Deal-Street Africa [November 15-19]: Nigerian Startups Take Funding Limelight
Egyptian Edtech Educatly Raises USD 1 Mn pre-Seed Round
Egypt-based edtech Educatly raised a USD 1 Mn pre-Seed round from Falak Startups, Enterprise Island, and a group of angel investors. Educatly will achieve its growth plans faster by integrating new technologies like AI and Blockchain that will lead to maximizing the value they offer to their customer with the new investment.
Nigerian E-Commerce Startup Chooya Receives USD 950 K
Nigerian Aba-based e-commerce startup Chooya secured USD 100 K cash and a further USD 850 K in program support from Entrepreneurship World Cup, Misk International Discussion board, and others. The startup plans to utilize the resources for product development, marketing, and human resources to reach businesses struggling with new customer acquisition and help them digitize word-of-mouth marketing.
Egyptian Mobility Startup BlinkApp Raises Six-figure pre-Seed Round
Cairo-based mobility risk assistance startup, BlinkApp raised a six-figure pre-Seed round, led by investors located in UAE and KSA. BlinkApp has already raised USD 210 K equity-free grants from ITIDA through the ITAC program to develop research incorporation with Egypt Japan University for science and technology (EJUST).
Nigeria’s Shuttlers Raises USD 1.6 Mn Seed Round
Nigeria’s tech-enabled scheduled bus sharing (mass transit) company, Shuttlers, announced a USD 1.6 Mn seed round and plans to scale operations into other cities across Africa. The new investment round was led by VestedWorld, with Interswitch, Rising Tide Africa, Launch Africa, EchoVC, CMC 21 & Alsa, ShEquity, Five35, Consonance Investment, CcHub Syndicate, Sakore, and Nikky Taurus also participating in this round.
Insurtech Startup Root Raises USD 3 Mn Seed Funding Round
Root, a Cape Town-based startup building infrastructure for the digital insurance economy, closed a USD 3 Mn seed funding round to expand into new markets. The round comes from Invenfin, Base Capital, Savannah Fund, P1 Ventures, Luno, and FireID, as well as a select group of high-impact angel investors. Root intends to use the capital to roll out its flexible low-code digital insurance platform in new geographies.
Nigerian Startup Aboki Africa Raises pre-Seed Funding
Aboki Africa, a Nigerian money transfer startup, raised pre-seed funding to expand and grow its workforce and scale its products. The round was led by Abdul Hassan, and also included Niche Capital, Ingressive Capital, and other strategic investors.
Nigeria’s DrugStoc Raises USD 4.4 Mn Series A Funding To Expand
DrugStoc, a Nigerian healthtech startup, received USD 4.4 Mn in Series A funding to expand access to high-quality medicines while also providing healthcare providers in Sub-Saharan Africa with long-term financing. The round was led by Africa HealthCare Master Fund (AAIC). Other investors include Chicago-based venture firm Vested World and the German Development Bank (DEG). The funding round will help the company in its plans to grow coverage to about 100 million people by expanding its supply chain infrastructure both digitally and physically.
