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M-KOPA Secures $75M In New Funding Round

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M-KOPA

M-KOPA, has secured $75M in a new round of funding to expand the reach of its services and customer base.

The platform provides connected financing and digital financial services to underbanked consumers across five markets in Africa – Kenya, Uganda, and recently, Nigeria and Ghana.

The funding round was led by Generation Investment Management and Broadscale Group. Other participants in this round include LocalGlobe’s Latitude Fund and HEPCO Capital Management all of who are new investors in the startup. M-KOPA’s existing investors, CDC Group and LGT Lightrock were also partakers of this new funding round.

The company started with solar-power home systems targeted at lower-income and rural customers without electricity in Kenya, Tanzania and Uganda. However, it has expanded its model to include other needs like financial servicing and cash loans.

Having raised $75M in this round, it brings the company’s total fund raised to $190M. According to the company, M-KOPA is providing financial services to well over two million customers.

The startup was launched in 2011 by Jesse Moore to enable underbanked customers get access to a broad range of products and services without collateral or a guarantor. By combining the power of digital micropayments with the Internet-of-Things [IoT] technology the startup has unlocked over $600 million in financing.

According to Jesse, M-KOPA has recorded nearly 2.5X in the growth of new customers in 2021 with a projection to reach 3 million customers by the end of 2022.

Speaking about the round of funding, Jesse disclosed: “We’re thrilled to partner with leading global investors with deep experience supporting growth-stage companies as we expand our platform to serve more of our customers’ needs. Our innovative model means we have enabled financial empowerment for over two million people already through micro-payments, but there are still millions of people across the continent that are stuck with limited economic options. With this funding, we will expand to more markets across Africa and scale to over 10 million customers in the next few years.”

Speaking about investing in the startup, Broadscale’s Managing Partner, Andrew Shapiro, disclosed: “M-KOPA’s unique technology-enabled approach to providing essential consumer goods and financial services is an inspiring engine of empowerment perfectly aligned with our mission of Disruption for Good,”

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Fund Raising

Property Tech Company, VENCO Secures $670,000 Pre-Seed Funding

The company stated that the fund will be deployed to scale its all-in-one technology platform

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Start-up - Investors King

Nigeria property technology company, VENCO has secured $670,000 in an oversubscribed pre-seed funding round.

The company stated that the fund will be deployed to scale its all-in-one technology platform that manages collections, service charge administration, utilities, and visitor access, among other services associated with multi-unit property developments across Africa.

Founded by Chude Osiegbu (CEO), Reagan Mbitiru (CTO), and Uzochukwu Alor (COO), VENCO already has a growing presence in both Nigeria and Kenya with the plan to expand to other cities and countries in Africa. 

The CEO, Chude Osiegbu stated that VENCO was used by 100 estates on about 4000 property units in 2021. He added that the startup is currently in 186 estates with about 12,000 property units and now has larger estates like Banana Island and 1004 in its roster.

Although Osiegbu noted that the company presently relies on subscription fees that it charges for the deployment of its software solution, he nevertheless stated that VENCO has a long-term plan to introduce a number of monetised operations.

He added that the startup already helped finance the purchase of prepaid energy meters for the Primewater View Gardens estate, and the Tejuosho Market, a shopping mall.

In the last 9 months, VENCO says it has recorded over 200 percent growth, currently in 6 cities in Nigeria and Kenya. 

Dating from the beginning of this year, VENCO noted that it has processed more than $10 million in transaction value via its platform. The company added that it is already in talks with e-commerce platforms to enable easier access to merchants within and around the community. 

Investors King learnt that some of the investors that participated in the pre-seed funding round include Zrosk Investment Management, Voltron Capital, Decimal Point Ventures, Fast Forward Fund, Tayo Oviosu (CEO of Paga), Odun Eweniyi (COO of Piggyvest), Oo Nwoye, Desigan Chinniah, Dakar Network Angels and Viktoria Business Angel Network.

Speaking at the event, Samson Esemuede, Managing Director and Chief Investment Officer at  Zrosk Investment Management, said, “ We view VENCO as both a SaaS and a financial inclusion play with a potential for strong multiplicative impact across the continent.”

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Fund Raising

Nigerian Based Food Tech Startup, Orda Raises $3.4 Million in Seed Funding

Orda Africa has now raised a combined $4.5 million raised by the African-centric food tech company. 

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Nigerian-based food tech startup, Orda announced it has raised a sum of $3.4 million in seed funding after it raised $1.1 million in pre-seed funding at the beginning of this year. This makes it a total of $4.5 million raised by the African-centric food tech company. 

Investors King understands that Orda is an African restaurant cloud operating system that helps restaurants to move from pen and paper to a fully automated digital platform. 

According to the startup, it aims to help more African restaurants maximize their business operations and expand distribution. 

The tech company added that it plans to improve on some new features which include loan, credit, and payment options which will eventually enable its clients to maximize the potential of their business. 

Investors King learnt that this new round of funding was co-led by Quona Capital and FinTech Collective. Other institutional investors which participated in the seed funding include Far Out Ventures, Lofty Inc Capital, Enza Capital, and Outside VC.

In the last one year, Orda has been able to increase its customer base to more than 600 restaurants across Nigeria and Kenya while its weekly processing orders has increased by more than 500 percent. 

Speaking about the growth and focus of the company, Orda’s CEO and co-founder, Guy Futi said “From day one, Orda has been focused on building solutions for small and medium-sized restaurants”.

“These businesses operate with slim profit margins and the power of Orda’s software and financial solutions can catapult their business. Our goal is to provide end-to-end solutions that help them optimize their operations so they become more prosperous”. 

Founded in 2020 by Guy Futi, Fikayo Akinwale, Mark Edomwande, Kunle Ogungbamila, and Namir El-Khouri, Orda has the vision to help small-sized African restaurants optimize their business and achieve sustainable growth.

Meanwhile, the company has attributed its growth over the last 12 months to the excellent team it has put together, a trend it hopes to continue in the coming months. 

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Fund Raising

Proptech Startup SmallSmall Announces The Raise of $3m in Seed Funding

Lagos-based Nigerian prop-tech startup SmallSmall has announced the raise of $3 million ($2 million equity and $1 million debt) in seed funding.

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SmallSmall

Lagos-based Nigerian prop-tech startup SmallSmall has announced the raise of $3 million ($2 million equity and $1 million debt) in seed funding.

Formerly known as RentSmallSmall, the startup gives renters access to monthly rent payments while eliminating the pain points of landlords.

Speaking on the recent funds raised the startup co-founder Tunde Balogun said, “We started by understanding the pain points of landlords. Even though they collected rent one year upfront, the default rate of the yearly system is very high because when people’s finances take a hit, they might not be able to pay subsequent rent.

“The legal process of evicting tenants where they’ll have to wait six to 12 months is also not supportive of the landlords. “Our market is for young professionals with an average age of around 28 years. It’s a huge market.

“We surveyed almost 3,000 people last year in Lagos, which showed that 80% of them wanted to pay their rent monthly. So that tells you how much adoption the monthly space would have if the markets eventually opened up.”

He further disclosed that the fund will be used to expand the startup operations to other cities in Nigeria, such as Enugu, Jos and Portharcourt before the end of Q1 2023.

Founded in 2018, the startup has been leveraging technology to revolutionize Nigeria’s property rental market and has so far had over 476,000 people registered on the platform.

It has also saved renters from legal and agency fees, which has seen it transcend into one of the leading advocates for affordable and flexible rental payment platforms across West Africa.

SmallSmall has also enabled landlords to access quality tenants and help curb defaults of payments.

In 2021, the startup was accepted to join the techstars Toronto accelerator program, making it the first African property technology platform selected to join the program. 

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