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
MEST [GH] hires new MD Ashwin Ravichandran and invests $100k each in 11 startups from 2019 cohort link link2
Transission Future Hub [KE] “the first China-Africa incubation platform” created by Transsion [CN] announces they are working with Wapi Capital [KE] to invest in African fintech startups link
Flat6Labs Tunis [TN] and the IFC hold investor academy program to train a network of future Tunisian angel investors link
Seedstars [CH] opens their second Seedspace hub in Lagos, Nigeria link
Deals, Startups, and More
Cargo logistics marketplace Kobo360 [NG] raises $20m in Series A funding led by Goldman Sachs [US] and $10m in working capital from Nigerian banks link link2
Low-cost security hardware startup Jonga [ZA] raises seed funding (terms undisclosed) from Savant Venture Fund [ZA] link
Real estate co-funding startup Vistafront [NG] closes round of funding from real estate firm Landwey Investment [NG] for 25% stake (terms undisclosed) link
Medication delivery subscription startup Chefaa [EG] closes seed funding round (terms undisclosed) from Flat6Labs [EG] and 500 Startups [US] link
Low-cost Android smartphone startup BeepTool [NG] raises funding (terms undisclosed) from entrepreneur Ndubuisi Ekekwe [NG] link
Micropayments app uKheshe [ZA] raises $500k seed funding from FiTech Ventures [ZA] and Ocean on 76 [ZA] link
Alphacode [ZA] gives $130k in grant funding and $130k in support services to 8 startups through its AlphaCode Incubate program link