in townships and rural areas. Read Other Related Articles: GSMA Innovation Fund: For mobile internet adoption and digital inclusion The fund will invest mainly in those enterprises based in the information technology (IT) and digitalisation, manufacturing, agriculture and agri-processing, retail, infrastructure, and tourism sectors. Ubank called the agreement...

Alitheia IDF fund gets $10m from Open Society Foundation to lend to women

Alitheia IDF, a joint venture fund between Alitheia Capital, a private equity investment in Nigeria, and IDF Capital in South Africa, has landed $10 million from American billionaire George Soros’s Open Society Foundations. Alitheia IDF Fund is a pioneering private equity fund that identifies, invests in and grows SMEs led by gender-diverse teams to achieve solid financial returns and tangible social impact for communities in Africa. They invest in sectors that engage a significant percentage of women, either as entrepreneurs, producers, distributors or consumers. Some of these sectors are: Agribusiness, Consumer Goods, Creative Industries, and Financial Services Read Other: ALITHEIA IDF FUND FOR WOMEN-LED AFRICAN STARTUPS CLOSES SECOND ROUND OF FUNDING...

Afreximbank Bucks COVID-19 On Course to Raise over US$1 billion in Syndicated Loan

The African Export-Import Bank (Afreximbank) vaulted market uncertainties caused by COVID-19 pandemic to successfully conclude a dual-currency Syndicated Loan, raising the equivalent of US$907.5 million, comprised of two tranches of US$485 million and EUR390.4 million. Proceeds will be used for general corporate activities, and will strengthen the Bank’s liquidity position as it implements its US$3 billion Pandemic Trade Impact Mitigation Facility (PATIMFA). The African Export-Import Bank (Afreximbank) vaulted market uncertainties caused by COVID-19 pandemic to successfully conclude a dual-currency Syndicated Loan, raising the equivalent of US$907.5 million, comprised of two tranches of US$485 million and EUR390.4 million. Proceeds will be used for general corporate activities, and will strengthen the...

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