🚀 Funding Wins, Legal Hurdles & Market Surges📈

⟹ 🚀 STARTUPS WATCH 🚀 ⟸

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

Leatherback is revolutionizing cross-border trade by simplifying the movement of money for individuals and businesses worldwide. Through our innovative platform, we ensure seamless transactions anytime, anywhere, and to almost everywhere, breaking down barriers to global commerce.

Focused on reducing hefty transactional charges, Leatherback provides the tools and solutions needed for businesses to effortlessly offer their goods and services in diverse international markets. Whether you're a small entrepreneur or a large enterprise, Leatherback is dedicated to enhancing your global reach and making cross-border trade hassle-free. We are your trusted partner in navigating the complexities of international trade, empowering you to expand your business horizons with confidence.

PawaPay is a pan-African payments company that delivers mobile payment solutions tailored to African consumers and businesses. By offering a robust, easy-to-integrate platform, PawaPay enables seamless transactions across the continent, enhancing payment convenience and accessibility. Their solutions support a variety of payment methods, simplifying the process for users and merchants alike.

Additionally, PawaPay offers advanced features like real-time payment processing and secure transaction handling, ensuring both speed and safety. With a focus on enhancing financial inclusion, PawaPay is dedicated to making digital payments straightforward and efficient for everyone across Africa.

Lidya enhances access to credit and finance for small and medium-sized enterprises (SMEs) in rapidly growing economies. Leveraging cutting-edge technology and sophisticated customer experience design, Lidya offers an online platform where businesses can easily open accounts, manage funds, and secure the credit they need to expand.

Their proprietary credit scoring algorithms and intuitive dashboards empower SMEs to efficiently handle receivables and cash flow, building robust credit scores that unlock higher credit limits and more favorable rates. Lidya is revolutionizing SME finance, providing quick and reliable credit access in just one day.

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

Another week, Another Set of SUCCESSFUL Raises By African Startups 👏 

This past week, Egyptian bill payment startup Sahl raised $6 million in Series A and seed funding to enhance its platform, making it a one-stop shop for household bill payments. Sahl’s mobile app simplifies payments for over 50 services, including electricity, gas, and water, and introduces NFC technology for easy prepaid card recharges. The funding round, led by Ayady for Investment and Development, also saw participation from Egypt Pay, Delta Electronic Systems, and E-Finance. The new capital will help Sahl expand its service offerings and regional footprint, including further expansion into Saudi Arabia.

Potcast Productions, an Egyptian podcast production company founded in 2020 by Islam Adel, has secured pre-seed funding to enhance its content creation and marketing efforts. With a lineup of 15 diverse podcasts, Potcast has garnered seven million listens and over 600,000 viewing hours in the past six months. The funding round, backed by Innovative Media Productions (IMP) and renowned investor Ahmed Tarek Khalil, will support the expansion of Potcast’s production capabilities and the development of new podcast series, solidifying its position as a leader in the audio content industry.

i’SUPPLY, an Egyptian pharma startup founded in 2022, has raised $2.5 million in a pre-Series A round. The tech platform connects over 10,000 pharmacies with 200+ distributors, offering a wide range of products. Investors include Disruptech Ventures, OneStop Capital, and Egypt Ventures. The funds will support expansion and licensing efforts with the Egyptian Financial Regulatory Authority, aiming to enhance financial support for small and medium pharmacies. CEO Ibrahim Emam highlighted the focus on boosting working capital and streamlining the supply chain.

👀 This week’s featured investor is Chui Ventures. 👀

Chui Ventures is at the forefront of transforming Africa's tech landscape, strategically investing in early-stage, high-growth businesses. The firm is dedicated to identifying and supporting African founders who blend local insight with a global perspective, fostering partnerships that drive innovation and impact.

With a strong Pan-African focus, Chui Ventures champions gender diversity and champions startups led by exclusively African founders with global ambitions. Backed by a team with over 45 years of collective experience in global corporate banking, private equity, and wealth management across Africa, the USA, and the UK, Chui Ventures is committed to catalyzing inclusive growth and innovation across the continent.

By taking minority stakes in forward-thinking, growth-oriented companies, Chui Ventures generates both financial returns and substantial non-financial value. Their impressive portfolio includes influential startups like ShopZetu, Tappi, Leta, PricePally, Regxta, and Pade, each driving significant advancements in their respective industries.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

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

1. YC-backed Prospa is unable to process withdrawals for the second time in 5 months. - Techcabal

2. Egyptian bill payment startup Sahl raises $6m funding round - Disrupt Africa

3. Jumia stock rally continues after strong Q1 results, up 150% YTD - Techcabal

4. Wasoko-MaxAB e-commerce merger faces delays amid headwinds in Africa - Techcrunch

5. Egyptian pharma startup i’SUPPLY raises pre-Series A funding round - Disrupt Africa

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.

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 next week.

Gitonga, the Stoic Founder at StartupHub.Africa 🚀

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