Hi and welcome to African VC/ Startup news, a weekly newsletter where I highlight transactions in the African VC/ startup ecosystem over the past week (or two). Since 6 December, I noticed 10 deals come across my screen.
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Since 6 December 2020 I’ve come across the following deals:
Investment:
1. Investee: Oilstar – a black-owned specialist retailer in South Africa. The funding will be enable job security for approximately 630 employees.
Investor/s: Sanlam via the SME Debt Fund – an impact strategy that is focused on job creation and preservation to support the recovery of strong businesses which have been negatively impacted by the pandemic. This strategy provides debt finance to good quality SMEs in various sectors negatively impacted by the coronavirus pandemic. The intention is to generate financial returns while preserving and creating jobs.
Detail: Undisclosed amount of investment, debt funding; Sector: Retail
2. Investee: Retail Capital – established in South Africa in 2011 to provide SME business owners with an alternative to bank loans. Available to businesses with a monthly turnover of more than R30 000.
Investor/s: Sanlam via the SME Debt Fund
Detail: Undisclosed amount of investment, debt funding; Sector: Financial Services
3. Investee: Mettle Administrative Services – founded in South Africa 15 years ago, the business provides working capital finance, mainly to panel beaters, by discounting invoices issued to various short-term insurance companies and other corporates.
Investor/s: Sanlam via the SME Debt Fund
Detail: Undisclosed amount of investment, debt funding; Sector: Financial Services
4. Investee: Starsight Energy – founded in Nigeria in 2015, the company delivers sustainable solar power to customers in Nigeria and Ghana, to a diverse clientele, including banks, gas stations, schools, and large commercial agricultural companies. Their proprietary technology optimizes energy consumption, reducing energy costs.
Investor/s: Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) – the first and only infrastructure debt fund dedicated to, and domiciled in Nigeria. The NIDF is structured as a permanent capital vehicle and its units are listed on the FMDQ OTC Exchange, Nigeria, and regulated by the Securities & Exchange Commission as an Infrastructure Fund.
Detail: $9.2m of investment, debt funding; Sector: Energy, Renewables
5. Investee: Blueloop – a Nigerian fintech startup that created Flux, a mobile app, that helps users send and receive money, as well as make and accept payment across Africa.
Investor/s: Hustle Fund VC – a US based venture capital firm that makes seed investments into the fastest-growing startups.
Pioneer – A network where founders get advice and funding from the community. “The network for ambitious outsiders, a community for the creative outsiders of the world.”
Mozilla – a company that’s looking to invest in people, projects, and technologies that shape the internet and have a positive impact without worrying about the bottom line.
Detail: $77k of investment in a pre-seed funding round; Sector: Fintech, Crypto-currency
6. Investee: Oolu – founded in 2015, the company’s mission is to provide off-grid West-African households with pay-as-you-go solar kits to power various devices.
Investor/s: RP Global – a privately owned Independent Power Producer, developer and investor in hydro, wind power and photovoltaic projects, with headquarters in Vienna, Austria.
Persistent Energy Capital (PEC) – provides early stage capital and extensive operational support to exceptional entrepreneurs in underserved markets.
All On – a Nigerian impact investor that was seeded by Shell and invests to increase access to energy in Nigeria.
GAIA Impact Fund – a French impact investment fund specializing in renewable energy investments with a high focus on start-ups, SMEs, and infrastructure projects that have a strong social and environmental focal point.
Dream Project Incubators (DPI) – they aim to develop renewable energy projects that contribute to the improvement of energy self-sufficiency.
Detail: $8.5m invested in a Series-B funding round; Sector: Agriculture & Food
7. Investee: Ilara Health – the business provides diagnostic testing equipment (that requires minimal training to operate) to small, primary care clinics in peri-urban areas in Kenya.
Investor/s: TLcom Capital – founded in 1999 and based in Nigeria, Kenya and the UK, TLcom is currently investing from its Tide Africa Fund, which invests in early to growth stage companies in Sub-Saharan Africa. They support entrepreneurs who are building fast-growth tech-enabled businesses solving some of the most complex challenges the continent is faced with and invest between $500k and $10m.
DOB Equity – a leading Dutch family office investing in innovate, scalable and impactful companies in East Africa.
Global Ventures – an international venture capital firm, investing in founders and ideas across emerging markets. They back global-minded founders that are leading growth-stage companies and using technology to transform emerging markets and the world.
Chandaria Capital – an early-stage, sector agnostic, Nairobi-based venture capital fund, that invests in scalable, high-impact businesses that have unique competitive advantages, and are backed by committed, innovative entrepreneurs, creating sustainable long-term growth for Africa. Detail: $3.75m invested in a Series-A funding round; Sector: Healthtech
8. Investee: OnePipe – A Nigerian startup that has created a platform integrating the services of banks and fintechs into one unified bundle, and sells this solution to banks to create innovative solutions around the platform.
Investor/s: Techstars – founded in 2006, the current Techstars mission is to make innovation accessible to everyone, everywhere by connecting startups, investors, corporations, and cities to create a more sustainable and inclusive world.
Atlantica Ventures – an early-stage investment firm that helps scale socially responsible startups in Sub-Saharan Africa.
Future Perfect Ventures – an early stage venture fund that invests in next generation technology, imagining a world where current constraints and borders disappear through technology enabled connectivity.
Raba Partnership – an investment partnership focused on partnering with entrepreneurs in emerging technology ecosystems.
P1 Ventures – they back incredible Middle Eastern and African tech founders, they believe that Africa will see billions of dollars in tech-driven value creation over the next few years.
Ingressive Capital – a venture capital fund that invest funds into a small, early-stage or emerging startups that is deemed to have high growth potential or which have demonstrated high growth in terms of annual revenue.
Sherpa Ventures – startup operators in Africa, backing startup founders in Africa. We want to be your Sherpa on your basecamp climb from Pre-Seed to Seed.
Zedcrest Capital – Africa’s foremost new-age financial solutions powerhouse – creating value for all stakeholders through user-friendly technological innovations and sustainable business practices.
DFS Lab – They invest in early-stage founders who are building the future of digital commerce in Africa and back their portfolio with the funding, mentorship, and expertise needed to thrive.
Detail: $950k invested in a pre-seed funding round; Sector: Fintech
9. Investee: Indicina Technologies – a Nigerian startup that helps businesses make smarter credit decisions at scale and is used by banks, insurers, consumer-finance, and other retail merchants for creating credit rules or models, credit assessment and scoring.
Investor/s:GreenHouse Capital – a Fintech investment company in Africa investing and providing expertise to companies that are building financial services to power Africa's economic future.
Detail:Undisclosed amount of investment, undisclosed funding round; Sector:Fintech, Platform
Capital raise:
1. Investor: WIC Capital – launched in March 2019 by the Women’s Investment Club (WIC) Sénégal, WIC Capital is the first fund that targets women-led companies in Senegal and Côte d’Ivoire. Investing through a mix of equity and quasi-equity into predominantly female founded, owned or managed companies from all sectors.
Capital raised: $306k (EUR250k) from FMOSector/ stage focus: Female focus, Senegal and Côte d’IvoireCheque size: Undisclosed
Screenshots of Deals since 6 December:
Have a great Christmas week!
Daryn
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