Note #18: August 10 - 23 2019
Context and Thoughts
The standout in this issue of Africa Notes is clearly Kobo360 [NG] with their $20m Series A funding round led by Goldman Sachs + $10m in working capital, an epic funding win for an innovative company, and a further indicator of the continued growth in Nigerian startup funding.
Is MEST about to launch a VC fund? Long-standing “Pan-African entrepreneurial training program, seed fund, tech incubator and hub” MEST [GH] is growing their leadership team and increasing seed investments, with a new MD (Ashwin Ravichandran) and a total of $1.1mm in 11 new investments. Over the last few years MEST has grown their physical presence from their home base in Ghana into Nigeria, Kenya, and South Africa, and regarding a possible fund, MEST’s MD said “We have all the pieces in place right now, I think Jorn’s just figuring out the last steps before announcing it.”
Chinese-backed startup investment continues to grow in Africa: Transsion Future Hub, which is backed by Transsion [CN] (makers of Africa’s popular Tecno mobile devices) announced they are teaming up with Wapi Capital [KE] to invest in early-stage African fintech startups (ticket size up to $100k).
Industry and Ecosystem News
Deals, Startups, and More