Startups

Wasoko’s valuation has been slashed to $260 million after VNV Global, a Swedish investment firm, cut the value of its stake in the startup by 48%.

Sprints, an AI-focused edtech startup, has closed a $3 million bridge fundraising round to support its expansion plans as it enters ten new markets. It also intends to use the funds to advance its growth strategy.

Following a move to ban fuel-powered vehicles in Ethiopia in February 2024, Dodai, an EV startup, has recently raised $4 million in Series A funding to scale operations.

Tunisia-born and UAE-headquartered AI startup Clusterlab has announced raising $600,000 in pre-seed funding from InstaDeep’s CEO to accelerate research and development of its large language models (LLM).

ANKA, an Ivorian SaaS eCommerce platform for African businesses, has announced that it will close its African-focused marketplace six months after raising $5 million in a pre-Series A extension round, citing an economic downturn and rising payment issues.

In the face of competition from other buy now, pay later platforms in South Africa, Float secured $11 million from Standard Bank to boost growth over the next four years.

Kenyan digital commerce startup tappi expands to Côte d’Ivoire, allowing MTN customers in the West African country to access its services through integrated data bundles.

mTek, an insurtech startup, has secured $1.25 million to fuel expansion in Kenyan and East African insurance markets while integrating emerging technologies, such as AI and machine learning.

Moove has raised $100 million in a Series B funding round led by Uber. The Nigerian vehicle financing platform has also moved its headquarters to the UAE following its partnership with Mubadala, an Emirati sovereign investor.

Nigerian fintech, Zone, has raised $8.5 million in a seed round led by TLcom Capital. The startup, which started by building banking infrastructure, now has a blockchain network that powers fiat transactions, CBDCs, and eventually crypto.

Nigerian-based identity verification and anti-money laundering (AML) solutions platform Youverify has raised $2.5 million in pre-Series A investment to expand its products into more markets.

A Moroccan tech company, ORA Technologies, has closed $1.5 million in seed funding from local entrepreneurs to introduce an e-wallet to enable instant money transfers.

An Egyptian healthtech startup, 30Med, has raised pre-seed funding for undisclosed value to push the company into a new phase of growth and innovation.

Ten startups have been selected for the inaugural Innovest Ignite Lagos accelerator where they will receive mentorship and expert training.

Unlimit, a London-based fintech company, has expanded into Tanzania to strengthen its African presence, making it the third African country it has entered in the past year.

Four months after three finance executives exited Flutterwave, Bode Abifarin has announced her resignation as the fintech’s chief operating officer (COO).

tookeez, a Moroccan startup harnessing the Blockchain to improve the loyalty programme ecosystem, has secured $1.5 million from Azur Innovation Fund for expansion and technical development.

MDaaS Global, a Nigerian healthtech startup, has raised $3 million in a pre-Series A round to improve preventive healthcare access and expand its network throughout Nigeria.

BRKZ, a construction tech company that aims to digitise processes in the industry, has raised $8 million in Series A funding to expand to the Middle East and North Africa (MENA).