2 Min.
African VC deals since 25 February 2021 African VC/ Startup News
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- Firmengründung
Hi and welcome to African VC/ Startup news, a weekly newsletter where I highlight transactions in the African startup ecosystem over the past week (or two). Since 25 February 2021, I noticed 12 deals come across my screen, 11 investments and 1 fundraise. Regionally, South Africa and Kenya dominated with 4 and 3 investments respectively. By sector, Edtech and Fintech had the most deals, with 3 deals each.
In addition to sending the weekly newsletter, I maintain a database of deals, investors and portfolio companies in the African startup ecosystem, it is available: here
I also produce a podcast with Kamo Motaung called The UpStartVC Podcast. It is available on Substack, Apple Podcast and Spotify, check it out and leave us a review!
Since 25 February 2021 I noticed the following deals:
Investments (11 deals)
1: Inoxico | $650k | Undisclosed round | Vumela Fund | Fintech
Investee:
Inoxico – a South African Information Bureau that provides credit analytics and solutions for corporates.
Investor(s):
Vumela Fund - a South African SME investment fund established in 2009 by FNB Business Banking and Edge Growth. The fund’s objective is to create an innovative model to invest in sustainable, independent businesses and earn both an economic and impact returns.
Detail: South African fintech company Inoxico has raised an undisclosed round of funding of $650k (ZAR10m) from the Vumela Fund (managed by Edge Growth). The funds will be used to implement the company’s growth strategy.
2: HitChat | $255k | Series A | Undisclosed investors | Entertainment
Investee:
HitChat – a Swedish-South African entertainment company that focuses on providing entertainment for townships within the T-pop concept. The company finds, trains and launches world-class acts consisting of young talents from townships. They also produce songs and music videos that they release both in the local market and globally.
Investor(s): Undisclosed
Detail: South African talent discovery platform HitChat has raised a Series A round of funding of $255k from an undisclosed group of investors. The funds will be used to launch a new talent scouted by HitChat (a new girl group) that will empower individuals from disadvantaged communities.
3: WeThinkCode | $600k | Undisclosed round | E-Squared Investments | Edtech
Investee:
WeThinkCode – a South African edtech startup that provides tuition-free tech training. The company is dedicated to meet the increasing demand for software engineering skills and drive the continent’s digital economy.
Investor(s):
E-Squared Investments - an impact fund that enables Social Entrepreneurs to build and scale high-impact organisations while creating jobs, eliminating poverty and contributing to South Africa’s transformation.
Detail: South African social entrepreneur WeThinkCode has raised $600k in an undisclosed round of funding. The funds will be used to open a new campus in KwaZulu Natal, the third biggest metropole in South Africa.
4: ImaliPay | Undisclosed amount | Pre-Seed | Various investors | Fintech
Investee:
ImaliPay – a Kenyan financial health platform offering financial products to freelancers and blue collar gig-workers in partnership with gig-platforms.
Investor(s):
TEN13 – an Australian syndicated investment platform that gives Sophisticated Investors access to early stage technology startups and visionary founders.
FINCA Ventures - an impact investing initiative that leverages a global microfinance network to catalyze market-based solutions to end poverty.
Optimizer Foundation - an early stage impact investor dedicated to impact orientated early-stage companies who create positive social impact in Sub-Saharan Africa.
Mercy Corps Ventures - a venture capital firm that partners with pioneering social entrepreneurs who harness novel business models to fuel social change. The firm is the investment arm of Mercy Corps, a global team of humanitarians.
Change Com - an Os
Hi and welcome to African VC/ Startup news, a weekly newsletter where I highlight transactions in the African startup ecosystem over the past week (or two). Since 25 February 2021, I noticed 12 deals come across my screen, 11 investments and 1 fundraise. Regionally, South Africa and Kenya dominated with 4 and 3 investments respectively. By sector, Edtech and Fintech had the most deals, with 3 deals each.
In addition to sending the weekly newsletter, I maintain a database of deals, investors and portfolio companies in the African startup ecosystem, it is available: here
I also produce a podcast with Kamo Motaung called The UpStartVC Podcast. It is available on Substack, Apple Podcast and Spotify, check it out and leave us a review!
Since 25 February 2021 I noticed the following deals:
Investments (11 deals)
1: Inoxico | $650k | Undisclosed round | Vumela Fund | Fintech
Investee:
Inoxico – a South African Information Bureau that provides credit analytics and solutions for corporates.
Investor(s):
Vumela Fund - a South African SME investment fund established in 2009 by FNB Business Banking and Edge Growth. The fund’s objective is to create an innovative model to invest in sustainable, independent businesses and earn both an economic and impact returns.
Detail: South African fintech company Inoxico has raised an undisclosed round of funding of $650k (ZAR10m) from the Vumela Fund (managed by Edge Growth). The funds will be used to implement the company’s growth strategy.
2: HitChat | $255k | Series A | Undisclosed investors | Entertainment
Investee:
HitChat – a Swedish-South African entertainment company that focuses on providing entertainment for townships within the T-pop concept. The company finds, trains and launches world-class acts consisting of young talents from townships. They also produce songs and music videos that they release both in the local market and globally.
Investor(s): Undisclosed
Detail: South African talent discovery platform HitChat has raised a Series A round of funding of $255k from an undisclosed group of investors. The funds will be used to launch a new talent scouted by HitChat (a new girl group) that will empower individuals from disadvantaged communities.
3: WeThinkCode | $600k | Undisclosed round | E-Squared Investments | Edtech
Investee:
WeThinkCode – a South African edtech startup that provides tuition-free tech training. The company is dedicated to meet the increasing demand for software engineering skills and drive the continent’s digital economy.
Investor(s):
E-Squared Investments - an impact fund that enables Social Entrepreneurs to build and scale high-impact organisations while creating jobs, eliminating poverty and contributing to South Africa’s transformation.
Detail: South African social entrepreneur WeThinkCode has raised $600k in an undisclosed round of funding. The funds will be used to open a new campus in KwaZulu Natal, the third biggest metropole in South Africa.
4: ImaliPay | Undisclosed amount | Pre-Seed | Various investors | Fintech
Investee:
ImaliPay – a Kenyan financial health platform offering financial products to freelancers and blue collar gig-workers in partnership with gig-platforms.
Investor(s):
TEN13 – an Australian syndicated investment platform that gives Sophisticated Investors access to early stage technology startups and visionary founders.
FINCA Ventures - an impact investing initiative that leverages a global microfinance network to catalyze market-based solutions to end poverty.
Optimizer Foundation - an early stage impact investor dedicated to impact orientated early-stage companies who create positive social impact in Sub-Saharan Africa.
Mercy Corps Ventures - a venture capital firm that partners with pioneering social entrepreneurs who harness novel business models to fuel social change. The firm is the investment arm of Mercy Corps, a global team of humanitarians.
Change Com - an Os
2 Min.