Back Like We Never Left! July 2024 Roundup! 🚀📅

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⟹ 🚀 STARTUPS WATCH 🚀 ⟸

Here are the 5 top startups in the African eco-system we think you need to know:

Chipper Cash, a venture-capital-backed fintech company, is revolutionizing cross-border payments across Africa and Europe with its innovative software. With Chipper Cash, you can send money directly to the bank and mobile money accounts in over 21 African countries, making international transfers seamless and cost-effective. The platform offers free transfers, low cross-border rates, and lightning-fast, secure transactions, ensuring more money stays in your pocket and arrives safely.

Chipper Cash also simplifies financial management with features like instant airtime top-ups, bill payments, and investment opportunities. The app allows you to link any mobile money or bank account for easy cash-ins and cash-outs, and it offers cashback on airtime purchases. For businesses, Chipper Cash provides a streamlined solution for online and in-store payments, helping you manage your finances efficiently and securely. With robust security measures and identity verification, Chipper Cash ensures a reliable and trustworthy experience for all users.

CribMD, based in Lagos, Nigeria, is redefining healthcare accessibility with its innovative telemedical solutions and doctor home visit services. Combining modern health strategies with technological expertise, CribMD offers a digital experience that makes healthcare both affordable and convenient. Often referred to as the "Uber for Doctors," CribMD provides on-demand medical services from online consultations to doorstep visits, allowing patients to receive care from the comfort of their homes and on their schedules.

With a network of over 5,000 certified doctors and health practitioners across various medical fields, CribMD has successfully onboarded 17,000+ active users and generated over $20,000 in monthly recurring revenue since its launch. The platform has facilitated over 3,000 home visits globally, bridging the gap between modern technology and accessible healthcare solutions.

AltSchool is a forward-thinking EdTech platform dedicated to delivering cutting-edge tech skill training. Unlike traditional educational institutions, AltSchool Africa offers a dynamic, non-traditional approach to learning, focused on equipping individuals with the technical expertise needed to excel in software engineering.

Launched in 2021, AltSchool Africa revolutionizes learning by providing a fully virtual platform where anyone across Africa can access world-class educational resources. The platform combines theoretical knowledge with practical, real-world applications, ensuring that students are prepared to become top software engineers within just one year.

AltSchool’s mission is to transform how education is delivered, aiming to arm ten million Africans with valuable skills by 2030. By offering an alternative to conventional academic pathways, AltSchool empowers its learners to achieve success and drive socio-economic development across the continent.

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

Venture capital activity in Africa continues to impress, with over $184 million raised this month alone. Notable highlights include MNT-Halan raising $157.5 million for geographical expansion, and Dopay's $13.5 million Series A extension. Meanwhile, Launch Africa Ventures has already invested $4.3 million in 16 startups from its second fund. We also saw several strategic acquisitions, including Quicket's acquisition by Ticketmaster and Polymorph’s by Octoco Group.

These developments underline the sustained investor confidence in the African startup ecosystem, even amidst global economic challenges. Let’s dive deeper into these key events.

Egyptian fintech MNT-Halan has secured $157.5 million to extend its digital banking services beyond Egypt. The company’s comprehensive ecosystem includes small business lending, consumer finance, and e-commerce, serving over 2.2 million users with $4.4 billion in loans. Led by the International Finance Corporation (IFC) and supported by Development Partners International, this funding strengthens MNT-Halan’s expansion strategy.

Dopay, another Egyptian fintech, has raised $13.5 million in a Series A extension, building on its 2021 funding. Founded in 2014, Dopay’s platform digitizes cash payments between employers and workers. The new funds, led by Argentem Creek Partners, will enhance Dopay’s expansion in Egypt and beyond, support new financial services, and advance its multi-bank platform.

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Nigerian AI startup Intron Health has raised $1.6 million in pre-seed funding to advance its clinical speech recognition technology. Founded in 2020 by Dr. Tobi Olatunji, Intron Health offers speech-to-text tools for healthcare workers, improving patient documentation efficiency. The funding will support team expansion, research, and technology enhancement. The tool’s impact is already evident, having reduced radiology reporting times from 48 hours to 20 minutes at the University College Hospital, Ibadan.

South African travel-fintech TurnStay has secured $300,000 to expand into new African markets. Co-founded by Alon Stern and James Hedley, TurnStay cuts billing costs for travel businesses by up to 70%. The funding, from DFS Lab and DCG, will support growth and enhance local payment solutions. TurnStay has processed over ZAR50 million ($2.8 million) in transactions, highlighting its impact on the African travel industry.

South African ride-sharing platform LULA has acquired Zeelo’s South African operations, boosting its scale and capabilities. Founded by Xabiso Nodada and Velani Mboweni, LULA provides safe transport for commuting and school runs. The acquisition integrates Zeelo’s operations into LULA’s network, enhancing its customer base and fleet. Zeelo will focus on expanding in the UK, Ireland, and North America.

South African fintech Peach Payments has acquired software development firm Operativa following a $31 million Series A funding round. Established in 2012, Peach Payments offers digital payment solutions and has expanded to Kenya and Mauritius. The acquisition of Operativa’s team will accelerate growth and product development, enhancing Peach Payments' capabilities in financial services and e-commerce.

South African ticketing platform Quicket, founded in 2011, has been acquired by Ticketmaster. The acquisition will enhance Ticketmaster’s presence in Africa and support the continent’s live events market. Quicket’s operations across Nigeria, Uganda, Kenya, Zambia, and Botswana will benefit from Ticketmaster’s global reach and technology. Quicket will continue as a standalone unit under managing director James Tagg.

👀 This edition’s featured investor is EchoVC. 👀

EchoVC is a technology-focused early-stage VC firm dedicated to investing in underrepresented founders and underserved markets. They aim to be the Sequoia Capital for underestimated founders and markets, financing entrepreneurial inspiration in diverse founding teams. EchoVC unapologetically backs women, founders of African descent, and underserved POC markets, focusing on bold ideas that leverage technology to deliver value to mass markets.

Their portfolio spans sectors such as Smart Planet, Health and Human Services, Emerging Fintech, The Next Frontier, Commerce, Media & Entertainment, Access to Energy, Sustainable Mobility, and Connectivity. With offices in Africa, the US, and the UK, and a team boasting over 80 years of combined experience, EchoVC leads nearly all their deals, providing active support to their founders. You can count on EchoVC to continue backing innovative ideas that harness the power of technology.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

Here are the 10 key things in the news last month that you need to know:

1. Nigerian AI startup Intron Health raises $1.6 million to advance clinical speech recognition - Techcabal

2. Egyptian fintech MNT-Halan raises $157.5m to fund geographical expansion - Disrupt Africa

3. Skincare e-commerce startup Uncover raises $1.4 million to expand into Ghana and Uganda - Techcabal

4. Egyptian fintech startup Dopay secures $13.5m Series A extension round - Disrupt Africa

5. SA’s Quicket was acquired by the world’s leading ticket marketplace Ticketmaster  - Disrupt Africa

6. Egypt’s Cartona raises $8.1M even as investors pull back from B2B e-commerce in Africa - Techcrunch

7. SA travel-fintech TurnStay raises $300k funding to expand into new markets - Disrupt Africa

8. Egypt’s Connect Money raises $8m seed funding to launch embedded finance platform  - Disrupt Africa

9. IHS Towers market value dips by $6 billion since 2021 NYSE debut  - Techcabal

10. Nala to use $40M Series A to build B2B payments platform, scale remittance services - Techcrunch

And that’s your July recap of the African startup ecosystem! If you have any comments or feedback, just respond to this email. We are always looking to hear from our community.

Also, here are 3 newsletters I think you may enjoy. Please consider subscribing :)

• Big Desk Energy

• Startup Marketer Newsletter

• Scalable

Thanks for reading. See you in the next edition!

Gitonga, the Stoic Founder at StartupHub.Africa 🚀

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