Senegalese logistics and delivery company PAPS raises $4.5M led by 4DX Ventures and Orange

Multinationals like Amazon and Alibaba have leveraged logistics infrastructure such as UPS and FedEx to create large businesses. It’s not the same in Africa, where few third-party infrastructure players exist to provide end-to-end logistics to e-commerce companies. PAPS, a Senegal-based logistics and delivery company, is filling this gap in its region by offering customers various logistics […]

QED Investors hires Gbenga Ajayi as partner to focus on investments in Africa

In a move rarely made by Western venture capitalists, QED Investors announced today that it has hired an African partner, Gbenga Ajayi. He will focus on Africa investments as part of QED’s international team. Last September, the fintech-focused venture capital firm announced closing $1.05 billion for its oversubscribed seventh fund. TechCrunch reported that Fund VII, […]

Kenyan e-commerce company Copia Global raises $50M to ramp up African expansion

Kenyan B2C e-commerce company Copia Global has raised $50 million in a Series C equity round led by Goodwell Investments. The new financing round welcomed new investors such as Zebu Investment Partners, the U.S. International Development Finance Corporation (DFC), and Koa Labs, as well as past investors Lightrock, German development finance institution DEG, and Perivoli […]

Kenyan fintech Zanifu nabs $1M to bridge MSME financing gap, eyes Ghana, Uganda expansion

Kenyan fintech Zanifu is set to upgrade its platform and grow the number of micro, small and medium enterprises (MSMEs) it extends stock-financing to after securing $1 million in Seed funding. Saviu Ventures, which invested in the startup’s pre-seed round early 2020, Launch Africa Ventures, Sayani Investments and a number of angel investors from Kenya […]

Kenyan low-cost ISP Poa Internet secures $28 million in round led by AfDB-backed Africa50, plans to link region with cheap, limit-free connectivity

In 2020, Africa50, an infrastructure financier backed by the Africa Development Bank (AfDB) Group and a good number of African governments, hosted an innovation challenge that sought affordable and reliable solutions for last-mile internet connectivity across the continent. A proposal by Poa Internet, a Kenyan startup beat 673 others from across the world as a […]

Finclusion raises $20M to build out credit-led neobank offering across Africa

The digital banking space in Africa is taking shape as neobanks on the continent grow in numbers like their global counterparts. Venture capital bet from institutional investors in this class of fintechs is massive and in the latest development from Africa, it seems individual investors appetite is increasing likewise. Finclusion Group, a fintech that uses […]

Nigerian restaurant management platform Orda gets $1.1M, wants to be the Toast of Africa

Cloud-based point of sales for small, medium and large-sized restaurants has increased tremendously in both size and popularity. The market, dominated by incumbents like Toast and upcoming players such as MarginEdge and Brazil’s Zak, has its value pegged at over $70 billion globally and is expected to reach $116 billion in the next four years. […]