By: Mathew Marsden
African start-ups keep making hitting remarkable records with 8 phenomenal rounds across the continent this past week – with a MEGA series D out of Nigeria!
But first, fascinating stats from Africa: The Big Deal, detailing the median deal size of fundraising stages, across 306 startups in 2021. Pre-Seed = $200K, Seed = $1.2m, Series A = $8.3m and Series B = $30m. Useful benchmarks for founders considering a raise, BUT raise what you need, not what’s fashionable
To this week’s highlights:
Flutterwave (Nigeria) – Africa’s startup darling – raised a $250m series D, led by B Capital Group and other major names like Tiger Global Management. Now valued at $3bn, it’s the most valuable startup on the continent. 2021 saw transaction value increase by $7bn and ~600,000 new business customers globally. What a win for the company and continent!
Wasla Browser (Egypt) raised a $9m series A, led by Contact Financial Holding. The browser-based shopping app aggregates deals/discounts from hundreds of sellers and has clocked 1.5m downloads since 2019.
Freterium (YC S21) (Morocco) raised a $4m seed round, led by Partech – with CDG Invest, Y Combinator, and others participating. The startup is building freight trucking software, connecting stakeholders to the entire shipping ecosystem.
Earnipay (Nigeria) raised a $4m seed round, led by Canaan – with Musha Ventures, Ventures Platform Fund, and others participating. The fintech provides on-demand salary access to low income-earners. Super hot market, with pan-African competition from SmartWage, FloatPays, Paymenow Group, and others.
CrowdForce (Nigeria) raised a $3.6m pre-series A, led by Aruwa Capital Management, with participation from HAVAÍC. The startup operates a 7000-strong, agent-first banking model, providing financial services to 1.9m customers since 2015.
MoneyHash (Egypt/US) raised a $3m pre-seed round, led by COTU Ventures, with participation from LoftyInc Capital Management and others. The company is building Africa’s “first super-API for payment orchestration and revenue operations”, letting companies support a full array of payment methods.
Zindi (South Africa) raised a $1m seed round, led by Shakti Ventures LLC, alongside Launch Africa Ventures, Founders Factory Africa, and Five35 Ventures. The platform enables global clients to access a community of 34,000 data scientists, solving problems through machine learning and AI. Congrats Celina Lee and team!
Credrails (Kenya) raised an undisclosed seed round, led by SoftBank Investment Advisers and Unicorn Growth Capital. The startup is building the “open finance rails for Africa” – connecting bank, mobile money, and offline data into a single API and has grown 400% MoM since 2020.
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