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Chipper Cash Raises $150M Months After Raising $100M

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Chipper Cash, an African cross-border payments company raised $150 million in a fresh Series C round which was led by the cryptocurrency exchange platform FTX.

Chipper Cash closed its first Series C round just six months ago, the $100M round was led by SVB Capital, the corporate venture capital arm of SVB Financial Group. Existing investors such as Deciens Capital, Ribbit Capital, Bezos Expeditions, One Way Ventures, and Tribe Capital also participated in the round. The company’s total Series C investment, therefore, stands at $250 Million.

The Investment is a crucial repricing event for the company and gives it a strong balance sheet to continue scaling and to maintain our lead in the space” were the comments of Ham Serunjogi the CEO of Chipper Cash.

Sam Bankman-Fried the CEO of FTX said “FTX partnership with Chipper cash is to make money transfer as simple as a text message and accelerate the adoption of crypto within Africa and beyond.”

Chipper Cash is one of six Unicorns in Africa as it has a valuation of more than a Billion Dollars, the other unicorns being Interswitch, Flutterwave, Jumia, Fawry and OPay. Recall that Investors King reported on Chipper Cash $30 Million Series B raise with participation from Bezos Expeditions, a personal VC fund of Jeff Bezos, the founder, and CEO of Amazon Inc in 2019.

Chipper Cash was founded in 2018 by Ugandan, Ham Serunjogi, and Ghanaian, Maijid Moujaled. The company offers mobile-based, zero-fee, peer-to-peer (P2P) payment services in seven African countries: Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, and Kenya.  This year, the company began to expand beyond the continent. It extended to the United Kingdom in May, letting users send money from the European country to Chipper cash’s African marketplaces.

Chipper cash competes with platforms such as Wise, MoneyGram, Sendwave, and Remitly for international remittances into Africa.

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Fund Raising

Atomico Close to Landing Over $1 Billion for New Start-up Fund

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Atomico

Sources in the industry report that Atomico, the venture capital firm based in London and set up by Skype co-founder Niklas Zennstrom, is about to announce a new start-up fund which is worth around $1.2 billion.

The investment company is close to raising what is referred to as an “early stage” fund of about $400 million, tailored to helping young start-ups. The information was provided to the CNBC by two venture capitalists, who required their identities to be concealed due to the sensitivity of the discussions.

These capitalists further mentioned that Atomico is developing a “late stage” fund of about $800 million, to support the more established start-ups that require larger amounts of capital to continue their growth. The CNBC received no response from Atomico when a request for comment was made.

The CNBC spoke to a third source, a start-up executive who also did not want to be named due to the nature of discussions. This source told the CNBC that Atomico had informed his own company that it was in the process of raising even more capital from limited partners.

Many other Venture Capitalist (VC) sources stated that they were unaware of any fundraising plans, but would not be surprised if Atomico announced a new fund anytime soon.

It however remains unclear how much more capital Atomico still needs to raise for both the early and late stage funds, and when these funds will be announced officially.

From its inception till date, Atomico – which has its headquarters in Mayfair – has raised five funds. The last fund which the company raised was worth $820 million, and was announced in February 2020.

In the past, Atomico has used its funds to support some of the world’s most valuable start-up companies. These companies include Stripe, Klarna, flying car start-up Lilium and AI (Artificial Intelligence) chip designer Graphcore.

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HouseAfrica, CARMA, Two Other African Blockchain Startups Receives $125K Funding From CV Labs

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Start-up - Investors King

Four African blockchain startups, HouseAfrica, CARMA, Mazzuma and Pravica have received $125,000 in Funding from CV Lab, these startups also qualify for a three-month CV Labs Global Incubation program and other CV VC-run initiatives.

CV VC  (Crypto Valley Venture Capital) is a Swiss Investment Company and an early-stage venture capital investor with a focus on startups that build on blockchain technology. CV Labs offers a three-month hybrid Blockchain incubation program that invests up to $125’000 in great startups in return for 10% equity and /or tokens

In July 2021, CV VC extends its operations into Africa setting up the company’s first office on the African continent in Cape Town. The company said, “CV VC’s goal in Africa, together with partners from the Swiss State Secretariat for Economic Affairs (SECO), the Federal Department of Foreign Affairs and local stakeholders, is to invest in 100 startups that have the potential to tackle the challenges of the African continent over the next four years. The SECO signed a special agreement with CV VC. The joint project aims to support the development of an independent ecosystem in South Africa by transferring know-how and experience from Swiss Crypto Valley to serve as a hub for Africa”.

The program, which also includes BlockFrauds (UK) and CO2DAO (Switzerland), recently kicked off with “Africa Week,” in which CV VC partner Binance Smart Chain, the University of Johannesburg, and the Cape Innovation and Technology Initiative collaborated with the innovators for a week in both Cape Town and Johannesburg.

The four Selected African Blockchain Startups are:

HouseAfrica (Nigeria) is a Blockchain Technology company building a digitized property record system that assists home buyers and financial institutions to access, verify authenticity and value properties before investing. Properties are accessed and sold by sharing site digital layout.

CARMA (Nigeria) is the world’s first P2P data marketplace company created to fill the credit-data gap in sub-Saharan Africa. Organizations are provided credit data which allows them to make data-driven business decisions.

Mazzuma (Ghana), “the Future of Online Payments” is a mobile payments system that specializes in the use of Artificial Intelligence and Blockchain to facilitate seamless payments transactions.

Cairo-based startup Pravica, is a unified, secure and privacy-compliant communication platform that uses blockchain technology to empower user privacy and security.

CV Labs has incubated 22 businesses throughout the world, the managing director of CV VC Africa, Gideon Greaves said he’s excited to see the collaboration with SECO to assist the establishment of an autonomous blockchain ecosystem in Africa to become reality.

“I’m incredibly excited to be a part of CV VC’s journey into Africa. Being a leapfrog population, we are in a prime position to adopt this disruptive technology and I believe this continent can lead the crypto and blockchain charge”. He said

“We are happy to start our Africa chapter with an initial foothold in South Africa, a thriving hub for entrepreneurs, developers and creatives and an already well-established startup and technology ecosystem. With the experience and know-how from Crypto Valley, including infrastructure providers, an enabling regulatory framework and our global network, we will be able to accelerate growth for blockchain startups and grow the blockchain ecosystem in all of Africa”, said Mathias Ruch, CEO and founder of CV VC.

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Nigerian e-Health Pharmaceutical Startup, DrugStoc, Lands $4.4 Million Funding

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DrugStoc

Nigerian Pharmaceutical Distribution startup DrugStoc has landed its own Series A funding to the tune of $4.4 million, according to TechCrunch

In Africa, the pharmaceutical supply chain has been fractured for decades. This has resulted in challenges in distribution and sourcing, as well as concerns about quality as fake and substandard products have begun to flood the market. The good news is however that these issues that are facing the pharmaceutical supply chain are fixable.

Chibuzo Opara and Adham Yehia who are highly familiar with the problems of poor pharmaceutical supply chains, are planning to spread the reach of DrugStoc. DrugStoc is an e-health drug acquisition platform that does its best to fight against these challenges by linking drug companies with health institutions such as hospitals and pharmacies across the country.

DrugStoc is presently on a highly vigorous expansion plan, which includes delivering standard quality pharmaceutical products to 100 million people, after recently securing the $4.4 million Series A funding.

The startup’s current plan is to expand into 16 states within the country as it seeks to move beyond Lagos, the economic hub of Nigeria. Asides this is its much bigger plan to expand beyond Nigeria into other markets within Africa.

The availability of high-quality, standard pharmaceutical products especially within the country will result in the prevention of thousands of potential deaths. These include loss of life which is linked to loss of blood during childbirth, or children losing the fight against diarrheal diseases.

TechCrunch reports that the company has stated that it currently serves about 14 million people.

The startup’s funding round was spearheaded by Africa HealthCare Master Fund (AAIC), with investments following from Chicago-based venture firm Vested World, German Development Bank (DEG) and individuals with high net worths who have strong interest in tech-health.

AAIC Director, Nobuhiko Ichimaya said that the Fund is “glad” to support a company which is now positioned to be an important player in the growth of the tech-health sector in Africa.

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