Week in Review
Mega $250m round for Sun King, Google partners with Rwanda's Government to back 9 early stage Fintechs & Major acquisition in Solar Tech
The Week in Review is designed to inform curious minds interested in the latest activity in the African innovation ecosystem.
Funding Rounds 🚀
Sun King raises $260M - distributor of home energy systems across Africa and Asia.
Farmerline raises $12.9m -Farmerline works with agribusinesses (usually small retail shops that stock farm inputs) to ensure that farmers get access to high-quality supplies.
OnePort365 raises $5m - OnePort 365 provides optimal freight solutions to Africa's traders including trucking, shipping, warehousing, customs brokerage & marine insurance; at competitive rates & powered by technology.
Westa.solar raises $1.5m - Westa.solar designs, installs, finances and maintains rooftop and ground mounted solar projects for Commercial and Industrial clients in West Africa.
Kwely raises $1m - a B2B wholesale distribution marketplace for “Made in Africa” products. The startup focuses on the development of existing and new brands with local suppliers in order to get to export-ready status.
SAYNA raises $600k - an education and freelancing platform.
Syarpa raises $500k - enables users to carry out both international money transfers and crypto exchanges by providing fiat and crypto payment solutions, has over 2,000 users, and has facilitated transactions worth over US$4 million since launch.
DigsConnect secures undisclosed investment - DigsConnect platform allows landlords, estate agents and property managers to post their property listings, with students then searching and filtering through these listings to find accommodation that suits their needs, and also find other students to live with.
🔦 Startup Spotlight: SunKing
What❓: Founded in 2007 Sun King manufactures and distributes off grid solar products
Traction📈 : Sold its products in over 40 countries, including Kenya, one of its earlier markets and Zambia, Uganda, Tanzania and Nigeria, where customers tripled over year. Delivered solar energy and light to over 82 million people.
Market opportunity 🌍 : Sub-Saharan Africa accounts for 75% of the world’s population with no access to renewable energy solutions and electricity. Cost of using solar products far cheaper than extending existing power grids in developing countries.
Competition⚡️: Azuri Technologies, m-kopa, Zole Electric, PEG
Investors: BeyondNetZero, M&G Investments, Catalyst and Arch Emerging Markets Partners
🗞 News
Techstars Launches ARM Labs Techstars Accelerator in Lagos - Techstars, a global investment business that provides access to capital, one-on-one mentorship, and customized programming for early-stage entrepreneurs, in partnership with ARM Labs, a Lagos-based innovation program focused on helping fintech startups. The new accelerator program will focus on investing in early-stage fintech and proptech companies based in Africa.
Co-Creation Hub (CcHub), in collaboration with Google, Rwanda’s Ministry of ICT and Innovation, and Mojaloop Foundation, have announced the nine startups selected for the first Fintech Incubation Programme. The nine selected companies are all from Rwanda, and include
KudiBooks, a payment and accounting software for non-finance and non-accounting professionals.
Food Bundles - which leverages digital technology to improve market links for smallholder farmers and meet the growing demand for fresh food produce.
Quiqpa - a contactless payments platform.
Bafana - helps African artists and creatives share their work and collect payments.
Uplus - a digital group financing platform where people can efficiently raise funds and savings with their family, friends, and colleagues.
PesaChoice - which offers short term loans without the requirement of collateral.
CentWise - which unlocks financial access for micro traders such as street vendors and hawkers by building alternative collateral products.
PayingTone - a marketplace that provides ecologically trackable products and services on credit.
Exuus -a digital and inclusive wallet that allows users to manage both their savings and spendings.
Unicorn Group launches pan-African incubation programme - Unicorn Group is a pan-African investment company targeting innovative ideas, startups, and early-stage companies in the technology and technology-enabled sectors across Africa that have the potential to emerge as unicorns.
M&A
Bboxx reportedly acquires Ghana’s PEG Africa - Bboxx, a London-headquartered cleantech startup that provides clean energy in Africa, has reportedly acquired PEG Africa, another cleantech startup based in Accra, in a deal worth $300m.
📢 Tell a friend to tell a friend 📩
The Week in Review is designed to inform curious minds interested in the latest activity in the African innovation ecosystem.