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Kenya Tag

Asian VC, Sherpa Ventures, Comes For African Startups With A New $1m Debut Fund

Following Paystack’s successful exit, more investors are announcing their entry into the African startup market. The latest to join the list is venture firm Sherpa Ventures which has announced the launch of its US$1 million debut fund for pre-seed tech startups in Africa. “More than a venture fund — we are a supportive and collaborative global community […] of capital, expertise, and experience who has built and operated some of the strongest startups on the continent, Asia, and across the world,” said Sherpa Ventures co-founder Aaron Fu. Here Is All You Need To Know Based between Singapore, Kenya, and the US, Sherpa Ventures works with a community of investors to help founders strengthen...

Uganda’s Motorcycle Financing Startup Tugende Raises $6.3M Series A Led By Toyota Tsusho

Tugende, a technology-enabled asset finance company operating in Uganda and Kenya last month raised $6.3M Series A investment round to further enhance its technology platform, both for internal operations and client-facing offerings—including its automated credit scoring platform. The funding round was led by Toyota Tsusho investment fund Mobility 54 with participation from U.S.-based Global Partnerships’ Social Venture Fund, and current shareholders including Denali Venture Philanthropy and Segal Family Foundation, and new angel investors. “We are extremely delighted to participate in this investment for Tugende,” said Takeshi Watanabe, CEO of Mobility 54. “Financial inclusion for MSMEs and individual business entrepreneurs is a critical success factor for sustainable development...

Fintech Firm JUMO Gives US$2.5b Credit To Their Markets In Africa And Asia

AFRICA – Fintech firm JUMO, has extended over US$2.5-billion in credit in their six markets in Africa and Asia. A statement released by the company says the milestone was reached just over 18 months after crossing the US$1 billion mark in 2019, “and indicates exponential growth in the access to and availability of working capital for customers, with an average customer default rate of less than 5%.” Andrew Watkins-Ball, Founder & Group CEO, said this achievement is evidence of the success of JUMO’s unique business model, its ability to reach unbanked populations and to provide market-leading infrastructure for financial services. Read also: TalentQL Raises $300k Pre-seed Funding Round “The thing that makes me most proud of this milestone...

Accelerex Holdings Mauritius Secures $20m Investment From Africa Capital Alliance

Mauritius based Accelerex Holdings has announced that it has signed an investment agreement with regional private equity firm, Africa Capital Alliance  for the Capital Alliance Private Equity IV fund to invest $20 million in Accelerex. With this investment, CAPE IV will become a strategic partner in Accelerex and will hold three seats on the company’s board. Accelerex, which is the parent Company of African Fintech powerhouse, Global Accelerex Limited, was set up for investment into digital financial technology companies across Africa. Global Accelerex was incorporated in 2008 and commenced payments services operation in October 2013 upon obtaining approval from the Central Bank of Nigeria (CBN). The company consistently ranked...

CrossBoundary Energy Raises $40M To Scale Financed Solar for Businesses In Africa

Pan African energy firm driving energy transition across the continent, CrossBoundary Energy is currently operating or delivering $57M in assets, serving 20 customers across 8 countries in Africa, including more than 40MW of fully financed solar PV and 10 MWh of battery storage projects; transaction provides an exit for initial investors at 15% IRR and provides a powerful proof of concept for blended finance, returning a profit to the US Treasury on USAID’s catalytic first-loss contribution; $40M of new funding enables the scaling of CrossBoundary Energy’s commercial and industrial solar services to provide many more African businesses with access to cheaper, cleaner power ; support from institutional investors and ongoing...

Cigna Foundation Funds School Feeding in Kenya with US$200,000

Cigna Foundation has partnered with Cup of Uji Kenya, a school feeding program founded by Hope Alive Campaign, a community based organization, to reduce food insecurity among primary school children in Kenya. In line with the partnership, the Cigna Foundation has contributed US$200,000 to fund nutritious meals for children and nurture their health and well-being. The contribution is supported by Cigna’s Healthier Kids for Our Future®, a five-year global initiative launched in 2019 to improve the health and well-being of children – and to help build healthier, more vibrant communities for the next generation. Healthier Kids for Our Future is aligned with three of the 17 leading global...

East African Women’s Health Tech Startup Secures $1-Million

East African tech startup, Kasha has received $1-million investment from Swedfund, a Swedish Development Finance institution.  The investment will be utilised to promote the women-focused eCommerce platform’s overall aim to ensure that women are provided viable, secure, and easy access to education surrounding their reproductive health, contraceptives, menstrual, beauty, and health products. In addition, the financial support will assist in expanding Kasha’s offering across Kenya and Rwanda.  Read also: Networks Unlimited Wins 2 Channel Awards at Fortinet Africa Virtual Security Day In an official press release, Maria Håkansson, CEO of Swedfund, explains the objective to strengthen sexual and reproductive health and rights (SRHR) and the importance of investing in Kasha. ‘‘Social stigma around sexual...

Networks Unlimited Wins 2 Channel Awards at Fortinet Africa Virtual Security Day

Networks Unlimited Africa, a leading value-added distributor operating within sub-Saharan Africa, received two awards, namely the Technical Support Distributor of the Year: Southern Africa award and the DLB Growth Distributor of the Year: East Africa award at the recent Fortinet Africa Virtual Security Day. This was the first time that the event took place via a virtual platform, due to the current restrictions around the global COVID-19 pandemic. The online nature of the awards ceremony also ensured that this broadened its reach to other parts of Africa, and not only within South Africa. Stefan van de Giessen, General Manager: Cybersecurity at Networks Unlimited Africa, comments, “We have proudly maintained our...

25 Young African Agripreneurs Advance To ‘Boot Camp’ In The African Development Bank’s $120,000 AgriPitch Competition

(AfDB ) - Twenty-five young African agripreneurs have advanced to the “boot camp” final round of the African Development Bank’s AgriPitch competition, stepping closer to a share of $120,000 in seed funding prizes, training and other benefits. The final round offers young entrepreneurs in Africa’s agricultural sector the opportunity to pitch their agribusiness proposals online to a panel of experts and investors who will select the winners. Read also: Egypt Ventures To Expand Investments By $3.95mln Over 2020 AgriPitch organizers received more than 2,500 applications and evaluated 605 proposals from 30 countries. The finalists, from 12 African nations, submitted promising proposals that best embraced the 2020 theme of “Driving...

Kenya’s Wee Media Raises US$400k Seed Funding

KENYA – Multi-platform media company Wee Media has raised $400K in a seed round from Samurai Incubate, Grenfell Holdings, Knarrs Ventures and Jim Waltrip. The media company will use the funding to transition from an advertising-driven media company to a subscription led data and intelligence company. Wee Media CEO Rishabh Lawania indicated that the restructure towards African journalism and data intelligence seeks to plug the data gap in the private equity, venture capital and mergers and acquisition space. Read also: World Bank Approves US$250M For The Establishment Of Development Bank Of Ghana “The vision of the company is to fix the broken business journalism in Africa and bridge the data gap. For more many years, companies like Dow Jones, Bloomberg and Pitchbook have been tracking the global private markets but African data and content are...

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