💰Everybody Gets Funding!💰

⟹ 🚀 STARTUPS WATCH 🚀 ⟸

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

Afrigility is transforming warehousing and logistics in Africa by providing smart B2B e-commerce fulfillment and on-demand storage solutions. Operating 24/7, Afrigility ensures that your products are continuously managed, stored, and dispatched, offering seamless logistics across Kenya with exceptional reliability.

With Afrigility, businesses can leverage scalable storage options, optimized distribution, and real-time inventory tracking to minimize costs and maximize efficiency. Whether you need to store a single shelf or an entire pallet, Afrigility's flexible terms and extensive network of ready-to-use warehouses make it easy to meet your logistics needs without long-term commitments.

Drinks.ng is transforming the beverage shopping experience in Nigeria through its innovative online platform. Specializing in drinks for all occasions, the company offers a comprehensive range of both alcoholic and non-alcoholic beverages. Recognizing the importance of stress-free celebrations in Nigerian culture, Drinks.ng ensures that acquiring beverages is convenient and efficient.

With a competent staff that handles orders and timely deliveries, customers can focus on their events without worry. Whether it's affordable everyday wine or premium vintage wine for investment, Drinks.ng provides an optimal selection and experience. The company has set a high standard in both wholesale and retail drink provision, offering expert advice and guidance at every step.

Drinks. ng’s service is known for being fast, reliable, and nationwide, contributing to its rapid growth as a leading drinks supplier in Nigeria. Customers can easily browse thousands of products, place orders, and receive their deliveries in under 60 minutes, making it a go-to solution for all beverage needs.

Homzmart is an innovative online platform in Egypt that reinvents home shopping by offering a wide range of furniture, home décor, lighting, and household items. With a mission to instill confidence in the online home shopping experience, Homzmart creates solutions for brands, manufacturers, and customers. The platform leverages the power of technology and logistics to provide a seamless and satisfying customer experience, thereby delivering significant value to all its stakeholders. Homzmart stands out by offering the largest selection of home design products, making it a one-stop shop for all home-related needs. Convenience, predictive technology, and a customer-centric approach are at the core of its operations.

The platform boasts an unbeatable choice with thousands of items available at the click of a button. Customers can enjoy various payment methods, including the convenience of cash on delivery. Homzmart ensures fast delivery right to your doorstep and offers expert support services to assist customers at any time. As an eCommerce leader in home furnishings and supplies, Homzmart continually solves "Home" by combining innovative technology with logistics to enhance the shopping experience, making it the go-to platform for home improvement in Egypt.

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

This was another week that the news was filled with successful raises by African Startups👏 

This past week, Cadana, a fintech startup specializing in payroll services for global hiring platforms in emerging markets, raised $7.1 million in seed funding. Founded in 2021, Cadana addresses the complexities of local employment laws and payment inefficiencies faced by remote workers in regions like Brazil, Ghana, Nigeria, Pakistan, and the UAE. The startup offers APIs and white-label products that integrate payments and payroll management into existing systems, ensuring faster payment processing and reduced remittance fees for workers. Led by Costanoa Ventures, with participation from Better Tomorrow Ventures and 500 Global, this funding will enable Cadana to expand its services and infrastructure, supporting its mission to enhance payroll efficiency and compliance worldwide.

Noki Noki, a Congolese logistics startup specializing in food delivery and supermarket shopping services, has secured $3 million in seed funding led by Uma Ventures. The investment will fuel the startup's expansion across six countries and bolster its presence in new markets, including the Democratic Republic of Congo (DRC). Founded in 2021 by Jonathan Yanghat, Noki Noki offers a range of logistic solutions, including Noki Food for meal delivery, Noki Drive for supermarket shopping, and Noki Pay for integrated payment services. With over 10,000 users and transactions exceeding 1 billion CFA francs ($167 million) in 2023, the company aims to dominate Africa's growing last-mile delivery sector, facing competition from startups like Wikko, Vanoma, and Sualoo. Vinay Vaswani of Uma Ventures highlighted the startup's strategic vision and sector expertise, emphasizing their commitment to supporting Noki Noki's trajectory as a leader in African logistics.

Downforce Technologies, a London-based climate tech startup, has secured $4.2 million in funding led by Equator VC to bolster its efforts in developing advanced soil fertility measurement tools tailored for African markets. Led by CEO Professor Jacquie McGlade, the company specializes in remote sensing software that enables rapid soil health assessments, supporting farmers in making data-driven decisions. This investment is pivotal as it aims to democratize access to critical technology, promoting sustainable agricultural practices and aiding in climate action across the continent. Downforce Technologies joins a cadre of climate tech innovators focused on enhancing soil carbon measurement and improving farm management practices in Africa, aiming to bolster food security and resilience to climate change.

👀 This week’s featured investor is Katapult VC. 👀

Katapult VC is dedicated to mainstreaming impact investing and mobilizing capital towards businesses that deliver positive impact globally. With a focus on two distinct investment strategies, Katapult Ocean and Katapult Africa, the firm has made significant strides in supporting climate-driven ventures. Katapult Ocean, recognized as a top investor by entities like the World Economic Forum and Uplink, leads global efforts in ocean impact investing, advocating for sustainable practices and innovation within marine industries.

Meanwhile, Katapult Africa, based in Kigali and Nairobi, directs its investments towards food, agriculture, and climate technologies across the continent. By nurturing startups in these sectors through initiatives like their accelerator program, Katapult VC is empowering African innovators to address pressing challenges in sustainable agriculture and food production, positioning Africa as a key player in global economic and environmental sustainability efforts.

Some of the startups in Katapult Africa’s portfolio include Vetsark, Afrikamart, Aquarech, Complete Farmer, Crop2Cash, Elucid, Figorr, GrowAgric, HerVest, MooMe, Spark, Sensegrass, Sand To Green, Rural Farmers Hub, and OKO Finance.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

Here are the 5 key things in the news this week that you need to know:

1. Climate tech startup, Downforce Technologies raises $4.2 million to build soil fertility measurement tools for Africa - Techcabal

2. European early-stage VC firm Breega launches $75m Africa-focused fund - Disrupt Africa

3. Chinese EV maker BYD partners with Rwanda’s Ampersand for 40,000 E-Motorcycles - Techcabal

4. Cadana, an emerging markets payroll services provider for global hiring platforms, banks $7.1M seed - Techcrunch

5. Congolese logistics startup, Noki Noki secures $3 million seed funding to expand across Central Africa - Techcabal

And that’s your weekly dosage 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.

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Thanks for reading. Have a great week ahead.

Gitonga, the Stoic Founder at StartupHub.Africa 🚀

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