Discover how Productive Use of Renewable Energy (PURE) technologies, including solar irrigation and cold chain solutions, are gaining investor interest despite a downturn in global off-grid solar sector funding.

Discover how Chowdeck, backed by Y Combinator, aims to dominate Nigeria's booming food delivery market with its innovative approach and rapid expansion plans.

Discover how Kubik, an Ethiopian startup, is transforming plastic waste into durable building materials while securing fresh funding for its innovative approach.

Flourish Ventures' Madica program intensifies its investment efforts in Africa, targeting up to 30 startups by the end of its three-year program, with a focus on underrepresented founders and diverse sectors.

TLcom Capital, an African VC firm, concludes fundraising for its second fund, TIDE Africa Fund II, totaling $154 million, positioning itself as Africa’s largest investor across seed and Series A.

Discover how The Folklore is revolutionizing global market access for fashion brands from emerging markets with its innovative B2B marketplace. Backed by a recent $3.4 million seed funding, the startup is poised to empower diverse brands with essential resources for growth and expansion. Join The Folklore's mission to bridge the gap between emerging market creators and global retailers in the fashion industry. 🌍✨

Pula, the Kenyan insurtech, scales up its mission to provide crucial agricultural insurance to millions of smallholder farmers across emerging markets, backed by a hefty $20 million in Series B funding. 🚀

Discover how Verod-Kepple Africa Ventures' $60 million inaugural fund, fueled by Japanese and Nigerian investors, aims to bolster growth-stage startups across Africa, bridging the gap in available capital for Series A and B companies.

Satgana, a climate-tech venture capital firm, has successfully closed its first fund at €8 million ($8.6 million), targeting up to 30 early-stage startups in Africa and Europe. Led by founder Romain Diaz, the firm secured commitments from notable investors, including Maurice Lévy of Publicis Groupe and Thibaud Hug de Larauze, co-founder of Back Market. Despite challenges in fundraising, Satgana plans to focus on investing in climate change mitigation and resilience-building startups, particularly in mobility, food and agriculture, energy, industry, and the circular economy sectors.

Wasoko, a prominent B2B e-commerce giant in Africa, experiences a significant valuation markdown, signaling shifts in the industry's landscape and investor sentiment. Despite challenges, the company remains optimistic amid a planned merger and ongoing efforts to consolidate its position in the market.

Discover how Farm to Feed, an innovative agri-tech startup, is tackling food loss and creating a data platform to enhance farming outcomes in Kenya, revolutionizing the agricultural sector while combating climate change. 🌍💡

Dive into the latest expansion of Tanzanian fintech startup, Nala, as it introduces a groundbreaking B2B payment platform alongside its renowned remittance services, aiming to revolutionize cross-border transactions in Africa.

Uber leads a significant investment in Moove, marking its first venture into Africa and driving Moove's valuation to $750M, affirming its status as a major player in the mobility fintech space. With expansion plans and a focus on sustainable mobility, Moove's growth trajectory highlights its potential to revolutionize transportation across Africa and beyond.

Zone, a Nigerian fintech, revolutionizes Africa's payment landscape with its blockchain technology, attracting $8.5 million in seed funding.

In the competitive landscape of B2B e-commerce in Africa, OmniRetail has emerged as a beacon of profitability and sustainability. Discover the strategies and lessons that can empower other startups in the industry to thrive.

Discover how Nigerian startup Youverify secures a significant investment to enhance anti-money laundering (AML) solutions, paving the way for streamlined compliance and expanded market reach.

Nigeria intensifies efforts to obtain information from Binance, seeking details on its top 100 users and six-month transaction history, as the nation's regulatory scrutiny tightens. 🛡️

Unlocking a healthier future! Nigerian health tech firm MDaaS raises $3 million in pre-Series A funding, led by Aruwa Capital and Newton Partners. With plans to expand its diagnostic centers across all Nigerian states and launch the innovative BeaconOS platform, MDaaS aims to transform healthcare accessibility and preventive care in the region. 🌍💉

As the remote work trend continues, UAE-based startup RemotePass secures $5.5 million in Series A funding led by 212 VC. Transforming from SafarPass to RemotePass, the platform streamlines HR, payroll, and compliance for remote workers globally. With a focus on enterprise readiness and expansion in Saudi Arabia, RemotePass is set to revolutionize the future of remote work management. 🚀💻

HR giant Deel acquires PaySpace, a prominent African payroll and HR software company, extending its reach in Africa and strengthening its position with over 14,000 customers. This marks Deel's latest strategic move following its recent acquisition of Zavvy and highlights its significant financial milestone, crossing $500 million in annual recurring revenue (ARR).

Discover how Bfree, a Nigerian startup committed to ethical debt recovery, has raised $3 million in its latest funding round led by Capria Ventures. With automated processes and AI tools, Bfree is transforming debt collection across Ghana, Kenya, and Nigeria. The startup plans to scale its humane approach, focusing on banks, and introduces a groundbreaking concept of creating a secondary debt market in Africa.

Dubai-based COTU Ventures has raised a stellar $54 million for its debut fund, aiming to propel early-stage startups in the Middle East through pre-seed to seed stages. 🌐 Discover how the firm actively supports fintech and B2B software, fostering innovation and growth in the region's dynamic tech ecosystem. 💡🚀

Amidst the volatility of Nigeria's crypto landscape, Binance, Coinbase, and Kraken recently encountered accessibility issues, sparking concerns of regulatory interventions. This comes on the heels of Binance restricting peer-to-peer transactions, coinciding with the naira's historic decline. As the government aims to regain control over the currency's valuation, crypto users navigate uncertainties.

As South Africa grapples with severe power shortages, Hohm Energy raises an impressive $8 million in seed funding, marking the largest for a South African tech startup. The three-year-old clean tech firm connects homeowners with solar solutions, streamlining processes through its innovative marketplace and software model. With a mission to make renewable energy accessible, Hohm Energy aims to empower over 7 million households, offering a sustainable alternative amidst the country's energy woes.

Lagos-based digital bank FairMoney is reportedly in early-stage talks to acquire Umba, a credit-led digital bank operating in Nigeria and Kenya, in a $20 million all-stock deal. The move aligns with FairMoney's growth strategy and signals its interest in the Kenyan market, while also highlighting the challenges faced by fintechs in Africa amid a tightening funding environment. If successful, this acquisition could provide FairMoney with a microfinance license in Kenya, streamlining its entry into the market. 🌍💰

Amid a global decline in investor activity in Africa, Partech successfully closes its second Africa fund at over $300 million, reaffirming its commitment to support African startups. The fund, focusing on seed to Series C rounds, aims to provide stability and assistance to startups navigating challenging times in the continent's evolving investment landscape.

Nigerian cleantech startup Arnergy lights up the renewable energy landscape with a $3 million funding boost from All On, aiming to provide affordable and reliable solar power solutions to homes and businesses across Nigeria. 🌍⚡

Roam, a trailblazing electric vehicle (EV) startup based in Kenya, has successfully raised $24 million in a Series A funding round, including a $10 million debt commitment from the U.S International Development Finance Corporation. The investment aims to fuel the scaling of Roam's production of electric motorcycles and buses, marking a significant leap in Africa's push towards sustainable and eco-friendly transportation solutions.

Explore how Expensya, a Tunis and Paris-based expense management startup, achieved a $10 million acquisition by Medius, showcasing the global impact of African-founded products. This success story signals a shift in the African tech landscape, emphasizing the potential for startups to serve international markets and garner significant returns.

Unlocking healthcare access for Kenya's masses! Ilara Health raises $4.2M in a pre-Series A round, led by DOB Equity and featuring key investors like the Philips Foundation. The health-tech innovator plans to scale operations and introduce a B2B health and occupational service, revolutionizing primary healthcare for uninsured workers through partner clinics. 💉🌐

Explore the rising tide of African venture capital with new funds like Partech Africa II and Novastar Ventures' Africa People + Planet fund, tapping into fintech and climate sectors. As Africa's young, tech-savvy population grows, discover how these funds aim to disrupt energy and agriculture, providing stability in local markets. 🌱💡

Rally Cap VC, known for its focus on emerging markets fintech, has ventured into climate tech with the launch of Rally Cap Climate, a $5 million fund. The move reflects a shift in investment trends, as climate tech gains prominence as the new frontier. The fund has already achieved its first close at $2.5 million and anticipates a final close at $5 million.

Nigerian edtech startup Klas secures a $1 million pre-seed funding led by Ingressive Capital, featuring support from Techstars and angel investors. Founded by Nathan Nwachuku, the platform empowers users to effortlessly create and sell ebooks, courses, and live classes. With a focus on user-friendly experiences, Klas aims to become a global leader in online education.

Google announces the operational status of its Johannesburg cloud region, marking a significant stride in providing businesses with the resources to scale and compete globally. This comes a year after Google selected Johannesburg as its inaugural site in Africa.

Discover the turbulent journey of African neobanks like TymeBank, Carbon, and FairMoney as they navigate the path to profitability in a market ripe with challenges. Despite recent profit milestones, a closer look reveals the complex dance between revenue growth, bad debt, and the pursuit of sustainable business models. 🚀💳

Cairo and Dubai-based startup DXwand, specializing in conversational AI, raises $4 million in Series A funding led by Shorooq Partners and Algebra Ventures. With a focus on automating customer service and employee assistance, DXwand aims to expand across MENA, bolstering research in generative AI and omnichannel conversational AI.

Despite facing a considerable drop in VC investments, African startups in 2023 showcased resilience and adaptability. From shifts in investor behavior to emerging hotspots and sectoral diversification, explore the key trends that defined the financial landscape of African startups last year.

Kenyan agtech, Shamba Pride, secures $3.7 million in debt-equity funding to bolster its farmer-centric merchant network. With 2,700 digitalized agro-dealers across 24 counties, Shamba Pride aims to revolutionize last-mile distribution, combat price exploitation, and extend its impact to more rural farmers.

Amazon Prime Video announces a strategic shift, discontinuing support for local originals in Africa and the Middle East to concentrate on European content. This move raises questions about the impact on the streaming landscape in these regions, especially as competing platforms intensify efforts to capture the projected 15 million video-on-demand subscribers in Africa by 2026.

As Africa's startup landscape expands, local entities like Dream VC and the Obuntu Foundation are stepping up to cultivate the next generation of fund managers, addressing the growing need for homegrown investment expertise. 🌐📈

A tale of twists for African neobank Kuda as it secures $20 million in funding but falls short of its user projection by 3 million. Navigating a competitive market and global expansion plans, Kuda grapples with losses, regulatory hurdles, and the uphill battle toward profitability.

Seedstars Africa Ventures receives a game-changing $30 million commitment from EIB Global, marking a pivotal moment for its Pan-African venture capital fund. This injection of capital aims to bridge funding gaps, support startups beyond accelerator programs, and foster innovation across Africa's diverse entrepreneurial landscape.

Discover how Nigerian fintech Cleva, founded by Stripe and AWS alums, secures $1.5 million in pre-seed funding to empower over seven million Africans with a revolutionary banking platform for seamless international payments. 🌐💳

Discover the highs and lows of the African tech startup landscape in 2024, as the funding climate undergoes a profound shift. From closures to strategic pivots, explore the resilient spirit of entrepreneurs in the face of adversity. 🌍💡

In an exclusive update, Egyptian B2B e-commerce giant MaxAB and Kenya-based Wasoko are currently in merger discussions, signaling a potential transformation in Africa's B2B e-commerce landscape. As funding challenges impact players in the sector, the talks aim to navigate synergies between MaxAB's stronghold in Egypt and Morocco and Wasoko's East African footprint.

South African aerospace startup Cloudline, backed by Schmidt Futures and other pan-African investors, secures $6 million to revolutionize carbon emissions-free autonomous flights. CEO Spencer Horne's vision of utilizing airships for large payload deliveries to isolated communities is taking flight, offering cost-efficient alternatives to drones, helicopters, and satellites. 🚀✨

Al Mada Holding Group, a major player in Africa's investment landscape, launches Al Mada Ventures (AMV), a $110 million venture capital firm dedicated to filling the growth-stage funding gap in Africa. 🚀 Led by local capital, AMV aims to catalyze innovation, connect startups with corporates, and bridge key sectors for sustainable development. Read on for insights into their unique evergreen fund approach and strategic investment focus! 💡

Discover how Soum, the Saudi re-commerce platform, aims to revolutionize the second-hand market in the Middle East and North Africa (MENA) region with its recent $18 million funding. As consumers increasingly turn to pre-owned goods, Soum plans to expand its footprint to the United Arab Emirates and introduce new product categories, showcasing a commitment to sustainability and convenience in the digital age.

Jumia, the pan-African e-commerce platform, surprises markets by discontinuing its food delivery service, citing intense competition and economic conditions. CEO Francis Dufay discusses the strategic shift, focusing on strengthening the core physical goods business to offset losses and drive profitability. 🚀🛒

🍔 Jumia, the pan-African e-commerce giant, announces the discontinuation of its food delivery service across seven markets, citing operational challenges and macroeconomic conditions. 🚀 The strategic move aims to optimize resources and prioritize the growth potential of Jumia's core physical goods business, signaling a shift in focus within the competitive African e-commerce landscape. 🛒

African fashion and beauty find a new home with Maka! 🔥 Discover how Maka's innovative platform, led by ex-Jumia CEO Diana Owusu-Kyereko, is transforming the buying experience for millennials and Gen Zers in Africa, addressing trust issues and empowering creators.

Kenyan e-commerce and fintech platform Copia Global, fueled by $20 million in new funding, welcomes ex-Metaswitch CEO John Lazar to its board. With a focus on profitability, Copia targets mid- and low-income consumers, leveraging a network of over 50,000 agents. Despite recent workforce reductions, the company eyes digitization and sustainable unit economics for future growth in Kenya and beyond.

Discover how TUNL, a South African parcel shipping platform, is transforming international shipping for e-commerce merchants, slashing costs by 50-80%. With $1 million in pre-seed funding, TUNL plans to expand its impact across South Africa and key African markets, revolutionizing cross-border trade for small and medium-sized businesses. 🚀🌍

Kenya's Lami Technologies' ambitious move to acquire Bluewave, announced in February last year, has crumbled as the deal fell through months later. Exclusive insights reveal that the initially touted acquisition was grounded on a two-year "strategic partnership agreement," with Bluewave founder Adelaide Odhiambo disclosing that changing terms, including acquisition costs, led to the collapse in August last year.

African fintech Bujeti, backed by Y Combinator, raises $2 million in seed funding to redefine how businesses manage finances with its corporate cards and spend management platform. 🚀 Discover how Bujeti's innovative features streamline expenses for SMBs, startups, and enterprises in healthcare, logistics, agriculture, and construction. 💼💳

Revolutionizing Egypt's auto aftermarket, Mtor, backed by a $2.8M pre-seed investment, streamlines the supply chain for local workshops. CEO Mohamed Maged's vision addresses inefficiencies, connecting mechanics directly with importers via a tech platform, ensuring quality and affordability. With partnerships, a Mechanic app, and over 70,000 fulfilled orders, Mtor emerges as a game-changer in Egypt's $5 billion auto after-sales market.

Supply chain and e-commerce enabler Omniful emerges from stealth mode with a significant $5.85 million seed funding, led by VentureSouq. The UAE and KSA-based startup focuses on addressing key pain points for merchants and 3PLs, offering efficient order, warehouse, and transport management systems.

Kenyan climate-tech startup, Amini, raises $4 million in a seed funding round, spearheaded by Salesforce Ventures and Female Founders Fund. Amini utilizes AI and satellite data to bridge the environmental data gap in Africa, empowering industries like agriculture and insurance. With a vision for transparency and sustainability, Amini aims to transform global food systems and foster economic inclusion for farmers.

South African tech firm GoMetro has raised £9 million in a Series A funding round led by Zenobē Energy, known for its focus on financing and operating electric buses. The collaboration aims to enhance logistics optimization through GoMetro's flagship product, Bridge, providing robust data quality for financing in the fleet management sector.

Saviu Ventures, a venture capital firm focused on Francophone Africa, achieves a €12 million initial close for its second fund, attracting support from private investors including French and Kenyan family offices. The firm, targeting a total fund size between €30 million and €50 million, intends to primarily invest in startups within the Francophone region, emphasizing sectors like fintech, health-tech, and climate-tech.

Revolutionizing telemedicine, Waspito, the health-focused social network, receives a $2.5 million seed extension to further its mission of providing instant video consultations, sample collection, and medication delivery. With a hybrid model piloted in Ivory Coast and plans for expansion, Waspito aims to connect with offline patients, making healthcare accessible to underserved populations in the Francophone region.

In a groundbreaking move, Lagos-based fintech FrontEdge secures $10 million in a debt and equity seed round, exceeding 70% in debt financing. The funds aim to catalyze the growth of African cross-border trade, addressing the critical financing gap for SMEs in the region. 🌐💸

Nigerian online grocery startup, Pricepally, has raised $1.3 million in seed funding, backed by Samurai Incubate and other investors. The funding will fuel the expansion of Pricepally beyond its current three-city presence in Nigeria and support the reintroduction of group buying to enhance affordability for consumers. With a focus on sourcing directly from farmers and offering transparent pricing, Pricepally aims to address food insecurity challenges in Nigeria's market.

Explore how Niklas Adalberth, co-founder of Klarna and founder of Norrsken Foundation, is reshaping entrepreneurship in Africa through impactful initiatives. From the largest entrepreneurship hub in Kigali to plans for expanding in Lagos, Cape Town, and Nairobi, discover how Adalberth envisions creating thriving ecosystems, providing opportunities, and transforming lives.

Jumia, Africa's prominent e-commerce player, unveils Q3 2023 results with its lowest losses since IPO, signaling a strategic shift towards profitability. Amid active user decline, the company boasts GMV growth in physical goods across five countries and sharp reductions in expenses, reflecting a focused commitment to streamlined growth.

Unlocking the potential of the $30 billion African used car market, YC-backed Shekel Mobility secures $7 million, aiming to quadruple its ARR and revolutionize auto dealer financing. 🚀📈

African fintech Flutterwave gets a clean slate in Kenya as the Asset Recovery Agency withdraws its second case, allowing the company to pursue a payments service provider and remittances license, all while expanding its presence in the country. This development comes after earlier legal back-and-forth, putting an end to uncertainty around Flutterwave's operations in Kenya.

Meta is facing growing calls to set up a restitution fund for victims of the Tigray war, which Facebook is alleged to have fueled leading to over 600,000 deaths and the displacement of millions others across Ethiopia.

🌍 Pan-African VC Norrsken22 successfully closes its debut fund at $205M, surpassing its initial target. This highlights strong interest from institutional investors in supporting African startups.

SBI Holdings, a Japanese financial services conglomerate and one of the largest venture capital firms in the East Asian country, has made a $40 million multi-fund commitment to anchor pan-African VC firm Novastar Ventures’ future funds.

African mobile video network StarNews Mobile has secured $3 million in pre-Series A funding. StarNews offers African content creators a platform for monetizing their work through a subscription model. Currently, the service is available in six African countries, including Cameroon (where it started), Nigeria, Ghana, Congo, Benin and Ivory Coast.

Egyptian health tech Almouneer raises $3.6M to scale its platform for treating diabetes and obesity

Kenyan B2B e-commerce company MarketForce has shut down operations in three of its five markets in Africa and is in the early stages of launching a social commerce spinout.

African VCs and startups are eyeing the Middle East for new capital, but there’s a catch. Middle Eastern investors and LPs may require recipients to deploy funds within the region

The social commerce market size in Africa is expected to continue growing as businesses and micro-entrepreneurs embrace digital media, driven by the rising usage of apps like WhatsApp, TikTok and Instagram.

In the wake of Dash’s closure due to fraud, 5 investors talk due diligence in Africa Investors discuss lessons to be learned from African startups failing due to a lack of due diligence.

LeapFrog Investments, a private equity firm that is keen on the financial and healthcare sectors, plans to raise $1 billion for a new fund targeting businesses in “global growth markets,” including Africa.

Over 180 moderators are suing Sama and Meta for unlawful dismissal. The moderators claim that Meta and Sama failed to issue them with redundancy notices per the Kenyan law and that their terminal dues were hinged on signing nondisclosure agreements. They are also suing Majorel, Meta’s other content moderation partner in Africa, for alleged discrimination. The moderators claim that Majorel blacklisted Sama’s ex-employees.

Sony Group announced today that it has established Sony Innovation Fund: Africa (SIF: AF), a program that will support the growth of entertainment businesses in Africa. Appropriately, the Tokyo multinational conglomerate, through Sony Ventures Corporation (SVC), has earmarked $10 million for early-stage startups in gaming, music, film and content distribution.

Open banking, in which traditional banks release their data via application programming interfaces (APIs) to enable the development of new financial services for their consumers, has been one of the most significant disruptions in global payments over the past decade. Less than five years ago, this innovation, in which businesses use APIs to access customers’ financial accounts and provide an array of integrated and embedded financial services, took on in Africa.

Enza Capital, a venture capital firm that backs startups “organizing the offline online” and “digitizing key African industries,” has closed $58 million across two funds. In 2019, the company launched an early-stage fund to “find, back, and help build category-defining startups” in the pre-seed and seed stages. The fund is still active and has invested in fintech, logistics, health, human capital and climate tech companies. Enza Capital, which now self-describes as a multi-stage investor due to its larger follow-on investments to Series B, is still focused on these industries in its second fund launched this year.

The payment landscape in Africa is still fragmented, with several payment operators providing different payment options to customers as well as businesses. Due to this fragmentation, payment failures are inevitable due to factors such as invalid cards, inactive accounts and high dispute rates.

Pan-African venture capital firm P1 Ventures has reached the first close of its second fund at $25 million. The venture capital firm secured this capital from some of Africa’s largest industrial conglomerates and private companies, several fund of funds and general partners of global funds based in the U.S. and Europe.

The crypto industry has long been criticized for its disconnection with the real world, but there are players who try to show that the underlying blockchain technology can solve some of our most pressing challenges in today’s society — especially in regions where basic infrastructure is lacking.

FinanceGPT is a generative AI startup built to help companies in their financial analysis tasks. Initially built for startups without in-house finance teams, and VCs looking to run financial health checks for their portfolios in Africa, FinanceGPT (Ipoxcap) says it has over the last two years grown to attract a diverse range of clientele including investment managers and finance officers out to fast-track their fiscal reporting.

In 2020, Kauffman Fellows (KF), a renowned venture education program, embarked on a journey to enhance diversity within its board, emphasizing diversity's importance within its fellowship cohort.

Africa’s agricultural sector has a significant social and economic impact, per McKinsey. The percentage of smallholder farmers in sub-Saharan Africa exceeds 60%, while agriculture accounts for approximately 23% of the region’s gross domestic product.

FlexPay Technologies is a Kenyan fintech out to enable consumers to afford products that would have otherwise been out of reach for them. The startup allows customers to shop at partner merchants, reserve products and pay over a period of time, at no added cost. It initially partnered with a Kenyan retailer during launch but scaled in 2020, and has to date grown its merchant network to 600. This number of partner merchants is set to grow further as the startup, which is part of the 2023 Startup Battlefield 200 cohort, widens its “save now, buy later” offerings.

ANKA, an Ivorian SaaS e-commerce platform for African businesses, has raised $5 million. The pre-Series A extension round is a mix of equity and debt; last January, ANKA, formerly Afrikrea, raised $6.2 million. The seven-year-old startup has secured $13.5 million from investors since its inception.

Kenya-based EV startup Roam has introduced a groundbreaking electric shuttle bus model called "Move" as the East African nation accelerates its electric vehicle adoption efforts. Roam's strategic move aims to address the surging demand for EV buses in Kenya, which is driven by rising fuel costs and the growing preference for sustainable transportation options.

Tugende, a venture-backed lender based in Uganda, and Warbler Labs, the company building Goldfinch, a decentralized credit protocol, have agreed on a loan restructuring plan that may lead to the recovery of the $5 million loan that the East African motorcycle taxi financing company defaulted months ago.

Mecho Autotech, a startup offering automotive spare parts, vehicle repairs and maintenance services, has raised a $2.4 million pre-Series A round. The firm targets the Nigerian market, where 90% of the country’s more than 12 million registered cars (mainly used) require regular maintenance to avoid recurring breakdowns.

Nestcoin, a development company housing modern finance project Onboard, has secured $1.9 million in a strategic funding round. Hashed Emergent, a Web2.5 fund for builders from emerging markets, led the round. Alter Global, Magic Fund, CMT Digital, and 4DX Ventures are among the existing investors that took part. Adaverse and Base Ecosystem Fund, two new investors, also participated.

In early 2022, ex-Andela and Flutterwave co-founder Iyinoluwa Aboyeji, in an interview with TechCrunch, discussed a moonshot project he was working on: Talent City, explicitly designed for local and global startups and service businesses looking to scale their operations across Africa without facing the challenges of unstable policies, infrastructural deficits and other business challenges.

Of the many lofty promises of cryptocurrency, one of the most commendable ones is its potential to bring financial inclusion to underserved users. Nairobi-based Kotani Pay is a crypto payments startup with a vision to make cross-border remittances easier for the large underbanked populations in Africa.

Anchor, a Nigerian banking-as-a-service (BaaS) provider, has raised $2.4 million in seed investment. Justin Kan’s Goat Capital led the financing round which also welcomed participation from FoundersX, Rebel Fund and some existing investors, including Y Combinator and Byld Ventures.

Europe-based climate-tech VC Satgana has appointed Anil Maguru, formerly an investment director at the firm, as its newest partner. Satgana, which emerged out of stealth last year, invests in climate startups in Europe and Africa.

African women-founders find it incredibly hard to raise capital from private markets, and even banks, a gap that “gender-lens” funds like Alitheia IDF exist to bridge. Alitheia IDF was co-founded by Tokunboh Ishmael and Polo Leteka in 2015 as a private equity fund to back the often marginalized founders. Through the $100 million Alitheia IDF, currently the biggest “gender-lens” fund in Africa, it backs the often ignored women-led or women-focussed businesses.

Twiga will conduct another round of layoffs to keep its business afloat amid macroeconomic headwinds that have made capital harder to raise, and forced venture-backed companies to scale down their operations. The Kenyan B2B e-commerce platform said it is laying off 283 employees, representing 33% of its 850 workforce as it pushes for a “lean, agile and cost-effective organization.”

Zanifu, a Kenyan fintech providing inventory financing to micro, small and medium-sized businesses, has raised $11.2 million debt-equity funding in a pre-Series A round led by Beyond Capital Ventures and Variant Investments. Founders Factory Africa, AAIC Investment, Google Black Founders Fund, and existing investor Launch Africa also participated in the round. This brings total debt-equity funding raised by the startup to $12.7 million.

In the first quarter of 2023, we reported that Jumia recorded its lowest losses in four years. Its adjusted EBITDA and operating losses dropped to $27 million and $30.9 million, respectively. Those numbers represented a 55% and 57% decrease year-over-year, on track to meet the company’s end-of-year target of $100 million to $120 million in adjusted losses.

Months before Kenya finally banned iris scans by Sam Altman’s crypto startup Worldcoin, the Office of the Data Protection Commissioner (ODPC) had ordered its parent company, Tools for Humanity, to stop collecting personal data.

This week, South African early-stage accelerator and investor Founders Factory Africa (FFA) raised $114 million. The firm plans to use the impact capital from Mastercard Foundation and Johnson & Johnson Impact Ventures “to scale its model to better serve founders across the African tech ecosystem.”

Mastercard has agreed to purchase a minority stake in the fintech division of MTN Group, Africa’s largest cellphone provider, which it values at $5.2 billion. The signing of the formal investment agreements will likely occur very soon as both parties near the end of the regular due diligence process; the investment will be closed subject to usual closing conditions, MTN announced in a statement on the company’s half-year financial performance posted on Monday.

Moove, an African mobility fintech that provides vehicle financing to drivers of ride-hailing platforms like Uber and other gig networks, has raised $78 million in new funding. It includes $28 million in equity from new and existing investors led by Mubadala Investment Company, $10 million in venture debt from funds and accounts managed by BlackRock, and $38 million in previously undisclosed funds raised during the prior twelve months, Moove said in a statement.

South African growth-stage investor Knife Capital has reached the final close of its $50 million fund. The third fund addresses a critical funding gap in growth stages where local investors have historically fallen short. In a February 2021 interview with managing partner Andrea Bohmert, she noted that Africa had become an incubator for international investors who write growth-stage checks but couldn’t provide necessary local support because of this gap. Furthermore, the scarcity of local VCs in the growth stage has deterred many international investors looking for co-leads from proceeding with an investment.

Sendy, a Kenyan logistics startup that enabled retailers to purchase FMCGs directly from manufacturers, among other services, is shutting down its operations and exploring a sale of its assets, TechCrunch has learned. Meshack Alloys, Sendy co-founder, confirmed the sale to TechCrunch without offering more details, saying: “We are in the middle of an acquisition process. So yes, Sendy is being acquired. We will issue a formal joint statement in two weeks or so time. In the meantime, we are unable to comment on further details at this time.”

Emtech, an African provider of central banking infrastructure, introduced its Central Bank Digital Currency (CBDC) Innovation kit last month. The kit caters to fintechs and financial service providers interested in experimenting with solutions and business models based on digital currencies pioneered by central banks.

Kenya was one of the first countries where Worldcoin — the controversial startup that aims to create a new “human identity and financial network” through eye scans and its own cryptocurrency — launched sign-ups and as of this week, it was one of the biggest markets for take-up. Now, Kenya could be one of the first to ban it outright.

Remedial Health, a Nigerian startup digitizing pharmacies and bringing efficiency to the pharmaceutical value chain, has raised $12 million Series A equity-debt funding, to scale operations in the West African country. Fintech VC firm QED Investors co-led the round, banking on embedded financial opportunities like payments, and lending in the pharmaceutical sector. This is QED’s third investment in Africa after its involvement in the Moniepoint (formerly TeamApt), and Flapkap deals last year. Ventures Platform, also co-led the round, which saw the participation of existing investors like Y Combinator, Tencent and Gaingels.

Micro, small, and medium-sized firms (MSMEs) constitute the backbone of the Nigerian economy, accounting for more than 60% of GDP growth and playing a crucial role in job creation. According to the National Bureau of Statistics, there are over 39 million such firms, and 87% operate informally, meaning they primarily receive cash and perform activities on paper.

As one of the well-known data and cloud martech companies in Africa, Terragon, via several products, gives its clients (primarily telecommunications and financial services companies) data on the continent’s growing consumer markets.

FarmWorks, a Kenyan agtech that provides farmers with access to farm inputs, and market for their produce, has raised $4.1 million in a pre-Series A round led by Acumen Resilient Agriculture Fund, an existing investor. Livelihood Impact Fund, Vested World, a number of family offices, and angel investors also participated in the round that brought the total equity funding raised by FarmWorks to $5.6 million.

Last year, global healthcare consulting firm Salient Advisory surveyed more than 80 companies across four African countries for a report emphasizing the growth of startups digitizing the continent’s health supply chain and distribution and regulatory frameworks governing e-pharmacy activities.

Plans by Kenya’s Assets Recovery Agency (ARA) to withdraw its second case against African fintech giant Flutterwave have been shot down by the High Court, Kenya’s third highest court. In August last year, the agency had frozen $3 million belonging to Flutterwave, Hupesi Solutions, and Adguru Technology Limited on suspicion of money laundering and fraud. The funds seizure happened two months after the ARA froze another $52.5 million belonging to Flutterwave and six other companies. The ARA filed a suit after each seizure, the first of which was withdrawn formally in March this year.

The public transit sector in Kenya is driving the country’s electric vehicle adoption as global calls for a switch to sustainable transport continue. For the first time last year, commercial electric mass transport buses were deployed to various routes across Kenya’s capital, Nairobi, marking the beginning of the transition from fossil fuel vehicles for some public bus operators. This came after electric motorcycle taxis, locally known as bodaboda, had already made inroads into the popular two-wheel public transport segment.

Africa’s insurance market is expected to grow at a compound annual growth rate (CAGR) of 7% between 2022 and 2028, reaching $120 billion. Though seemingly impressive, the insurance industry in Africa could be worth more if insurance penetration on the continent wasn’t extremely low, less than 3%, according to reports. As a result, traditional insurers have a finite market to sell their products, which in most cases are subpar compared to global standards.

Kenyan workers who helped remove harmful content on ChatGPT, OpenAI’s smart search engine that generates content based on user prompts, have filed a petition before the country’s lawmakers calling them to launch investigations on Big Tech outsourcing content moderation and AI work in Kenya.

Driving financial inclusion through digital payment methods is among the top priorities for the governments of Africa’s biggest tech ecosystems where cash is still king. Several initiatives launched by these governments have increased the number of banked citizens in their respective countries. In Egypt, for instance, platforms like Fawry and InstaPay — tapped into the apex bank’s policies to reduce cash dependencies — are responsible for the spread of e-wallets and cards in the North African country where 64% of Egyptians increased their adoption of digital payments solutions last year. The number of mobile phone wallets reached 46,500 per 100,000 people, according to a Mastercard report.

African startups clashing with regulators due to non-compliance are often faced with far-reaching consequences, including some that render their businesses defunct or inoperable in some markets – as was experienced by some scale-ups last year.

Besides the billions of dollars from local and foreign investors, a strong factor behind Africa’s growing tech ecosystem is its burgeoning talent. Being sought after locally and internationally, these homegrown talents — including software developers who, according to Google’s Africa Developer Report, grew almost 4% to 716,000, UI/UX designers, engineers and other tech professionals — have given rise to several talent-matching platforms across the continent, including unicorn Andela, GOMYCODE, AltSchool, Decagon among others.

Kenyan e-health startup MyDawa has raised $20 million from private equity investor Alta Semper Capital to expand its regional reach and product offerings with the aim of becoming an all-in-one health platform for users.

Sexual and mental health stigmatization in Africa has evolved over several decades to a point where negligence to address the issue has led to the continent topping the charts in sexually transmitted infections (STIs) and mental health cases.

Kenyan fashion e-commerce startup ShopZetu is set to add beauty and home décor categories to its portfolio, in response to the growing needs of the young and style-conscious women in Africa. This is as it currently scales regionally over the next few months while working to attract international fashion brands, and more than triple the number of vendors on its platform to 1,000.

The amount of plastic waste produced globally is on track to triple to over 1,000 million tonnes by 2060. The OECD report predicts that developed countries will continue to produce the most plastic waste per person, although emerging regions like Africa and Asia are expected to experience the fastest growth owing to rapid population growth, and urbanization.

Seedstars Capital and Swiss philanthropic foundation Fondation Botnar have launched Seedstars Youth Wellbeing Ventures, a $20 million investment mandate targeting early-stage startups in Africa that are focused on improving the wellbeing of people below 30 years in low-and-middle-income countries.

Yellow, an asset financier for solar energy and digital devices in Africa has raised $14 million series B funding in a round led by Convergence Partners with participation from the Energy Entrepreneurs Growth Fund, managed by Triple Jump, in addition to follow-on investment from Platform Investment Partners.

Eze, a B2B marketplace that connects global electronic wholesalers allowing them to trade devices in large quantities with real-time market data, has raised $3.7 million in an oversubscribed seed round.

Kenyan automotive marketplace Peach Cars is announcing its $5 million seed round led by Japan-based The University of Tokyo Edge Capital Partners (UTEC) and other angel investors, including Shintaro Yamada (founder and CEO of Mercari), Peter Kenevan (VP, Head of Japan at PayPal), and Hiroaki Ohta (general partner at Japan’s Waseda University Ventures).

Nigerian communications platform-as-a-service startup Termii has raised $3.65 million in new financing, bringing its total funding to date to slightly more than $5 million. According to CEO Gbolade Emmanuel, in a chat with TechCrunch, the funds are not needed for operational activities but rather to power the company’s expansion initiatives: developing and promoting existing and new products in new markets with a priority to Francophone African countries (starting with the Ivory Coast), and not North Africa as earlier planned.

Haul247, a Nigerian end-to-end logistics platform connecting businesses to haulage and warehousing assets, has raised a $3 million seed round. Gender-lens investing fund Alitheia Capital, through its Umunthu Fund in partnership with Goodwell, provided the equity capital, with Investment One contributing $1 million in debt financing.

Helium Health, the African startup that provides software-as-a-service tools, financing and insights for healthcare providers and public health organizations, has raised $30 million in Series B funding.

A Kenyan court has ruled that Meta is the primary employer of content moderators suing the social media giant and its content review partner in Africa, Sama, for unlawful dismissal. The 184 moderators, in the suit filed in March this year, also alleged that Meta’s new content review partner on the continent, Majorel, had blacklisted them on instruction by Meta.

The YC-backed Kenyan B2B e-commerce startup has had to slow down its growth plans, and downsize amid cash crunch but Mbaabu remains optimistic

Q1 2023 marks the first quarter Jumia’s new management implemented its strategy after riding out the blueprint of previous management in Q4 2022. The result? Jumia saw its losses decrease significantly: adjusted EBITDA loss dropped 51% year-over-year to $27 million, on track to meet the company’s end-of-year target of $100-120 million in adjusted losses. Similarly, operating loss was down 54% from Q1 2022 to $30.9 million per the company’s just-released financials.

The Brazilian fintech EBANX plans to serve nearly a dozen African markets in less than two years

South African digital banking platform TymeBank has raised $77.8 million in a pre-Series C round led by African-focused growth stage fund Norrsken22 and Swiss global impact investment firm Blue Earth Capital. TymeBank expects to close its Series C round later this year, it said in a statement.

The E3 Low Carbon Economy Fund for Africa (E3LCEF), a fund by early-stage VC E3 Capital (formerly Energy Access Ventures), and emerging markets-focused investment bank Lion’s Head Global Partners, has hit the first close at $48.1 million.

Sabi, a Lagos-based B2B e-commerce startup providing digital commerce infrastructure to Africa’s informal economy, has raised $38 million in Series B funding at a valuation of $300 million, according to two people familiar with the matter, signaling revived investor interest in a B2B e-commerce market going through some reckoning.

Amini, a Nairobi-based climate tech startup focused on solving Africa’s environmental data gap through artificial intelligence and satellite technology, has raised $2 million in a pre-seed funding round.

Jia, a blockchain-based fintech providing loans to micro and small businesses in emerging markets, has raised $4.3 million seed funding, and an additional $1 million commitment for on-chain liquidity, in a round led by early-stage backer TCG Crypto, with participation from a number of funds including BlockTower, Hashed Emergent, Saison Capital, and Global Coin Research.

Egyptian fintech Axis has launched its digital payments platform to the North African market after securing a license from the apex bank, Central Bank of Egypt (CBE), for its open-loop mobile wallet, axisPay, which offers a digital banking alternative for small businesses and their employees.

M-KOPA, the asset financing platform that offers underbanked African customers access to “productive assets” and the ability to pay for them via digital micropayments, has secured more than $250 million in new funding.

Figorr (previously Gricd) runs IoT-powered solutions that provide businesses, especially those in healthcare and agriculture, with key data such as location, humidity, and temperature of highly-perishable products, helping entrepreneurs to cut the losses that emerge from lack of such visibility. Figorr’s devices, which are placed/stuck in cold storage setups, come at no cost, but users subscribe to access the collected data.

Meta’s content moderation partner in Africa Sama was earlier today compelled by a Kenyan court to pay April salaries to a section of moderators it had left out. The direction comes days after moderators picketed at Sama headquarters in Kenya demanding April pay.

Kenya is proposing a special tax regime on startups’ Employee Share Ownership Plans (ESOPs), as it aligns to its plan to spur innovation.

Kenya is proposing new taxes targeting the digital economy in a bid to grow domestic revenues and narrow its fiscal deficit in response to the ongoing cash crunch. The East African country plans to charge a 3% tax on the transfer or exchange value of digital assets, while content creators will pay 15% on online earnings up from 5% withholding income tax. If the proposals in the finance bill are ratified, the taxes will take effect in the coming budget year, which begins July 1.

Yesterday, Fingo, a YC-backed Kenyan fintech, launched its neobank, which it developed in collaboration with Pan-African financial institution Ecobank Kenya. The Ecobank subsidiary unveiled the neobank, the first of its kind in the East African country, according to the pair, in an event with the country’s president, William Ruto, in attendance.

Nigerian payment service provider Nomba has raised $30 million in a pre-Series B investment to support the delivery of bespoke payment solutions for African businesses. The round, which values the company at $150 million+ according to YCombinator data on its most valuable companies, was led by San Francisco-based Base 10 Partners.

A Kenyan court has ruled that Meta can be sued in the East African country over alleged unlawful sacking and blacklisting of content moderators, and dismissed the social media giant’s application that sought to have the case thrown out.

After selling their hospitality tech startup, Teranga, in 2018, Senegalese brothers Moustapha and Alioune Ndoye ventured into the trucking business as they pondered their next move. However, it soon became clear to them that fleet management is a major challenge, and one that largely influences the level of profits to be made by truck-owners.

Meta’s main content review partners in Africa have been restrained from offering moderation services to the social media giant, and it is unclear who is currently reviewing its platforms in sub-Saharan Africa. Moderators sift through social media posts on Meta’s platforms to remove content that perpetrates and perpetuates hate, misinformation and violence.

Last month, pan-African venture capital firm Verod-Kepple Africa Partners reached the second close of its first fund (Verod-Kepple Africa Ventures), targeting African startups at $43 million. Verod-Kepple Africa Ventures (VKAV) achieved its first close last March (at $20 million) and aims to attain its final close by the end of the year at $100 million; if reached, VKAV will join an exiguous number of Africa-focused funds with $100 million or more in total capital allotment.

Verto, a London-based B2B cross-border foreign exchange (FX) and payments enabler for startups and small businesses, said it has acquired a quarter of Silicon Valley Bank (SVB) customers from Africa and the MENA region.

Africa contributes less than 3% of the world’s energy-related carbon dioxide emissions but the continent will be one of the most impacted by the adverse effects of climate change. Some explanations for Africa’s vulnerability include poor diffusion of technologies and information relevant to supporting adaptation, usually provided by clean or climate tech companies.

The U.S International Development Finance Corporation (DFC) has made equity investment to the tune of $25 million in a new fund by Pan-African venture capital firm Novastar Ventures, to back founders building agriculture and climate solutions.

Impact investor Goodwell Investments and Oxfam Novib, a Dutch foundation and Oxfam International affiliate, have set up Pepea, a €20 million ($21.7 million) fund, to provide financing to early-stage startups in Kenya, Uganda and Ethiopia. The fund, created with the backing of Oxfam Novib Impact Investments, will provide venture debt with a focus on mezzanine finance, which is a debt that can be turned into equity.

Last July, TechCrunch reported that customers of several fintech apps couldn’t access the virtual dollar card services that these platforms provided. In addition, customers couldn’t create new cards, fund existing ones, or make online and in-store payments and purchases with them.

Payday, a neobank issuing global (USD, EUR & GBP) accounts to Africans, has raised $3 million, money the platform intends to use to fuel its “future of work” initiative through borderless payment alternatives in major currencies.

Fez Delivery, a Lagos-based last-mile logistics startup with hubs across Nigeria, has raised $1 million led by pan-African investor Ventures Platform with participation from Voltron Capital, Acasia Ventures and other angel investors.

Google has taken down hundreds of loan apps from the Play Store in Kenya since its new policy, which requires digital lenders in the East African country to submit proof of license, went into effect in January.

In emerging markets like Africa, offline channels dominate retail sales, which are often driven by informal trade and cash transactions. This makes sourcing data on markets, consumer behavior and products a herculean task. Yet, local and international brands require data about market size and value, consumer profiles and their purchasing power, and penetration of their competitors’ products to establish their presence or expand into such markets.

Social media giant Meta and its Kenya-based content moderation partners, Sama and Majorel, are facing a new lawsuit in Kenya. In a petition filed today, 43 content moderators allege “unlawful termination” by Sama, whose contract with Meta comes to an end this month after shutting down its content review arm in January. They are also contesting alleged discrimination by Meta’s new content moderation partner, Majorel, who they claim has blacklisted all of Sama’s previous employees.

Embedded finance solutions in less developed markers are becoming more prominent as platforms look to provide various financial solutions to the unbanked and underserved. Banking infrastructure providers are mainly responsible for the proliferation of such solutions. They allow businesses such as mobile operators, e-commerce platforms, and logistics companies to embed and enable banking products for their customers.

The collapse of Silicon Valley Bank (SVB) last week sent ripples in startup ecosystems around the world, and it is emerging that millions of dollars held by African startups and venture capital funds at the bank were at stake, until the U.S. Federal Reserve acted to save the day.

Nigerian credit-led digital banking platform FairMoney has acquired PayForce (sub-brand of YC-backed CrowdForce), a merchant payment services that serves small businesses, as the digital lender looks to broaden its financial services proposition to merchants.

Flat6Labs is amongst the most active VCs in Africa, having invested in over a hundred startups to date, across the Middle East and North Africa (MENA) region. And now, after 11 years, the Egypt-based seed-stage accelerator is setting out on a foray into East and West Africa through a $95 million Africa Seed Fund investment vehicle that will mark its first venture outside MENA.

Naspers, Africa’s most valuable tech company by market capitalization, has winded down the operations of its R1.4 billion (≈$100 million) South Africa-focused venture capital fund Naspers Foundry, according to local news outlet BusinessDay.

Africa’s most valuable unicorn Flutterwave is still not off the hook in Kenya. About $3 million of its money that was confiscated in the second government seizure over money laundering and fraud claims remains frozen, in two banks, and 19 mobile money accounts (M-pesa paybill numbers), as the matter is before Kenya’s high court.

The competition regulator in Kenya is probing the conduct of online food and groceries delivery platforms to inform its suggestions on regulatory and policy options, to bolster healthy competition, and enforcement of consumer protection.

Alerzo, a Nigerian B2B e-commerce platform that digitizes commerce and payments processes between FMCG suppliers and informal retailers, has laid off 15% of its full-time workforce, the company confirmed to TechCrunch.

Last month, Flutterwave, Africa’s largest startup by private valuation, was involved in a hack that resulted in over ₦2.9 billion (~$4.2 million) missing from its accounts, according to local tech publication Techpoint Africa.

Several competition watchdogs in Africa plan to collectively interrogate the market conduct of global digital firms, putting big techs like Google and Meta, which have faced investigations and remedial action in other jurisdictions, on alert.

Africa’s largest e-commerce site Jumia has amended its terms and conditions after the regional watchdog, the COMESA (Common Markets for Eastern and Southern Africa) Competition Commission, compelled the marketplace to review clauses and disclaimers it found misleading or false.

Envisionit Deep AI is now on the path to growth backed by a $1.65 million investment from New GX Ventures SA, a joint venture between New GX Capital, RMB Ventures and GIIG Africa. This was after the startup emerged the Southern Africa regional winner at the African Startup Awards.

Planet42, a South Africa-based car subscription company that buys used cars from dealerships and rents to customers via a subscription model, has raised $100 million in equity and debt from a wide range of investors.

The HR payroll market across the world is expected to record a compound annual growth rate (CAGR) of 9.2% reaching a $14.31 billion valuation by the close of this decade, buoyed by the increased demand for payroll and other HR solutions.

African cross-border payments platform Chipper Cash conducted a second round of layoffs last Friday just ten weeks after it cut approximately 12.5% of its workforce (affecting its engineering team the most).

Less than a year after launch, Kenyan B2B construction tech startup Jumba has secured clients in major regions of the East African country, a tell-tale of the growth it has experienced over the last 10 months.

Africa’s largest innovation hub Co-Creation Hub (CcHUB), is launching a $15 million accelerator program, dubbed The Edtech Fellowship Program, to back and support 72 startups across Nigeria and Kenya over the next three years, TechCrunch has learned.

Naked Insurance, a South African insurtech company that helps consumers to insure their cars, homes and valuables, has raised $17 million in Series B funding led by the International Finance Corporation (IFC).

Prince Boakye Boampong, the founder and CEO of Dash, which provides an alternative payment network with connected wallets allowing interaction between mobile money and bank accounts in Africa, has allegedly been temporarily suspended pending an investigation into financial impropriety, according to people with direct knowledge of the situation.

After working in Africa’s microfinance space for seven years, including at Botswana’s Letshego, Brian Dempsey took a break in 2020 to build Power Financial Wellness, operating out of Kenya.

Terraa, a Moroccan B2B tech-enabled food distribution platform, has raised $1.5 million pre-seed funding in a round led by FoodLabs, a European early-stage VC investor and venture studio for food, sustainability and health. Other participants in the round were UM6P Ventures, Outlierz Ventures, Musha Ventures, and Africa-centric DFS Lab.

Qotto, a solar kits provider with operations in Burkina Faso and Benin, has raised $8 million in a Series A equity-debt round led by the IBL group, a billion-dollar conglomerate headquartered in Mauritius with business interests in a number of sectors including energy, financial services, logistics, distribution and engineering.

The public transport sector in Kenya is largely traditional and a majority of operators, especially those in road travel, still require their clients to physically book tickets at their offices even when making advance travel plans. Others do not have provisions for seat reservation.

Fashion items are among the most — if not the most — sought after on many e-commerce platforms. In Africa, for instance, fashion has held the top spot in Jumia for the largest category of items sold over the years. This means there’s no shortage of demand for fashion items across the continent, and the supply is picking up steam even in the high-end categories.

Without proper government-led public health initiatives, healthcare expenditures, including insurance and pharmaceutical drugs, can burden individuals and households. In recent years, private institutions have played a massive part in the considerable uptake of medical insurance and medicines and also in lowering the costs of getting them across Egypt, the largest producer of pharmaceuticals across the MENA region whose pharma market is set to reach $6 billion in value this year. The Global Ventures–backed Yodawy is one such private player, and the pharmacy benefits manager has raised a $16 million Series B round.

A few years ago, Richard Schrems was working as a human resources consultant in Riyadh, and at one point sought to implement a tech-solution for his clients to help them better their huge teams, but couldn’t find a localized solution.