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Fintech Company Julaya, Raises $5 Million Extension Round To Expand Operations In West Africa

Julaya has raised $5 million in an extension round to take the total fund raised since 2021 to $7 million following the $2 million raised in a pre-series fund rounding early in 2021.

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Julaya

Ivorian Fintech firm Julaya has raised $5 million in an extension round to take the total fund raised since 2021 to $7 million following the $2 million raised in a pre-series fund rounding early in 2021.

The round was led by the European Venture capital fund, Speed invest, which has six unicorns in its portfolio.

Also participating in the round include EQ2 Ventures, Kibo Ventures, the angel groups Unpopular Ventures, Jedar Capital, previous backers Orange Ventures, Saviu, 50 Partners, Ivorian entrepreneur Mohamed Diabi, and Chelsea football player Édouard Mendy.

Founded in 2018, Julaya which primarily uses mobile money channels to enable B2B payments for companies in Francophone Africa, disclosed that proceeds from the financing round will be used to expand its operations into the West African market.

The startup’s product line has recently been expanded to include a “Cash & Collect” solution that enables “quick and secured” cash collection, particularly in the Fast-moving consumer goods (FMCG) industry.

More than 500 SMBs, startups, large corporates, and government institutions, including famous brands such as Africa’s e-commerce giant Jumia, use Julaya as their digital account to pay their partners and collect payments.

CEO & co-founder of Julaya Mathias Léopoldie said, “African companies are eager to improve their profitability, and digitizing their finances is one of the most important steps for them to grow their business.

“90% of payments are still made in cash on the continent, and Julaya is proud to be part of the fintech landscape that helps businesses be more successful.”

Principal at Speedinvest Enrique Martinez-Haussmann, speaking on how Julaya’s technology is changing how companies operate, said, “Julaya’s technology is fundamentally changing how companies operate in an increasingly complex payment landscape across Francophone Africa.

“As we look ahead, the potential for Julaya’s technology goes far beyond its payment capabilities, having the opportunity to become a close banking partner for companies in West Africa.”

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Fund Raising

Spleet Startup Raises $2.6 Million Seed Fund to Expand Its Property Management Products

Spleet, a Nigerian prop-tech startup that offers access to premium residential solutions, announced that it has raised a $2.6 million seed fund to scale its property management product.

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Spleet CEO Tola Adesanmi and COO Daniella Ajala

Spleet, a Nigerian prop-tech startup that offers access to premium residential solutions, announced that it has raised a $2.6 million seed fund to scale its property management product.

According to the company, it disclosed that the funds raised will be used to expand its product offerings for landlords, real estate brokers, and tenants across Nigeria and to explore other markets in Africa.

It also plans to expand its product offerings to include ‘Collect’, a service that automatically receives rent payments on behalf of landlords, as well as ‘Verify’ a tool that enables landlords and real estate agents to vet and carry out adequate background checks on tenants before offering lease agreements, and Rent Now Pay Later a no collateral affordable-interest rate rental loan product. 

The seed round was led by Mac Venture Capital as well as several other investors such as Noemis Ventures, Plug and Play Ventures, Assembly Fund, Ajim Capital, Francis Fund, and other angel investors including Proptech operators; Eduardo Campos and Paulo Buchicher of Yuca, Maajed Chaaaraoui ofinsurami.

Speaking on the recent fund raised, the CEO of Spleet, Akintola Adesanmi said “This funding would go into deepening our product offerings for Landlords, real estate agents and tenants across Nigeria and testing out new markets.”

“The housing crisis is an enormous problem that impacts us at a global scale, and Africa is no exception,” said Marlon Nichols, co-founder and managing general partner at MaC Venture Capital.

“In countries like Nigeria, the requirement for tenants to provide 12 to 24 months of rent payment in advance creates a barrier for large parts of the population in accessing the rental market and essentially renders them homeless.

“MaC is proud to partner with Spleet as it continues to bring forward a comprehensive solution that effectively serves both sides of the housing market and makes true deposits to combating homelessness.”

Since its launch in 2018, the proptech startup has handled millions of dollars in rent, sheltered more than 1000 tenants, and signed up more than 35 private and corporate landlords.

It should be recalled that on March 15, 2022, Investors King reported that Spleet raised $625,000 in an oversubscribed pre-seed round led by MetaProp VC.

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Fund Raising

Venture Capital Firm Algebra Ventures Announce First Close of $100M Second Fund

Algebra Ventures has announced that it has secured the first close of $100 million and expects to reach a final close by the end of the first quarter (Q1) of 2023.

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Start-up - Investors King

Egypt’s leading tech venture capital firm Algebra Ventures has announced that it has secured the first close of $100 million and expects to reach a final close by the end of the first quarter (Q1) of 2023.

Last year in April, Algebra ventures secured a $90 million fund for startups in Egypt with an allocation for investments in the wider Middle East and Africa region. It was the sequel to it’s first $54 million fund invested in 21 startups across Egypt and the Middle East. 

When the Venture capital firm predicted that it would attain its very first close in Q3 2021, it however had to wait an entire year to achieve that. Nonetheless, the delay afforded Algebra Ventures adequate time to exceed what it initially earmarked for the fund.

The firm recently disclosed in a statement that it has finalized a $100 million first close and expects to reach its final close by the end of Q1 2023. 

Speaking of the recent funds raised the managing partners of Algebra ventures Tarek Assaad and Karim Hussein said, “Our second fund will pursue opportunities in various sectors by partnering with high-potential founders to address specific market gaps in these sectors.

“We haven’t made any investments in sub-Saharan Africa yet, but continue to build relationships in these markets,” added Hussein via email about the company’s prospective investments in neighboring markets”.

“We have seen ups and downs before and have been working closely with our portfolio companies to ensure that they have a solid financial position in this new environment.

“We continue to support our companies with strategic advice, funding, operational issues, and other matters as the need arises.”

Algebra Ventures is reportedly one of the few companies to have recently reached the first or final close of a large fund targeting the Middle East.

The Ventures capital firm reaching its first close at a larger size than its intended second fund is a colossal achievement. It highlights a decisive vote of confidence from investors in the company’s first fund.

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Fund Raising

Talk360 Seed Round Reaches $7M After New Funding

Talk 360 has secured a combined $7 million in seed rounds to build a payment platform for Africa

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Talk360

South African startup Talk 360, a leading voice-over-internet protocol (VoIP) player in Africa, has secured a combined $7 million in seed rounds to build a payment platform for Africa.

In May this year, Talk350 had raised $4 million in a seed funding round led by HAVAÍC. However, with the startup’s recent raise of an additional $3 million, the total investment raised so far is $7 million.

The latest investors in this new round include Allan Gray E2 Ventures (AGEV), Kalon Venture Partners, E4E Africa, Endeavor, current lead investor HAVAÍC and a number of angel investors including Tjaart van der Walt and Koenrad Jonker.

According to Talk360, it intends to use this new funding to launch a pan-African payment platform next year and increase its share of the VoIP market.

The payment platform will connect “all payment methods” across the continent, creating a diverse pool of localized payment methods, enabling international and local businesses to sell to African-based customers.

The company said in a statement, “The new platform will allow users across the continent to buy products and services using any currency and more than 160 payment methods. It will also be opened to other merchants”.

According to the Co-Founder of Talk360, despite the existing digital payment methods scattered across Africa, the startup is going to offer something more remarkable by offering micro-entrepreneurship and income-generating opportunities to users.

His words, “Our mission is to bridge distance and connect lives by offering reliable, affordable, and easy-to-use digital services, delivered in a localized manner to all communities, particularly emerging countries, so they can connect to the world

“But we’re not just solving socio-economic issues: we’re also offering micro-entrepreneurship and income generating opportunities to our growing network of agents across the country.”

The startup also has a network of agents, including PesaPoint in Kenya and Flash in South Africa, which enable users to purchase airtime vouchers from over 750,000 physical points of sale.

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