Africa Fundraising Roundup January 7th 2022

Evolve Media Holdings Ltd > Evolve Magazine & Newspaper > Capital > Angel Investment > Africa Fundraising Roundup January 7th 2022
Mathew Marsden


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.

Moove Africa (Nigeria) secured a $10m debt facility from NBK Capital Partners. Moove provides revenue-based vehicle financing to mobility operators and is Uber’s official financing partner in SSA.

Yalla Fel Sekka (Egypt) raised a $7m series A, led by DisruptAD. YFS offers an on-demand delivery/fulfilment platform to businesses and ~1000 active drivers.

Nestcoin (Nigeria) raised a $6.45m pre-seed round, with participation from Alter GlobalFuture Africa4DX Ventures and others. The company builds, operates and invests in web3 (crypto) applications.

Casava (Nigeria) raised a $4m pre-seed round, led by Target Global. Casava is building Nigeria’s first 100% digital insurance company, already serving 66,000 people.

Amitruck (Kenya) raised a $4m seed round, led by Better Tomorrow Ventures. The platform’s innovative trucking logistics marketplace connects transporters directly with cargo owners.

Afya Rekod (Kenya) closed a $2m seed round, led by MaC Venture Capital. The healthtech platform allows patients and health facilities to capture/access health data and has over 150,000 users.

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.

Ubawa Technologies Ltd (Kenya) raised a $350K seed round, led by Platform Capital Investment Partners. The fintech offers data analytics through bespoke software and its payments processing platform.

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.

Recent Posts

Shopping Cart

No products in the cart.