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- 📈 From Cairo to Nairobi: Bold Moves, Big Money & Business Pivots
📈 From Cairo to Nairobi: Bold Moves, Big Money & Business Pivots
$15M raises, mass layoffs, and MENA fintech plays—here’s what you missed in African tech this week.
Gitonga Mwaura
May 26, 2025
Good morning and happy Monday! 🌞
Gitonga here — back with your weekly pulse check on Africa’s boldest builders and biggest bets.
From executive exits to record raises, SPACs to super apps, this week’s startup news proves one thing:
The ecosystem isn’t slowing down; it’s evolving. Fast.
If you're walking down the right path and you're willing to keep walking, eventually you'll make progress.
Let’s unpack the plays that mattered. 👇
1️⃣ Thndr Raises $15.7M to Scale into Saudi Arabia & UAE
The Egyptian investment app has raised from Prosus, YC, BECO, and others to expand across MENA. Already living in the UAE, it’s targeting Saudi Arabia with an all-in-one wealth platform.
🎯 Insight: Retail investing is heating up in MENA. Thndr wants to be the “Revolut for investors.”
2️⃣ Sylndr Raises $15.7M Series A to Scale Auto Marketplace in Egypt
The used-car e-commerce startup, already backed by DPI, Algebra, and Nuwa Capital, is building Egypt’s digital backbone for vehicle sales, financing, and servicing.
🎯 Insight: Mobility in Africa isn’t just about EVs — it’s about trust, credit access, and convenience.
3️⃣ Watu Profits Fall 85% as Loan Defaults Spike in Kenya
Kenya’s informal sector-focused BNPL giant posted $1.2M profit in 2024 — down from $7.6M. Repayment issues and market headwinds are testing its risk model, though Tanzania remains a bright spot.
🎯 Insight: High-growth, low-credit ecosystems are hitting limits. Risk-based BNPL may need a reset.
4️⃣ Carrot Credit Raises $4.2M to Scale Asset-Backed Lending in Africa
This Nigerian fintech lets users borrow against stocks, ETFs, and crypto, without selling them. Carrot’s B2B2C API model has already processed $2M+ in loans. MaC Venture Capital led the round.
🎯 Insight: Alternative credit is evolving fast. Carrot’s collateral-backed model could reshape retail lending.
5️⃣ Twiga Foods Forms Holding Company, Lays Off 300+ in Major Pivot
Twiga has created a “newco” to consolidate operations post-acquisitions and streamline logistics. Over 300 roles were cut as it transitions to a leaner structure, signaling post-hype recalibration.
🎯 Insight: Scaling ops ≠ bloating org charts. Investors want lean, focused plays — even in foodtech.
StartEngine’s $30M Surge — Own a Piece Before June 26
StartEngine is the investing platform providing exposure to pre-IPO companies like OpenAI, Perplexity, and Databricks.
After doubling their revenues YoY in 2024 ($23M to $48M), StartEngine’s now tripled first quarter revenue YoY to a record $30M, based on its unaudited Q1 2025 financials. Now you can join 45K+ shareholders across all offerings before this round closes next month.
Reg A+ via StartEngine Crowdfunding, Inc. No BD/intermediary involved. Investment is speculative, illiquid & high risk. See OC and Risks on page.
⚡ Bonus Quick Hits
• 🕴️ Vendease CFO Resigns Amid Restructuring & Capital Crunch.
• 🛍️ MaxAB-Wasoko acquires Fatura, accelerating its retail fintech super app strategy across Africa.
• 🏦 Qardy acquired in Egypt’s first-ever SPAC deal, valued at $23M — a landmark moment for local fintech.
• 💰 ElGameya secures 7-figure funding to expand its digital ROSCA savings platform in underserved Egypt.
⟹ 🚀 STARTUPS WATCH 🚀 ⟸
Here are the 3 startups in the African ecosystem I think you need to know:
 | 🌟 Name ➜ Kobo360 🏭️ Industry ➜ Logistics 📆 Founded ➜ 2017 📍 Location ➜ Lagos, Nigeria 🇳🇬 💰️ Funding Raised ➜ $36M 🧑🤝🧑 No. Of Employees ➜ 101 - 250 👥 Founders
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Kobo360, a leading pan-African logistics tech company, connects cargo owners with trucks using data-driven solutions to streamline supply chains across Africa. Now expanding into agro-trading, Kobo plans to launch a marketplace that links farmers directly with global buyers, cutting out middlemen and boosting farmer profits — a bold move reshaping both logistics and agriculture on the continent.
 | 🌟 Name ➜ InstaDeep 🏭️ Industry ➜ Professional skills 📆 Founded ➜ 2015 📍 Location ➜ Tunis, Tunisia 🇹🇳 💰️ Funding Raised ➜ $107M 🧑🤝🧑 No. Of Employees ➜ 51 - 200 👥 Founders
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InstaDeep, a Tunis-based AI powerhouse, specializes in self-learning decision-making systems that apply reinforcement learning across sectors like robotics, finance, and healthcare.
With GPU-accelerated solutions and deep-learning optimization powered by tools like Nvidia’s DGX-1, InstaDeep helps businesses tackle complex challenges efficiently—offering both cutting-edge tech and expert guidance for AI-driven transformation.
 | 🌟 Name ➜ Kwik Delivery 🏭️ Industry ➜ E-Commerce 📆 Founded ➜ 2018 📍 Location ➜ Lagos, Nigeria 🇳🇬 💰️ Funding Raised ➜ $4M 🧑🤝🧑 No. Of Employees ➜ 11-50 👥 Founders
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Kwik, the Nigerian startup known for its B2B on-demand logistics, is expanding into e-commerce with KwikStore—a mobile-friendly storefront platform that lets African merchants easily create online shops and sell through social media.
Originally focused on urban logistics, Kwik now offers financial tools like merchant lending, positioning itself as a full-stack growth partner for African businesses aiming to scale in the digital economy.
⟹ 💼 Venture Watch: Where the Capital’s Flowing ⟸
🟦 1. Sylndr Raises $15.7M to Scale Egypt’s Used-Car Ecosystem
Type: Series A
Region: Egypt
Vertical: Auto e-commerce, Mobility Financing
Egypt’s Sylndr secured a $15.7M Series A from DPI (via Nclude Fund), Algebra, Raed Ventures, and others to expand its integrated used-car marketplace. With 3 new verticals — Sylndr Swift (financing), Sylndr Plus (services), and Al-Ajans (dealer growth) — the platform is building end-to-end digital mobility infrastructure.
🎯 Signal: Big bets on auto finance + resale logistics indicate rising investor confidence in mobility infrastructure for emerging markets.
🟦 2. Qardy Goes Public via Egypt’s First SPAC Deal ($23.1M)
Type: SPAC acquisition
Region: Egypt
Vertical: SME lending, Digital credit infrastructure
Qardy was acquired by Catalyst Partners Middle East in Egypt’s first-ever SPAC deal. The $23.15M transaction positions Qardy for aggressive scaling in MSME finance — an underserved but critical lending category in MENA.
🎯 Signal: SPACs may be back, not as hype, but as viable early exit paths in frontier markets.
🟦 3. Thndr Raises $15.7M from Prosus, YC to Expand Across MENA
Type: Growth funding
Region: Egypt / MENA
Vertical: Mobile-first investing, wealthtech
Thndr raised $15.7M to deepen its UAE footprint and launch in Saudi Arabia. With backing from Prosus, YC, BECO, and Onsi Sawiris, Thndr is positioning itself as the “Robinhood of MENA,” offering seamless access to equities, funds, and wealth tools through a single wallet.
🎯 Signal: Regional fintech platforms with licensed infra are now magnets for growth-stage capital.
⚡️ Quickfire Capital Tracker
MaxAB-Wasoko acquires Fatura (Egypt) in a consolidation play in B2B supply chain fintech; EFG Finance joins the board post-acquisition.
Carrot Credit raises $4.2M seed to build API-driven asset-backed lending for crypto, stock, and bond holders in Nigeria.
ElGameya raises 7-figure round led by AYADY to scale ROSCA-based savings and credit model to underserved Egyptian users.
👀 This Week’s Featured Investor: AfriMobility 👀
Firm: AfriMobility
Based in: Casablanca, Morocco 🇲🇦
Stage: Early-stage (Seed to Series A)
Type: VC Fund (subsidiary of Akwa Group)
Sector Focus: Mobility, Smart Cities, Healthtech, Deep Tech, Greentech, Fintech, Agri-food tech
AfriMobility is the venture capital arm of Morocco’s Akwa Group, backing high-potential startups solving real-world challenges in mobility, sustainability, and digital infrastructure.
Founded in 2019, the firm has quietly built a 20+ startup portfolio spanning Africa, Europe, and North America.
Its portfolio includes two exits — Kifal Auto and CoinAfrique — and four follow-on investments to date. Backed by one of Morocco’s most influential industrial groups, AfriMobility combines capital with deep operational support in energy, transport, and infrastructure.
What stands out:
AfriMobility focuses on founders tackling tomorrow’s urban and mobility challenges, with particular interest in cleantech, blockchain, e-health, and IoT-powered solutions for African cities.
And that’s your weekly dosage of the African startup ecosystem!
Have a lovely week ahead!
Gitonga, the Stoic Founder at StartupHub.Africa 🚀
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