Week in Review
Zambia's Union54 raises $12m, Flutterwave CEO addresses allegations of misconduct & Google launches product development hub in Nairobi
The Week in Review is designed to inform curious minds interested in the latest activity in the African innovation ecosystem.
Funding Rounds 🚀
Union54 raises $12M - the Zambian card-issuing fintech’s API allows African software companies to issue and manage their debit cards without needing a bank or third-party processor.
Syarpa raises $500k - Syarpa enables users to carry out both international money transfers and crypto exchanges by providing fiat and crypto payment solutions. It boosts over 2,000 users and has facilitated transactions worth over US$4 million since it’s launch.
ETAP secures $1.5m - ETAP makes it the purchasing of car insurance and the claims process easier. They have insured more than 130,000 individual trips and over 500,000 kilometres in car journeys.
The Food Lab raises $4.5m - The food lab is a cloud kitchen platform that provides services like procurement, cooking, delivery, data-led insights and recommendations, and marketing for restaurant owners.
Shift EV secures undisclosed amount - Shift EV converts existing fuel-run vehicles into electric ones utilising its in-house designed and manufactured batteries.
Rology closes undisclosed amount - This on-demand teleradiology platform provides intelligent matchmaking between patients and remote radiologists locations.
🔦 Startup Spotlight: Union54
What❓: Union 54 is a Zambian startup whose API allows African software companies to issue and manage their debit cards without needing a bank or third-party processor.
Traction📈 : 500k > virtual debit cards issued to customers. Processed ~$10m. In November, the company’s revenue increased by 600% and has subsequently grown 50% month-on-month.
Market opportunity 🌍 : Currently in Africa, it is difficult and time-consuming to issue cards to its customers. It can also be a very costly process. There is massive potential for companies who want to add value to their existing
Competition⚡️: Sudo Africa, O3 Cards, Flutterwave
Investors: YC, Tiger Global
🗞 Other News
Tofino Capital, a VC firm targeting early-stage startups in emerging markets, has launched its $10 million fund. The firm, founded by Eliot Pence and Aubrey Hruby, wants to back startups in Africa, Asia, Latin America and the Middle East. The fund focusses on startups in the B2B segments, particularly those with fintech, logistics, and marketplaces.
Egyptian VC firm Algebra Ventures has secured a US$15 million commitment from the International Finance Cooperation (IFC).
As Flutterwave struggles to deal with reputational damage since David Hundeyin’s explosive investigative article of the startups workplace culture and practices Tech Crunch reports on a recent email sent to its employees by its CEO addressing the allegations of misconduct.
Google is investing in its first ever Africa product development centre in the Kenyan capital Nairobi. As the population of the continent is expected to hit 800m by 2030, Africa is an attractive investment proposition. Google is looking to invest in engineers, product managers, user experience designers and researchers to staff the new centre.
📢 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.