Connect with us

Startups

Youverify, OnePort, 14 Other African Startups Named Finalists For 2021 VC4A Venture Showcase

Published

on

Start-up - Investors King

Two Nigerian startups, Youverify a digital identity service and OnePort a freight management platform, have been named with other 14 African startups as finalists for the VC4A Venture Showcase.

At the VC4A Venture Showcase finals, 16 seed and series A level African tech startup will pitch their businesses to potential funders at the Africa Early Stage Investor Summit next month.

Since 2017, the VC4A Venture Showcase has helped startup founders showcase their businesses to investors during the Africa Early Stage Investor Summit, a signature industry event organised by VC4A and the African Business Angels Network (ABAN).

This year’s event will take place on the 4th and 5th of November, and will feature the showcase, which will be divided into two tracks – seed and Series A.

The seed startups, seeking funding rounds that range between US$400,000 and US$8 million, are Mozambique-based logistics startup Appload, Kenyan loyalty app CashBackApp, Kenyan fintech FlexPay, Ivory Coast-based transport Moja Ride, Nigerian freight management platform OnePort, Madagascan ed-tech service Sayna, Egyptian logistics startup ShipBlu, and Ghanaian fintech Waya.

The Series A startups, which are aiming to raise between US$1.5 million and US$10 million, are Botswana-based insurtech startup Alpha Direct, Kenyan ed-tech platform Arifu, Moroccan e-commerce app Chari, Ivory Coast-based payment aggregator Cinetpay, Moroccan logistics service CloudFret, Egyptian B2B super app Fatura, Egyptian e-health startup Rology, and Nigerian digital identity service Youverify.

Over the next six weeks, the selected startups will participate in a virtual investor readiness programme, including workshops by renowned African VC investors, office hours with domain experts, guest speaker sessions, and opportunities to interact with and learn from mentors, peers, and partners. They will also be linked to top VC investors for one-on-one mentorship.

Continue Reading
Comments

Startups

African Startups Raised $3.5 Billion in Six Months

Investors continue to dump billions on African startups in the first half of 2022 as $3.5 billion was invested across a series of startups on the continent despite rising global uncertainties.

Published

on

Start-up - Investors King

Investors continue to dump billions on African startups in the first half of 2022 as $3.5 billion was invested across a series of startups on the continent despite rising global uncertainties.

According to the report published by African Venture Capital Activities (AVCA), this represents an increase of $2 billion when compared with what was invested in the same period of 2021.

A critical analysis of the report showed Financial Technology (Fintech) companies raised more funds than any other niche.

Nigeria had the highest number of closed deals during the period under review. Nigerian startups closed a total of 101 deals within the first six months of 2022. However, in monetary terms, startups in Egypt raised the highest amount of $352 million in 63 funding deals.

Kenya startups raked in $330 million from 54 funding deals while Nigerian startups raised $284 million in 101 funding deals.

Other countries with significant amounts of funds raised include Seychelles with $164 million, Ghana with $133 million in 21 deals, South Africa with $131 million in 50 deals, and Morocco with $108 million in 11 deals. 

A closer look at the result shows that the financial sector takes the lion’s share in the ecosystem. The fintech sector recorded 32 percent of the entire deals and 44 per cent of the total monetary value. This was followed by the Consumer Services and the Industrial Sectors which emerged second and third respectively. 

A further breakdown shows that startups in the financial sector raised $1.54 billion while information technology raised $448 million. 

Other sectors with significant funding include Industrial Services with $430 billion, Energy and Utility raised $360 million, Consumer Services raised $340 million, Communication Services with $173 million, Health Care Services raised $97 million, Materials with $97 million while Real Estate raised $6 million. 

Investors King understands that the African startup ecosystem has been on an astronomical rise since last year. 

It will be recalled that in 2021, African startups raised over $4 billion across 355 funding deals. This is almost three times what was raised in 2020 and 2019. The ecosystem raised $1.7 billion and $1.3 billion in 2020 and 2019 respectively.

Continue Reading

Startups

Kenyan Startup Sendy Shut Down Sendy Supply Due to Current Realities Impacting Tech Companies

Kenyan startup Sendy has announced that it is shutting down ‘Sendy supply’, one of its products that enable easy trade between buyers and sellers within the fast-moving consumer goods (FMCG) industry.

Published

on

Sendy

Kenyan startup Sendy has announced that it is shutting down ‘Sendy supply’, one of its products that enable easy trade between buyers and sellers within the fast-moving consumer goods (FMCG) industry.

The startup disclosed that this move was necessitated as the company intends to shift its focus to another product, ‘Sendy Fulfillment’, noting that the cost of this shift in its business model will see the employment of 54 people or 20% of the company’s workforce.

This move, according to a statement made by the company’s co-founder and CEO Mesh Alloys, is part of a wider strategic focus to “consolidate efforts around solutions that impact more customers and speak to the current and immediate market challenges.”

Alloys further stated that the firm will now be solely focused on ‘Sendy Fulfillment’, the company’s product that allows online brands and large eCommerce brands to store and distribute their products.

He said, “With the growing uptake of digital commerce and recognizing the opportunities it presents for businesses, we are doubling down on Fulfillment to support online merchants with the necessary tools to sell and fulfill directly through digital platforms”.

Back in July, the company laid off 10% of its 300 staff. The company CEO Alloys in a statement stated that it made the move to respond to the “current realities impacting tech companies globally”, which forced the company to rethink how it is doing business, and cut costs. 

Ever since the last layoff in July, the startup has been working effortlessly to ensure continuous acceleration despite the layoff and the tech downturn that has made some processes difficult.

Launched in 2014, Sendy connects customers with packages to dispatch riders and truck drivers via their mobile app. Customers can track the location of their packages in real-time via the mobile app.

Continue Reading

Startups

DAI Magister Academy Launched to Support Emerging Market Start-up Founders

First cohort of ten African start-ups completed as Academy unveils broader roll-out

Published

on

Digital Start Ups - Investors King

A new Academy for early-stage companies has been launched by DAI Magister, the boutique investment bank offering full advisory services for transactions within the climate, fintech, tech-enabled commerce and communications sectors.

The DAI Magister Academy is a free service aimed at companies that have already raised at least $2m, and who are looking to raise a larger round, but one that is below DAI Magister’s traditional $30m+ round size focus.

The Academy has already provided this service successfully to its first cohort of ten African companies and is now rolling out more broadly across the African ecosystem and eventually into other emerging markets such as MENA and Pakistan. In addition, the plan is to provide this service to companies in Europe focused on climate tech, where DAI Magister has deep expertise.

Victor Basta, Co-Head, DAI Magister Ltd, stated: “We have developed this individualized program to stand apart from the traditional and more generic set of services generally offered to early-stage companies.  For us the primary focus is to provide free, tailored advice to each specific company.  This means a far more responsive and knowledgeable approach based on local market experience. To date we have run ten companies through the Academy from across Africa and the response has been terrific.

“Our objective is to help founders and start-ups to focus on what that company needs to improve, highlight and/or get right before it raises a larger round.  Founders get one go at this often challenging milestone, so it is imperative they get the basics right to secure a successful next round of fundraising.”

The DAI Magister Academy focuses on three core areas: reviewing and challenging equity stories; reviewing target investor lists and suggesting additional potential investors; and reviewing the company’s financial model and suggesting improvements where necessary.

Individualized support is provided to each company in the Academy, spending time with the team to understand the business and its focus, as well as analyse how it performs against the three core metrics. The output is a specific customised confidential feedback report.

Basta concluded: “For those founders and companies with huge ambition, the DAI Magister Academy is a resource we would urge them to take advantage of.  This service is entirely free with the work being done by the same professionals who advise larger companies through significant fundraises.  The teams therefore have the knowledge and experience of knowing what best-in-class looks like when an ambitious business looks to raise $30m+ and eventually much more.”

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending