Startups
In nearly a decade, hundreds of entrepreneurs have emerged with innovative startups across the African continent. We provide insights on their experiences and highlight the activities of investors who fund them.
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Iyin Aboyeji, the founder of the VC firm Future Africa, and Mia von Koschitzky-Kimani, a general partner at the firm, are set to launch Accelerate Africa with a $750,000 grant from USAID.
Egyptian healthtech startup, Yodawy, has received a $10 million investment fund from Ezdehar, an Egyptian private equity firm, to bolster its growth nearly a year after closing an additional $16 million Series B round.
Canza Finance, a Nigerian startup, has raised an additional $2.3 million to bolster the development of its DeFi solutions, nearly two years after closing a $3.27 million seed round.
Nigerian-based agritech startup, Zebra CropBank, has raised funds to help African farmers tackle post-harvest challenges.
Zeal, an Egyptian fintech startup, has secured $4 million in funding to expand its technology across Europe, the Middle East, and Africa (EMEA).
Nigerian fintech Gladefinance, backed by Techstars, is in talks for acquisition by two fintech firms after it failed to raise a seed round in 2023.
FriendyM, a Cairo-based autotech startup, has raised a $2 million investment to extend its services to all governorates in Egypt.
Bosta, an Egyptian logistics startup, has secured new investment funds from Axian Group to support its expansion plans.
Lapaire, a Kenya-based eyewear startup, has secured $3 million to drive its expansion across Africa.
Nigerian fintech startup, Cleva, raises $1.5 million in pre-seed funding to facilitate international payments across Africa.
Twiga CEO Peter Njonjo has resigned from the company’s board a month after the Kenyan B2B eCommerce company said he would take a 6-month sabbatical. It comes 4 years after the former CEO, Grant Brooke, resigned.
Four months after reducing its workforce by 20%, Cellulant has announced that its CEO, Akshay Grover, will step down. Peter O’Toole, the company’s current CFO, will assume the role of Acting CEO.
The embattled founder of Tingo Group, Dozy Mmobuosi, faces up to 45 years in prison following charges brought against him by US authorities.
Cloudline, a South African aerospace startup, has raised $6 million in seed funding to lead the global advancement of autonomous flight with zero-carbon emissions.
Nigeria’s Minister of Communication, Innovation and Digital Economy has announced 45 recipients for the National AI Research Grant Scheme (NAIRS) more than one month after the application closed.
Bumpa has acquired Fyyne, a Toronto-based beauty marketplace, for an undisclosed sum to enter new markets. With employees in Nigeria and Canada, Fyyne will transfer its technology, customer base, and some team members to Bumpa.
Nigerian entrepreneur, Dozy Mmuobosi , has been charged with fraud by the US Securities and Exchange Commission.
Pezesha has submitted a petition to liquidate MarketForce, a troubled B2B eCommerce platform, due to “unpaid debts.” This fresh update follows MarketForce’s $40 million funding announcement in February 2022.
BlackRhino VR, a Kenyan extended reality company, has launched MediAR, Africa’s first no-code Augmented Reality platform for content creators. Creatives can aslo monetise their content on the platform.
Techstars has selected 12 African companies for the second cohort of its Africa-centred accelerator programme. Each startup will receive $120,000 in funding and $400,000 in other support.