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Disrupt-Africa

Kenyan startup BasiGo, an electric vehicle technology and financing company bringing electric bus services to Sub-Saharan Africa, has raised a US$4.3 million seed funding round to help it commercialise its business model and begin local assembly of electric buses.

Kenyan startup BasiGo, an electric vehicle technology and financing company bringing electric bus services to Sub-Saharan Africa, has raised a US$4.3 million seed funding round to help it commercialise its business model and begin local assembly of electric buses.
<a href="https://disrupt-africa.com/2021/11/05/e-mobility-startup-basigo-launches-in-kenya-with-900k-funding/">Disrupt Africa reported</a> in November <a href="https://www.basi-go.com/">BasiGo</a> had launched operations in Nairobi having secured KES100 million (US$900,000) in funding earlier in the year.
The startup provides state-of-the-art electric buses along with charging and maintenance services for bus operators, making these vehicles affordable through a financing model that allows operators to pay for the battery and charging separately from the bus through a pay-as-you-go financing arrangement.
The US$4.3 million seed round was led by Novastar Ventures with participation from several Silicon Valley investors, including Moxxie Ventures, Nimble Partners, Spring Ventures, Climate Capital, and Third Derivative.
BasiGo will use the funding to launch sales and delivery of its electric buses this year, as well as local assembly of its electric buses in Kenya. BasiGo will offer electric buses to bus operators through the company’s “pay-as-you-drive” financing solution, which enables public bus owners to purchase an electric bus for the same upfront cost as an equivalent diesel bus. Through this model, BasiGo plans to deploy over 1,000 locally assembled electric buses in Nairobi over the next five years.
“We are thrilled to be partnering with Novastar, Moxxie, and this incredible group of investors, all of whom are deeply experienced in rapidly scaling businesses in this market,” said Jit Bhattacharya, CEO and co-founder at BasiGo.
“They understand this extraordinary moment of opportunity and urgency as time runs out for the world to make a meaningful impact on climate emissions. With East Africa’s abundant renewable energy, this market can leapfrog to clean, modern electric transit at the exact moment that African cities emerge as the next centre of economic growth. The support and knowledge of this investor group will catalyse BasiGo in its mission to make East Africa a leader in inclusive, sustainable bus transport.”
BasiGo has brought two 25-seat electric buses to Kenya, which are currently undergoing performance and reliability testing in Nairobi. These buses will enter pilot operation with select bus operators in Nairobi next month.
“We are excited to partner with BasiGo and support the team’s audacious vision to transform the public bus transport sector in Africa. Our investment will accelerate the adoption of electric buses through an innovative finance model, leading to a vastly improved experience for commuters as well as better air quality in dense urban neighbourhoods,” said Sapna Shah, partner at Novastar Ventures.
BasiGo has also opened a state-of-the-art charging and servicing depot for electric buses, located adjacent to Nairobi’s Jomo Kenyatta International Airport. Leveraging the fact that 73 per cent of Kenya’s electricity comes from renewable sources, each BasiGo electric bus helps to dramatically reduce the air pollution and climate-warming emissions originating from Kenya’s diesel buses.
“Confronting the climate crisis and building a sustainable business to help catalyse the electrification of transportation across Africa is an extraordinary opportunity,” said Alex Roetter, general partner at Moxxie Ventures. “BasiGo has the vision and an exceptionally talented team to meet this challenge head on, and Moxxie is thrilled to support their critical mission.”

Kenya’s BasiGo raises $4.3m seed round to commercialise electric bus model

Africa Fintech Summit

Bird Story Agency

Ajim Capital

Nongcebo Langa fell in love with wine after a chance encounter with a winemaker at a fair. She went on to study the craft at South Africa’s renowned Stellenbosch University and her passion and mastery of the industry’s technical processes has resulted in her creating award-winning wines, like the 2022 Delheim Gewürztraminer.

Taurai Maduna, bird story agency
 
As Nongcebo Langa walked between the barrels of a beverage enjoyed worldwide, a bubbling sound could be heard from the gas emitted during fermentation - part of the journey of every great wine. It's a sound Langa said now makes her feel at home - and stirs her imagination.
 
“We have fermentation, then you age (the wine). You can age three months, six months, nine months, 18, 24 months to five years for MCC - Méthode Cap Classique. This is the method used to make South African sparkling wines,” she explained.&nbsp;
 
Langa didn't grow up expecting to make wine. It took a careers fair and a chance encounter with a winemaker there to open her eyes to what is now her career as a South African winemaker and one of the few black women in the industry.&nbsp;
 
“It hasn't been our thing, but now it's becoming our thing,” Langa said of her community's interest in wine.&nbsp;
 
Nongcebo grew up in Pietermaritzburg’s Imbali township where family gatherings were stocked with beer and spirits. This is no longer the case; because of her knowledge of wines, she has become the unofficial ‘family sommelier’ and wine is now a popular choice at family functions.
 
“'I got this wine, how do I drink it, how do I enjoy it?' are some of the questions I get asked by those close to me who have started to enjoy drinking wine,” she explained.&nbsp;
 
KwaZulu-Natal Province where Langa comes from is known for its sugarcane production and dairy and cattle farming and the thought of studying wines never crossed her mind till she visited the careers fair and heard a winemaker there talk about their work.
 
After the fair, the idea of making wine seemed like an exciting challenge, so she decided to give it a go by enrolling at Stellenbosch University in the Western Cape Province to study Viticulture and Oenology.
 
“Viticulture is a study of grapes and the grapevine. From the soil to the insects in the ground to the weather, the climates, everything around the growth of the vine. And then Oenology is the study of wine. So wine sciences, the microbes, the machinery, the processing of the grape itself, once it gets into the cellar,” Langa explained.
 
She went further in her education and pursued a Master's program, focusing on the influence of wildfire smoke on vineyards.
 
“It's actually becoming much more relevant in the wine industry all over the world where we are seeing a lot of wildfires around winemaking regions. So my research actually focused on trying to help out once the incidence of this has occurred,” she said.&nbsp;
 
After completing her studies in 2018, Langa interned at the renowned Delheim Wines in Stellenbosch - and never left. She rose through the ranks and was appointed winemaker in May 2022.
 
That same year, she produced the 2022 Delheim Gewürztraminer - a white wine classified as off-dry - which won her the 2023 Diners Club Young Winemaker of the Year Award.
 
“The Gewürztraminer is quite a nice and unique grape in South Africa. I think there's about maybe five or so wine farms that actually make wine out of Gewürztraminer. It's exciting to work with and the flavours that come of it are very, very amazing. It's a nice combination of fruits, you've got a nice balance between the acid and the sugar on the palate”, Langa said. &nbsp;
 
Her award came with prize money and a trip to any wine region in the world. She is planning on going to Bordeaux in France in September.&nbsp;
 
“It's one of those regions that are iconic in the world. The wines that come from there are very well known. And, you know, the quality that comes from there is also well-known in the world.”
 
Langa plans to travel when it's harvest season to learn as much as she can - both inside the winery and out.
 
“Wine is a lot about culture as well as the drink and the winemaking itself,” she said, adding that she considers her profession both a science and an art.&nbsp;
 
“Everywhere you go in the world, you're going to learn the same thing about winemaking and then how you express that science, because you learn the science of it, the basics of it, but how you express that, that's up to you.”
 
Langa is certainly in the right environment to grow as a winemaker; according to Statista, South Africa ranks eighth in wine production out of the top 10 traditional wine-producing countries globally.&nbsp;
 
As a wine master, Langa’s work involves monitoring thousands of litres of wine at various stages of production in the cellars. It also involves regularly tasting wine. In the white wine barrel fermentation cellar that houses the Chardonnay and Chenin Blanc, she uses the ‘wine thief’ to get a wine sample from the barrel, so as to assess how the wine is fermenting.
 
“As you can see this is raw wine, it won’t be as clear as you will find it in a shop, so it still has to go through a lot of processes and there is high CO2 (carbon dioxide) that keeps the particles in suspension and that is why it is cloudy. But it will settle down over time.”
 
Langa works closely with Delheim cellarmaster, Roelof Lotriet, who advised management to hire her when she was an intern. Lotriet was impressed with her work ethic and her curiosity. He recalled how she responded when he asked her what she wanted out of the internship, and she jokingly replied that she wanted his winemaker job.
 
“With wine, you’ve only got one shot on a vintage. There isn't a redo or undo button. What you do is what you do. And if it doesn't work, it doesn't work. I don't think [Delheim] will be her end place, I think it'll be just the start of a fantastic career for her,” Lotriet said.&nbsp;
 
“I wanted to learn more and work under Roelof as well, it's just been quite a beautiful journey and I’ve adopted a lot of the philosophies that I have actually learned from him. And what he sort of preaches in the cellar. So that's been quite a fascinating and worthwhile journey. And then to be at Delheim so full of history, so full of traditions. It's been a learning experience,” Langa said.
 
Shame Mumba was one of the five panel of judges at the 43rd annual Diners Club Winemaker of the year awards. A certified sommelier and board member of the South African Sommelier Association board member, Mumba described Langa’s wine as having shown a lot more purity.&nbsp;
 
“The wine showed more identity, which simply means that sometimes you don't have to interfere too much in the making of the wine, but the less you make, the better the results will be like.”
 
Mumba added that winning such an award for a young winemaker was a huge confidence booster.&nbsp;
 
“It’s also a big inspiration for the young winemakers that want to become a winemaker and especially somebody of colour. That is even a massive boost for our industry as South Africa.”
 
So what makes a good wine? Langa is quick to point out that it’s a very personal choice. It’s about how one connects with the wine.
 
“I always say, I pair my wine with my mood and the company that I have. If I pick up a Rosé I know I’m going to be chilled by the pool or outside with the braai.”&nbsp;
 
She added that for a serious dinner, she would go for something like her cellar's Grand Reserve.
 
bird story agency
 
Useful links:
https://www.delheim.com/
https://dinersclub.co.za/news-events/winemaker-of-the-year/
https://www.statista.com/topics/11626/wine-industry-in-south-africa/#topicOverview
https://www.thedrinksbusiness.com/2024/01/south-african-wine-exports-see-volumes-fall-but-value-growth-increase/
https://academieduvinlibrary.com/blogs/blog/black-women-winemakers-breaking-barriers-in-south-africa

This South African winemaker is savouring the sweet taste of success 🍷🍇 🇿🇦

TechCabal

Despite economic challenges fueled by hyperinflation and sanctions, Zimbabwean startups are resilient and forging ahead. Learn how they navigate funding constraints, access markets beyond borders, and embrace alternative financial technologies.

In Zimbabwe, serial entrepreneur Tendai Mugovi leads the charge with three startups, including Cashlinq, scaling to Zambia amidst economic turmoil. Despite limited funding options, startups leverage diaspora remittances and government initiatives like the National Venture Capital Fund for growth. B2C startups face hurdles, but B2B models thrive by accepting payments in stable currencies and catering to enterprise clients.
 
The macroeconomic landscape presents hurdles, but also opportunities for innovation and expansion beyond Zimbabwe's borders. Startups explore markets like Zambia and Botswana, while fintech solutions gain traction among citizens seeking alternative financial services. With recent sanctions easing, Zimbabwean entrepreneurs are poised for growth, armed with resilience and innovation.
 
Read more on <a href="https://techcabal.com/2024/03/15/zimbabwe-startups-hyperinflation-sanctions/">TechCabal</a>

Overcoming Adversity: How Zimbabwean Startups Thrive Amid Hyperinflation and Sanctions 🚀 🇿🇼

Chipper Cash, a prominent fintech company, announces layoffs and salary cuts after suspending its services in the US, highlighting a strategic shift towards focusing on its African markets.

Chipper Cash, backed by Bezos Expedition, faced financial challenges leading to layoffs and salary cuts, signaling a pivot away from US operations. Despite its earlier success and substantial investments, the company is now redirecting its efforts to its core markets in Africa.
 
Read more on <a href="https://techcabal.com/2024/03/15/chipper-cash-relocates-u-s-and-u-k-workforce/">TechCabal</a>

Chipper Cash Cuts US and UK Roles After Suspending US Operations 🛑 🇺🇸  🇬🇧 👉🏾🌍

Nigeria's Securities and Exchange Commission (SEC) proposes a substantial increase in the minimum paid-up capital for virtual asset service providers (VASPs) to ₦1 billion, aiming to reshape the crypto landscape.

The Securities and Exchange Commission (SEC) of Nigeria has proposed a significant hike in the minimum paid-up capital for virtual asset service providers (VASPs) from ₦500 million to ₦1 billion, indicating a shift towards a more stringent regulatory framework in the cryptocurrency sector. If implemented, this move could potentially reshape the landscape of crypto businesses in Nigeria, favoring larger, well-capitalized companies while posing challenges for smaller, local players. Additionally, the proposal includes requirements for a fidelity bond covering at least 25% of the minimum paid-up capital, along with additional documentation for registration, reflecting the SEC's aim to ensure orderly and transparent market operations in the crypto sphere. 📈💼
 
Read more on <a href="https://techcabal.com/2024/03/18/sec-capital-requirement-for-virtual-asset-companies/">TechCabal</a>

SEC Proposes ₦1 Billion Capital Requirement for Virtual Asset Companies 🇳🇬

Nigeria's Access Bank strengthens its presence in Kenya with the acquisition of the National Bank of Kenya from KCB Group, marking its second Kenyan acquisition in recent years. 🌍💼

Nigeria's Access Bank continues its expansion in the East African market with the acquisition of the National Bank of Kenya from KCB Group, following the unsuccessful attempt to acquire Sidian Bank in 2023. The deal is expected to close within 6 to 9 months, positioning Access Bank for increased scale and growth in Kenya's banking sector. 📈💰
 
Read more on <a href="https://techcabal.com/2024/03/20/access-bank-acquires-national-bank-of-kenya/">TechCabal</a>

Access Bank Expands Footprint in Kenya with National Bank Acquisition 🏦 🇳🇬 🇰🇪

Access Bank's acquisition of National Bank of Kenya (NBK) marks a significant move in its East Africa expansion strategy, valued at around $100 million, pending regulatory approval. 📈💰

Access Bank's acquisition of NBK from KCB Group for 1.25x of the bank’s book value indicates a significant step in consolidating its presence in Kenya, with plans to inject more capital into NBK for growth and sustainability. 🌍💡
 
The transaction, subject to regulatory approvals, is expected to take six to nine months to complete, further underlining Access Bank's commitment to expanding its footprint in East Africa's largest economy. 🚀🌟
 
Read more on <a href="https://techcabal.com/2024/03/21/access-bank-national-bank-kenya/">TechCabal</a>

Access Bank Acquires National Bank of Kenya for Approximately $100 Million in East Africa Expansion 🏦💼 🇰🇪

Benjamindada

Explore how Leatherback's collaboration with YES BANK is revolutionizing remittances by enabling seamless Indian Rupee transfers worldwide, fostering economic growth and cultural exchange between India and Africa.

Leatherback, a global banking service provider, has joined forces with YES BANK, a leading private bank in India, to streamline Indian Rupee (INR) remittances and payouts globally, catering to the burgeoning trade and cultural ties between Africa and India.
 
The partnership marks Leatherback as the first Africa-focused fintech company to offer INR remittance payouts, serving as a pivotal link between individuals and businesses in India and users worldwide, empowering financial accessibility and connectivity across borders. With innovative solutions like SendR, users can now effortlessly transfer funds to India, leveraging advanced technology and YES BANK's market expertise for a seamless and efficient remittance experience.
 
Read more on <a href="https://www.benjamindada.com/leatherback-and-yes-bank-partner-to-enble-indian-rupee-transfers-for-global-users/">BenjaminDada</a>

Leatherback and YES BANK Partner to Facilitate Indian Rupee Remittances Globally 🌍💸 🇮🇳

From ranking as the world’s worst-performing currencies in 2023, the Kenyan shilling and Nigerian naira have made significant progress. They are now among the best-performing currencies in the world for 2024, raising hopes for a lower cost of living in these countries.

By Conrad Onyango, bird story agency
 
Squeezed by painfully high prices for over a year, households in Kenya and Nigeria are beginning to get some relief as their national currencies strengthen against the US dollar and the cost of living starts to come down.
 
In 2023, the shilling and naira were ranked among the worst-performing currencies in the world, according to data from Bloomberg and World Currency Monitor.&nbsp;
 
The naira was the worst-performing currency in Africa in 2023, depreciating by over 40% against the US dollar while the shilling ranked 6th worst worldwide, with a slump of over 15% against the US Dollar.
 
However, consumers in both countries are in for some relief in 2024 as their currencies gain ground and the cost of living becomes more bearable, especially in Kenya which has witnessed drops in the prices of some key foods and fuel.
 
Kenya's National Bureau of Statistics shows that the country’s annual inflation eased to a two-year low thanks to a strengthening shilling, which has helped to lower import prices. Kenya is a net importer.
 
Consumer prices rose 5.7% in March in the East African country, compared with 6.3% in February and 9.2% in March 2023, &nbsp;driven by falling prices for flour, sugar and fuel, according to the Bureau of Statistics. Flour dropped by 9.2%, Sugar 5.3% and petrol by 3.5%.
 
Kenya’s inflation is now within the government’s preferred range of 2.5% and 7.5% in the medium term.
 
On the eve of Good Friday, Kenya’s commercial banks quoted the shilling at a high of 132.00 to the US dollar, compared to a high of 161.00 at the start of the year.
 
Such robust performance has earned the shilling the title of best-performing currency in 2024, according to Bloomberg research.
 
The naira is also on a winning streak, posting N1,300 against the dollar on the eve of Easter celebrations after a historic low of N1,851 per dollar In February.&nbsp;
 
The country had been grappling with dollar shortages that depressed its currency.
 
Nigeria’s central bank Governor Olayemi Cardoso has expressed hope that the naira will continue to gain strength against the dollar after clearing a foreign exchange backlog and raising interest rates by 200 basis points to 24.75% to counter inflation.
 
“The committee noted with satisfaction the level of stability achieved in the foreign exchange market in the last few weeks...This will greatly enhance investor confidence and attract foreign investments to Nigeria,” said Cardioso during its latest Monetary Policy Committee (MPC) Press Briefing.
 
“These considerations underscore the importance of CBNs commitment to the price stability mandate and the need to urgently bring inflation under control to ensure that purchasing power of ordinary Nigerians is restored in the short to medium term,” Cardioso added.
 
Nigeria's apex bank has intensified oversight of the recapitalisation of banks and other financial services firms, which it believes will strengthen the country’s financial system against external shocks. The regulator has also cracked down on unregulated cryptocurrency trading.
 
bird story agency

Cost of living relief on the cards as Kenya, Nigeria currencies gain ground 🇳🇬 🇰🇪

Mozambique doubles down on growth with Africa's first dual benchmark rate cuts in 2024 as currencies across the continent score gains against the greenback.

Seth Onyango, bird story agency
 
Mozambique’s central bank has decisively cut its benchmark lending rate to 15.75% from 16.5%, setting a precedent as the first African country to slash rates twice in 2024.&nbsp;
 
The move highlights Maputo’s aggressive push for economic growth amid a wider trend of cooling inflation and currency stability against the US dollar across Africa.&nbsp;
 
Rate cuts in the southeastern African nation, prompted by near-four-year low consumer inflation, aim to stimulate economic activity through household spending.
 
The steady Mozambican metical against the dollar since 2021 solidifies the central bank, Banco de Moçambique's move, balancing the rate cuts without igniting inflation or destabilising the currency.
 
Mozambique’s fiscal manoeuvre and stability reflect a larger pattern across the continent. Both Kenya and Nigeria are witnessing their currencies gain ground against the greenback, offering their economies some respite.&nbsp;
 
In Kenya, commercial banks have recently quoted the shilling at a high of Sh132.00 to the US dollar, a significant recovery from Sh161.00 at the year's start.&nbsp;
 
Similarly, Nigeria's naira is experiencing a resurgence, trading at N1,300 against the dollar on the eve of Easter celebrations, rebounding from a historic low of N1,851 per dollar in February.
 
In Mozambique, the burgeoning LNG sector, kick-started, adds to the country’s growth prospects. However, insurgencies pose risks to major projects.&nbsp;
 
Despite challenges, its economy grows by 5.4% in Q4 of 2023, showcasing resilience and growth beyond its LNG sector.
 
TotalEnergies aims to restart its US$20 billion Mozambique LNG project, halted due to Islamist insurgencies in Cabo Delgado province, leading to a force majeure declaration in April 2021 that still stands.
 
Banco's recent rate cut, however, aims to counteract these challenges, ensuring continued economic progress.
 
Mozambique, with its long Indian Ocean coastline, is dotted with popular beaches like Tofo, as well as offshore marine parks, also anticipates stellar earnings from tourism.
 
Efforts to stabilise the economy and ensure security are likely to enhance Mozambique's appeal as a premier tourism destination, further diversifying its income sources and strengthening its economic resilience.
 
Mozambique is also tweaking its visa process to lure in more visitors.
 
Its complex visa process once deterred tourists and business visitors, affecting its regional and global competitiveness.&nbsp;
 
However, significant improvements began in December 2022 with the launch of a streamlined e-visa platform by the Mozambican Government.&nbsp;
 
Further easing occurred in March 2023, introducing visa-free entry for citizens of 29 countries, including the US, for tourism and business. Now, travellers can use the e-visa platform before their trip and pay a small fee of MZN650 (about US$10).
 
Furthermore, the regional economic landscape is witnessing a pivotal shift, with African nations increasingly adopting innovative monetary policies and reforms to navigate the complexities of global finance and trade.
 
Mozambique is now at the forefront of Africa's money policy manoeuvre, with the continent's economic landscape witnessing a pivotal transformation.&nbsp;
 
Its collective progress towards stronger currencies and thoughtful monetary strategies provides a brighter economic outlook for Africa.
 
Central bank governors across the continent will likely study Mozambique’s approach closely, seeking to replicate its successes in their jurisdictions.&nbsp;
 
bird story agency

Twin rate cuts set Mozambique apart as African currency rally 🇲🇿

Despite a dip in overall funding levels, the continent is witnessing a marked increase in the number of ventures securing $1 million or more.

Seth Onyango, bird story agency&nbsp;
 
Start-ups in Africa are increasingly hauling in US$1 million or more in funding, even as the investment climate on the continent cools off.
 
Data from Africa: The Big Deal, shows ventures raising over US$1 million thrive due to their bankability, suggesting a selective but keen interest from investors amidst a cautious investment backdrop.
 
"While the amount raised quarterly is still at its lowest since Q4 2020, we can see that the number of ventures raising at least $1m during a quarter has started to bounce back in Q3 2023 and continued to do so consistently since," The Deal says.
 
Investors appear to be placing targeted bets on start-ups with clear scalability and impactful solutions, indicating a move towards more strategic, long-term investments rather than widespread, speculative funding.
 
Investment patterns also reveal a notable shift towards equity financing, despite a slight 9% decrease from the previous quarter.&nbsp;
 
Conversely, debt financing has taken a substantial hit, decreasing by 44%. This indicates a growing preference among investors for equity stakes in promising start-ups, in a show of confidence in their growth trajectories and the potential for long-term returns.
 
Broadly, the total funding secured by African start-ups from April 2023 to March 2024 amounted to US$2.4 billion — a 14% decrease from the preceding 12 months but still a substantial portion of the peak funding era between July 2021 and June 2022, according to The Deal.
 
Data from Africa: The Big Deal further underscores a strategic recalibration by investors in response to the evolving global economic landscape and the unique challenges and opportunities presented by the African market.
 
African start-ups, with their deep understanding of local markets and innovative approaches to solving complex problems, are increasingly becoming the season's must-have for both local and international investors.
 
Tellingly, a separate report from Africa: The Big Deal in March showed that more African investors are funnelling substantial investments into homegrown enterprises.
 
It highlighted a departure from the previous years, when North American investors, particularly from the U.S., led the charge in startup funding across the continent.
 
Africa: The Big Deal identified at least 619 unique investors who participated in deals of US$100k or more within the continent, with 35% of these being headquartered in Africa, making it the region with the most investors in African startups.
 
This shift came after a dramatic 47% year-on-year drop in the number of North American-based investors involved in the continent, according to the report.
 
“The fact that Africa was the continent where most investors in Africa were headquartered contrasts with the previous two years when the number one spot was held by North America (the U.S., really),” the analysis observed.
 
European investors remained significant, with a stable 25% representation, closely following African investors and indicating a potential rise in interest from this region as well.
 
When considering individual countries from around the world, however, the United States maintained its position as the single largest external investor in Africa.
 
South Africa stands out as the primary African country with active investors, highlighting its role as a significant hub for investment on the continent.
 
The top five countries hosting active investors have remained reasonably stable, with the United States, South Africa, Nigeria, the United Kingdom, and France (replacing Egypt) making the list.
 
Notably, France is the only country among the top 10 to see an increase in the number of investors involved in African deals from 2022 to 2023.
 
bird story agency&nbsp;

More African founders secure $1M+ Funding in new trend 💰🌍

The Next Wave

TechSafari

Big Tech This Week

Chumz, a Kenyan fintech that enables users to set savings goals with mobile money, has reached 200,000 users and is testing its services in Rwanda. With unique prompts encouraging behavior-based saving, Chumz empowers users with accessible financial tools. Expansion plans target 1 million users across East Africa by 2026.

🌍 Kenyan fintech startup Chumz, which helps users save and invest by prompting savings from mobile money, is expanding into Rwanda after gaining 200,000 users in Kenya.
 
💡 How Chumz Works:
<ul>
 <li>The app channels user funds from mobile accounts to licensed fund managers, who offer returns distributed back to users.</li>
 <li>Users are prompted to save based on behavior patterns, like spending at a pub or receiving funds, encouraging small, regular investments.</li>
</ul>
🎉 Unique Features and Success:
<ul>
 <li>The Superfan Challenge motivates savings based on favorite football teams' performance, adding a fun twist to saving.</li>
 <li>Chumz primarily serves retail investors who lack access to traditional fund managers, with women comprising the majority of savers.</li>
</ul>
🚀 Future Growth Plans:
<ul>
 <li>Chumz aims for 1 million Kenyan users by 2026 and plans to expand into Uganda, Tanzania, and Botswana.</li>
</ul>
 
With its accessible model, Chumz is filling a significant gap in East Africa’s financial inclusion landscape, supporting financial literacy across diverse demographics.
 
 
Read more on <a href="https://disruptafrica.com/2024/11/06/kenyan-fintech-startup-chumz-set-for-rwanda-expansion-after-hitting-200k-users/">Disrupt-Africa</a>

Chumz Expands to Rwanda: Kenyan Fintech with 200K Users Aims for 1M by 2026

Nigerian fintech leader Moniepoint has secured $110 million in Series C funding to supercharge its digital banking platform for businesses across Africa. With a track record of innovation and impact, Moniepoint is poised to transform financial access on the continent, bringing seamless banking, payments, and credit services to millions.

Moniepoint, founded in 2015 as TeamApt, is Nigeria's top merchant acquirer, processing $17 billion monthly and supporting over 10 million businesses and individuals. Recently, the company secured $110 million in Series C funding, led by Development Partners International, alongside new investors such as Google’s Africa Investment Fund and Verod Capital. With this new capital, Moniepoint plans to scale its all-in-one financial ecosystem across Africa, offering services like digital payments, banking, FX, credit, and business management tools.
 
Highlights:
<ul>
 <li>Key Investors: Development Partners International, Google’s Africa Investment Fund, Verod Capital, and Lightrock (existing investor).</li>
 <li>Platform Vision: A comprehensive suite for African businesses with seamless banking, payment solutions, and support tools.</li>
 <li>Financial Impact: Moniepoint’s rapid growth supports financial inclusion across underserved communities and enables businesses to grow with reliable banking solutions.</li>
</ul>
 
CEO Tosin Eniolorunda emphasized Moniepoint’s mission to innovate and drive financial inclusion across Africa, delivering solutions that make a difference for the continent’s entrepreneurial potential.
 
 
Read more on <a href="https://disruptafrica.com/2024/10/29/nigerias-moniepoint-raises-110m-series-c-to-scale-digital-banking-across-africa/">Disrupt-Africa</a>

Moniepoint Raises $110M to Expand Digital Banking Across Africa 🌍💸

Kenya’s music streaming service, Mdundo, continues its rapid growth, hitting 36 million active users as it tailors content to hyperlocal African markets. By focusing on regional genres, Mdundo is boosting both its user engagement and artists' earnings. 🎤🎧

Kenya-based music streaming service Mdundo has surpassed 36 million monthly active users (MAU) as it deepens its presence in local African markets. By focusing on hyperlocal content, like Kalenjin and Kamba music in Kenya and Singeli in Tanzania, the platform enhances the visibility of regional artists while appealing to advertisers seeking targeted audiences.
<ul>
 <li>Founded in 2013, Mdundo has grown to become one of Africa’s leading music platforms, providing legal music streaming across the continent.</li>
 <li>The platform listed on the Nasdaq First North Growth Market Denmark in 2020, accelerating its user base to millions of listeners and offering music from 172,000 content creators.</li>
 <li>Mdundo’s hyperlocal strategy supports its mission to increase artist income, projecting royalties payouts between $1.1 million and $1.3 million by 2025. 💰🎶</li>
</ul>
 
Mdundo CEO, Martin Nielsen, reaffirmed the company’s commitment to fostering the growth of Africa’s music industry by ensuring fair compensation for artists and helping them achieve financial success through their creativity. 🌍✨
This localized approach also delivers greater value for advertisers, with a focus on specific regional content that aligns with Mdundo’s growth goals and artist support.
 
Highlights:
<ul>
 <li>Mdundo prioritizes hyperlocal markets like Kenya, Tanzania, and Nigeria for tailored content development.</li>
 <li>The platform projects over $1 million in royalties for artists by 2025.</li>
 <li>Continues to lead in the African music streaming space, with over 36 million monthly users.</li>
</ul>
 
🌍🎵 African music’s future is brighter with Mdundo, empowering artists and connecting audiences like never before!
 
 
Read more on <a href="https://disruptafrica.com/2024/10/11/kenya-based-music-service-expands-reach-projects-over-1m-royalties-for-2025/">Disrupt-Africa</a>

Mdundo Music Service Expands, Projects Over $1M in Artist Royalties for 2025 🎶💼

Peach Payments is shaking up the digital commerce space by teaming up with Sukhiba, a Kenyan conversational commerce platform, to enable WhatsApp-based sales. As WhatsApp emerges as a new sales frontier, this partnership will help South African merchants tap into seamless product purchasing and payment solutions. 💬💳

South Africa's Peach Payments, a leading digital payment service provider, has partnered with Kenya’s conversational commerce platform, Sukhiba, to introduce WhatsApp-based sales for South African merchants. 🎉 The collaboration allows businesses to integrate their catalogues into WhatsApp, facilitating product purchases, payments, and delivery scheduling.
<ul>
 <li>Peach Payments, founded in 2012, is the second-largest online payment gateway in South Africa. It provides merchants with payment management tools and recently raised $31 million to expand across Africa. 🌍</li>
 <li>Sukhiba, launched in 2021, operates in multiple African countries and allows over 35,000 SMEs to sell through WhatsApp. Merchants can track sales and payments through Sukhiba’s app and Peach Payments' dashboard.</li>
</ul>
 
This partnership gives merchants access to Peach Payments’ platform, offering flexible payment options, including card payments, EFT, and buy-now-pay-later, just in time for Black Friday. 🛍️📱
 
 
Read more on <a href="https://disruptafrica.com/2024/10/10/sas-peach-payments-partners-kenyas-sukhiba-for-conversational-commerce/">Disrupt-Africa</a>

SA’s Peach Payments Partners with Kenya’s Sukhiba to Revolutionize WhatsApp Commerce

Four innovative African startups have emerged as winners in the NBA Africa's Triple-Double Accelerator, securing not only substantial cash prizes but also valuable mentorship opportunities. These startups are poised to transform the sports and creative industries across the continent, contributing to Africa's growing prominence on the global stage. 

<h3>4 African Startups Named Champions of NBA Africa’s Triple-Double Accelerator, Securing Cash Prizes and Mentorship</h3>
<h3> </h3>
Summary:
<ul>
 <li>NBA Africa (an affiliate of the National Basketball Association) has crowned four African startups as winners of its Triple-Double Accelerator, which focuses on early-stage startups in event management, AI, and digital marketing.</li>
 <li>Festival Coins from Nigeria, offering a no-code registration platform Tix Africa, took the top prize of $50,000. Close behind was Salubata, also from Nigeria, which converts plastic waste into shoes, winning $40,000.</li>
 <li>Third and fourth places went to Kenya’s HustleSasa and Egypt’s UBR VR, earning $30,000 and $20,000 respectively.</li>
 <li>In addition to cash prizes, the winners will benefit from ongoing mentorship and participation in development programs facilitated by NBA Africa and its partners. 🏆✨</li>
</ul>
Highlights:
<ul>
 <li>10 startups were selected for the program, with 4 emerging winners.</li>
 <li>The remaining 6 finalists received $10,000 each.</li>
 <li>This initiative is seen as a move to nurture innovation in Africa's sports and creative industries.</li>
</ul>
 
NBA Africa CEO Clare Akamanzi expressed excitement for the winners, stating that these startups are set to "shape the future of sports in Africa and elevate the continent on the global stage." 💡🎉
 
 
Read more on <a href="https://disruptafrica.com/2024/10/03/4-african-startups-named-winners-of-nba-africas-triple-double-accelerator/">Disrupt-Africa</a>

NBA Africa’s Triple-Double Accelerator: 4 African Startups Win Big 🌍🏀

Dopay, the Egyptian fintech revolutionizing payroll, has raised an additional $13.5 million in a Series A extension round. With these new funds, Dopay is set to accelerate its expansion in Egypt and beyond, launching innovative financial services to better serve unbanked workers. Discover how Dopay is transforming the financial landscape in emerging markets.

<h3>Egyptian fintech startup Dopay has secured $13.5 million in a Series A extension round, bringing its total Series A funding to $31.5 million. This latest funding round, led by Argentem Creek Partners with participation from existing investors, will enable Dopay to rapidly expand its operations in Egypt and other markets.</h3>
<h3> </h3>
Founded in 2014 by Frans van Eersel and Ahmed Nassef, Dopay offers a virtual banking platform that digitizes cash payments from employers to workers and other beneficiaries. This innovative solution aims to integrate unbanked and underbanked workers into the financial system through a payroll-centric approach.
 
The new funds will help Dopay elevate its platform and, in collaboration with partner banks, leverage deposited funds to create a self-financing lending model. This model will allow deposited amounts to fuel a lending portfolio, fostering a sustainable financial ecosystem. Dopay plans to launch new financing products embedded into its platform, enhancing the overall customer experience.
 
Maarten Terlouw, co-chief investment officer at Argentem Creek Partners, emphasized the importance of a payroll-centric approach in integrating unbanked workers into the financial system. He praised Dopay’s multi-bank, multi-country platform and expressed excitement about supporting the company in its next growth stage.
 
Key Points:
<ul>
 <li>Dopay secures $13.5 million in Series A extension round.</li>
 <li>Funds to accelerate expansion in Egypt and other markets.</li>
 <li>Dopay digitizes cash payments from employers to workers.</li>
 <li>New financing products and self-financing lending model to be introduced.</li>
 <li>Payroll-centric approach to integrate unbanked workers into the financial system.</li>
</ul>
 
🌍 Dopay is revolutionizing payroll and financial services for unbanked workers in emerging markets. Stay tuned for more updates on their exciting journey! 🚀
 
 
 
Read more on <a href="https://disruptafrica.com/2024/07/18/egyptian-fintech-startup-dopay-secures-13-5m-series-a-extension-round/">Disrupt-Africa</a>

Egyptian Fintech Startup Dopay Secures $13.5M Series A Extension to Accelerate Expansion 🇪🇬

Discover how Cloomi, a Zimbabwean startup, is transforming healthcare access with an innovative WhatsApp chatbot. Learn how this digital platform connects patients to local healthcare providers, improving efficiency and outcomes.

🌍 Revolutionizing Healthcare Access in Zimbabwe 
Zimbabwean startup Cloomi, launched in 2023, leverages an intelligent WhatsApp chatbot to help patients find and compare prices from nearby healthcare providers.
 
🚀 Expansive Reach and Rapid Growth 
Cloomi has partnered with over 230 pharmacies, 20+ medical laboratories, and diagnostic centers, and features a database of over 700 healthcare practitioners. With more than 10,000 successful matches, users receive responses within minutes during working hours.
 
💡 Innovative Solutions for Local Challenges 
Founder Blessing Museki created Cloomi to address the difficulties of finding medical products and services in Zimbabwe, where direct advertising is restricted. The platform provides a quick, simple way to connect with multiple providers.
 
📈 Future Prospects and Expansion Plans 
Currently self-funded, Cloomi aims to raise seed funding and expand its reach further. The startup has seen phenomenal uptake, rapidly scaling from Harare to nationwide coverage within months.
 
Highlights:
<ul>
 <li>Cloomi connects patients to local healthcare providers via a WhatsApp chatbot.</li>
 <li>Over 230 pharmacies and 700 healthcare practitioners are part of the platform.</li>
 <li>More than 10,000 successful matches since its launch in early 2023.</li>
 <li>Rapid response time, with inquiries answered within minutes during business hours.</li>
 <li>Plans to raise seed funding and continue expanding services across Zimbabwe.</li>
</ul>
 
This revolutionary approach is setting a new standard in digital healthcare solutions, making Cloomi a vital tool for patients and providers alike in Zimbabwe. 🌟
 
 
Read more on <a href="https://disruptafrica.com/2024/07/17/how-zimbabwes-cloomi-uses-whatsapp-to-improve-health-outcomes/">Disrupt-Africa</a>

How Zimbabwe's Cloomi is Revolutionizing Healthcare with WhatsApp Integration 🇿🇼

South African e-hailing startup Shesha is set to challenge the dominance of Uber and Bolt by leveraging local insights and prioritizing safety. With strong support from local taxi associations, Shesha promises a unique and community-focused alternative in the competitive e-hailing market.

<h3>🌟 Shesha, a new South African e-hailing startup, is challenging giants Uber and Bolt by focusing on local knowledge and driver welfare. Founded in 2023, Shesha aims to address safety concerns and improve working conditions for drivers, setting it apart from its international competitors.</h3>
<h3> </h3>
🔍 Key Highlights:
<ul>
 <li>Local Expertise: Backed by the Gauteng Taxi Industry Trust, Santaco Gauteng, and the Gauteng National Taxi Alliance, Shesha boasts an intimate understanding of local conditions.</li>
 <li>Safety First: Shesha verifies the identities of both drivers and passengers, ensuring security and trust on every trip.</li>
 <li>Driver Inclusion: The startup addresses driver grievances by making them feel valued and part of the business, countering the feeling of exploitation prevalent with other e-hailing services.</li>
 <li>Significant Support: Over 13,000 drivers are being onboarded, with the company reporting phenomenal customer uptake in Gauteng, its initial proving ground.</li>
</ul>
 
🚀 Future Plans:
<ul>
 <li>Expansion: While currently operating in Gauteng, Shesha has plans to expand to other provinces, aiming to scale its local-first approach.</li>
</ul>
 
💡 Market Impact:
<ul>
 <li>Competitor Response: Shesha's entry has already prompted competitors to enhance safety measures, including de-platforming unsafe drivers.</li>
</ul>
 
Shesha's Unique Edge:
<ul>
 <li>Competitive pricing and a community-focused approach are Shesha's key differentiators in the crowded e-hailing market. By addressing both safety and driver satisfaction, Shesha is poised to make a significant impact.</li>
</ul>
"We're committed to making every ride safe and ensuring our drivers feel like a valued part of our company," says spokesperson Nomsa Mdhluli.
 
🔗 Join the Shesha movement and experience the difference of a local e-hailing service designed for South Africa!
 
Read more on <a href="https://disruptafrica.com/2024/07/03/new-sa-e-hailing-startup-shesha-aims-to-use-local-knowledge-to-disrupt-uber-bolt/">Disrupt-Africa</a>

South African Startup Shesha Aims to Disrupt Uber and Bolt with Local Knowledge and Focus on Safety 🇿🇦

🌍💙 Blueroomcare, a Nigerian digital therapy startup, has secured pre-seed funding to revolutionize mental health care across Africa. This innovative platform combines advanced algorithms with personalized support, ensuring therapy is both affordable and accessible. Discover how Blueroomcare is making a difference! 💪✨

Blueroomcare, a Nigerian startup providing insurance-covered digital therapy services, has raised an undisclosed amount in a pre-seed funding round. Launched in late 2021, the platform allows clients to communicate with therapists through in-app messaging, videos, and voice messages. Integrating advanced algorithms with personalized support from licensed mental health professionals, Blueroomcare offers a tailored mental health experience.
 
Key points:
<ul>
 <li>Funding Round: Led by EHA Impact Ventures with participation from TVC Labs and Innovest Africa.</li>
 <li>Platform Features: Combines technology and personalized mental health support.</li>
 <li>CEO’s Statement: "This funding will help us develop our technology further and expand our services," said founder Moses Aiyenuro.</li>
</ul>
 
Blueroomcare aims to use the funding to enhance its platform, introduce new features, and broaden its reach, making high-quality mental health care accessible to everyone in Africa. 🌟🧠
 
 
Read more on <a href="https://disruptafrica.com/2024/07/02/nigerian-digital-therapy-startup-blueroomcare-raises-pre-seed-funding-round/">Disrupt-Africa</a>

Blueroomcare Raises Pre-Seed Funding to Expand Affordable Digital Therapy Services in Africa

Egyptian investtech startup Bokra is set to revolutionize wealth management in the MENA region with its innovative app, focusing on goal-based investment through asset-backed securities. With a strong foundation and impressive pre-seed funding, Bokra aims for rapid expansion into Saudi Arabia and the UAE right after its launch. Discover how Bokra plans to empower individuals and SMEs with personalized financial planning and investment solutions.

<h3>🚀 Bokra, an Egyptian startup, is set to transform wealth management in the MENA region with its unique platform offering goal-based investment and saving products through asset-backed securities.</h3>
<h3> </h3>
Key Highlights:
<ul>
 <li>Personalized Financial Planning: Bokra’s app offers tailored financial and investment planning across various asset classes, helping users manage and grow their wealth.</li>
 <li>Innovative Features: The app includes a comprehensive questionnaire to match users with suitable portfolios and features like “scenario-playing” and a financial dashboard for tracking goals.</li>
 <li>Strong Financial Backing: Raised a US$4.6 million pre-seed round, led by DisrupTech Ventures and SS Capital, for launching the app and expanding operations.</li>
 <li>Swift Expansion Plans: After launching in Egypt, Bokra aims to quickly expand to Saudi Arabia and the UAE, with further plans to reach the entire GCC region.</li>
 <li>Commitment to Inclusivity: Founder and CEO Ayman El-Sawy emphasizes Bokra’s mission to empower individuals and SMEs by offering inclusive and socially responsible financial solutions.</li>
 <li> </li>
</ul>
<h3>Detailed Summary:</h3>
Bokra, an Egyptian investtech startup, is preparing to launch its innovative wealth management platform, aiming to provide goal-based investment and saving products through asset-backed securities. Founded on the principles of inclusivity, transparency, and social responsibility, Bokra's app delivers personalized financial and investment planning tailored to individual risk appetites and financial goals.
Set to launch in the second quarter of this year, Bokra’s app features a comprehensive questionnaire that matches users with a portfolio of diversified instruments. It also includes tools like “scenario-playing” to project yields and a dashboard to help users stay on track with their financial objectives.
Backed by a substantial US$4.6 million pre-seed funding round from DisrupTech Ventures and SS Capital, Bokra plans to swiftly expand its operations to Saudi Arabia and the UAE post-launch. Founder and CEO Ayman El-Sawy highlights the startup’s dedication to helping individuals and SMEs achieve their financial goals through innovative, asset-backed investment solutions.
With its strong financial backing and commitment to providing scalable, daily-use financial products, Bokra is poised to make a significant impact on the MENA region's wealth management landscape.
 
 
Read more on <a href="https://disruptafrica.com/2024/06/18/egyptian-investtech-startup-bokra-plans-swift-saudi-uae-expansion-post-launch/">Disrupt-Africa</a>

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