By Mathew Marsden
11 exciting rounds across the continent this week – 5 out of Nigeria and 3 from Kenya.
Several Africa-centric “Funding Reports” have been released in recent weeks, detailing the activity of continental investors in 2021. While fundraising totals may differ, all agree on which investors have been the most active. Launch Africa Ventures made 66 investments, Future Africa (43), Kepple Africa Ventures (32), Flat6Labs (30) and Y Combinator (27). Excitingly, 4 of the 5 are Africa-based!
This week’s raises:
Reliance Health (Nigeria) raised a $40m series B, the largest for an Africa healthtech, led by General Atlantic. The platform has provided insurance or telemedicine to 200,000 people through partners since 2016.
Nestcoin (Nigeria) raised a $6.45m pre-seed round, with participation from Alter Global, Future Africa, 4DX Ventures and others. The company builds, operates and invests in web3 (crypto) applications.
Carscan (South Africa) raised a $1.3m pre-series A, led by Kalon Venture Partners and Launch Africa Ventures. The augmented reality app with embedded AI creates an accurate digital record of a car, expediting finance/insurance processes. Congrats Obins Choudhary and Chander Prakash!
AltSchool Africa (Nigeria) raised a $1m pre-seed round, led by notable Angels/local VC’s like Voltron Capital and Nestcoin. AltSchool is building an alternative, online school for people to become junior/mid-level engineers.
SplendApp (Egypt) raised an undisclosed pre-seed round, led by several Saudi angels. The company’s SaaS platform allows users to develop iOS/Android apps in only 48 hours.