Welcome to the latest updates around African startups.
I will keep this update short but I hope you love it. Feel free to forward it to anyone who may find it useful.
News of the week
Last week did not see much happening in the startup scene in Africa but there were notable stories. The main one was about the french VC firm, Ring Capital that launched the impact investment fund targeting French-speaking West Africa. The firm plans to raise €50 million to target startups building solutions that solve the continent's climate change challenges. This is a positive step as it means we are about to see funding flow to the french-speaking countries in Africa.
Conducive Capital also launched a $50 million fund that seeks invest in early and growth- stage startups in South Africa and across Africa. With such new funds going live, I expect to see more funding rounds close in the coming few months.
Startup Funding Rounds
Last week saw a total of 3 funding rounds totalling just $4.5 million as only two of the rounds revealed the amount secured. The deals announced are:
South Africa’s AgriTech startup, Fruittex securing an unknown amount in a seed funding round. The startup has a current valuation of $5 million.
MDaaS Global, a Nigerian HealthTech, raised $3 Million in seed funding from Aruwa Capital, Ventures Platform and Newtown Partners.
Tookeez, a financial services startup from Morocco, raised $1.5 million from Azur Innovation Fund.
Mergers and Acquisition
CtrlFleet, a South African transport management software supplier, acquired Fleetbeacon, fleet management automation platform, for an unknown amount.
Adenia Partners, private capital management firm, acquired The Courier Guy for an undisclosed amount.
ProductLife Group acquires Health Care Solution, expanding its reach across Middle East and Africa.
South Africa’s PaySpace acquired by Global HR firm, Deel, for an unknown amount but there are rumours suggesting that it is worth $100 Million.
Opportunities and jobs
HiiL Justice accelerator program is now accepting applications for the 2024 programme. This is an opportunity for startups that want to join the Justice Accelerator Programme that focuses on tech-driven solutions for justice-related challenges. You can apply here.
Equity Technology Group is looking for Managing Directors for a number of divisions. you can check the open positions and apply here.
Glovo launched the Africa Graduate Program to hape the leaders of tomorrow by providing an immersive 1-year experience tailored to the unique needs of young professionals. You can learn more and apply here.
Appointments
Visa appointed Chad Pollock to lead its operations in East Africa.
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Thank you so much, until next time, goodbye.
Kaluka