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British AgDevCo invests in grain storage bag manufacturing in Tanzania

The UK-based AgDevCo, which targets agribusinesses in sub-Saharan Africa, announced it has invested an undisclosed long-term loan in Pee Pee Tanzania Limited, a company that manufactures and distributes grain storage bags. Through its first 2020 investment in Africa, AgDevCo wants to build a new grain storage bag manufacturing plant, thus increasing Pee Pee’s production and helping reduce post-harvest grain losses. The Tanzanian company distributes its products in Eastern and Southern Africa, where post-harvest grain losses are valued at $1.6 billion per year or about 13.5% of the overall value of grain production. According to the investor, this situation is mainly due to a lack of storage means. “We...

Ghanaian startup mPharma raises $17m investment

Ghanaian healthtech startup mPharma has reportedly raised a $17-million investment. The Accra based medicine benefits and inventory manager, which was founded in 2013 by Gregory Rockson, Daniel Shoukimas and James Finucane, aims to increase patient access to affordable high quality medications. Quartz Africa announced the raise in an article yesterday, adding that Helena Foulkes, former president of CVS, the largest pharmacy retail chain in the US, had been appointed to the company’s board. The publication said the CDC Group, UK’s development finance arm led the round. Existing investors including former Novartis CEO and chairman Daniel Vasella, Silicon Valley investor Jim Breyer and Dompe Holdings also took part in the investment round. CDC...

SA insurtech Inclusivity Solutions nets $1.3m in second tranche of Series-A round [Updated]

Cape Town based insurtech startup Inclusivity Solutions has secured a $1.3-million investment in the second tranche of its Series-A round, the startup announced in a statement today. Inclusivity Solutions, which was founded in 2015 by CEO Jeremy Leach (pictured above), designs, builds and operates inclusive digital insurance solutions. The current investment came from Goodwell Investments,  SA Umkhathi Wethu Ventures (UW Ventures) in partnership with Allan Gray, and fintech MFS Africa. The latest investment brings the startup’s total Series-A round to $2.6-million The latest investment in Inclusivity Solutions brings the startup’s total Series-A round to $2.6m In the initial announcement of the first tranche, Inclusivity Solutions said it had raised $1.56-million, which if summed with the $1.3-million...

Ride-Hailing Startup, Bolt, Founded By A 19-Year Old Raises $109m To Expand Its African Market

Mobility startups in Africa are in for a rollercoaster ride as a leading player in the African digital mobility sector, Estonia-headquartered Bolt (formerly Taxify) have just raised $109 million to tackle its African market.  The investment came from Naya Capital Management, and brings the startup’s total financing to more than $329 million. Launched in 2013 by Martin and Markus Villig under the name Taxify, Bolt is developing numerous mobility services (VTC, motorcycle taxis and even free-floatting electric scooters), in more than 150 cities in Europe and Africa. Faced with the Covid-19 pandemic and the ensuing containment measures, the startup has stepped up its meal delivery service, Bolt Food, now available in...

Daily Digest Wednesday, 27 May 2020

Funding In Africa Universal Launches Def Jam Africa as Its Latest Big Bet on the Continent Def Jam is going international. A little more than a half a year after launching Def Jam South East Asia, Universal Music Group today announced Def Jam Africa, a new division based in Johannesburg, South Africa, and Lagos, Nigeria, that will focus on "hip-hop, Afrobeats and trap talent in Africa" and report to Universal Music Sub-Saharan Africa & South Africa Managing Director Sipho Dlamini. Read more Funding In East Africa Kenyan e-health startup Access Afya among first to receive funding from MIT Solve as part of $900k round Kenyan healthcare startup Access Afya has become...

Greeneye Technology Raises $7M in Seed Funding

Greeneye Technology, a Tel Aviv, Israel-based company developing an artificial intelligence platform to detect and spray weeds in real-time, closed a seed funding round of $7m. The round was led by JVP, with participation from Syngenta Ventures, and 2B Angels, One Way venture, Panache Ventures Techstars, and Hyperplane Venture Capital. In conjunction with the funding, JVP Partner Michal Drayman, and Managing Director of Syngenta Ventures Shubhang Shankar, joined Greeneye Technology’s board. Read Article: Nigeria-based e-health startup Field Intelligence raises $3.6m The company intends to use the funds to advance product research and development while expanding its strategic partnerships with sprayer manufacturers and other stakeholders. Founded in 2017 by Nadav...

Final call for startups to enter Lagos Urban Innovation Challenge

Utopia, an organisation that helps foster and fund innovation in emerging market cities, has made a final call for startups to enter the Lagos Urban Innovation Challenge. Utopia Lagos managing partner Emmanuel Adegboye said the challenge aims to promote solutions that can help solve critical urban issues in Lagos, Nigeria. The challenge is open to early stage startups and social entrepreneurs with solutions that can shape the Lagos of the future. Winners of the Lagos Urban Innovation Challenge will get access to Africa’s first ever virtual urban accelerator Applications close on 31 May. Winners will get access to Africa’s first ever virtual urban accelerator, over $10 000 worth of resources and...

Kenyan e-health startup Access Afya among first to receive funding from MIT Solve as part of $900k round

Kenyan healthcare startup Access Afya has become one of the first investments made by MIT Solve through its new venture vehicle, as part of a US$900,000 bridge funding round. MIT Solve is an initiative of the Massachusetts Institute of Technology (MIT), which identified tech-based social entrepreneurs through open innovation challenges and helps them drive transformational impact.  Launched by Solve last year, Solve Innovation Future is a philanthropic venture vehicle that uses debt, equity, and alternative structures to invest in entrepreneurs driving social and environmental impact. Read Other Article: Healthcare Startup Emergency Response Africa Secures $25,000 From The Bulb Africa Startups are selected annually through Solve’s open innovation challenges, and backed with amounts...

yolda Raises $830K in Seed Funding

yolda, a Turkish digital logistics startup, raised $830K in seed funding. The round was led by Collective Spark with participation from angel investors Barbaros Özbuğutu (founder of iyzico), Florian Gschwandtner (founder of Runtastic), Marcus Mosen (investor in N26, iyzico) and Stefan Kalteis. Read other: How Waste Is Turning To Wealth Across Africa The company intends to use the funds to expand its team and increase automation and operational efficiency. Co-founded by Volkan Özkan and C. Murad Özsert, Yolda is a digital logistics operator providing a marketplace service that offers partial shipment services to businesses through automating transportation processes and digitizing logistics operations. Companies can also track their shipments...

Universal Launches Def Jam Africa as Its Latest Big Bet on the Continent

Def Jam is going international. A little more than a half a year after launching Def Jam South East Asia, Universal Music Group today announced Def Jam Africa, a new division based in Johannesburg, South Africa, and Lagos, Nigeria, that will focus on "hip-hop, Afrobeats and trap talent in Africa" and report to Universal Music Sub-Saharan Africa & South Africa Managing Director Sipho Dlamini. Over the past few years, the major labels have invested more aggressively in Africa – both to market streaming services and, especially, to sign talent -- and Universal now has offices in South Africa, Nigeria, Kenya, the Ivory Coast, Cameroon, Senegal, and Morocco. Until...

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