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Hydrobox raises $9M | Sylndr raises $7M | Ariika raises $3M
Gitonga Mwaura
November 30, 2024
In partnership with
Good evening and happy weekend! 🌙✨
Welcome to this week’s edition of The Startups Chronicle, proudly presented by Startup Hub Africa 🚀—your go-to resource for all things African startups.
As you wind down your week, get comfortable, maybe grab a snack, and explore the exciting developments shaping the African startup ecosystem in the last week!
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Paystack has integrated OPay accounts, enabling merchants to accept payments seamlessly and advancing its strategy of simplifying bank transfer payments. Meanwhile, Canada-based StartupFuel launched DiligenceGPT, an AI-powered tool designed to help VCs conduct due diligence, mitigating misinformation and bias in their investment decisions for African startups.
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Senegal’s Solarbox raised $1 million to expand its solar-powered e-mobility solutions, while Kenya’s Hydrobox secured $9 million in debt funding to develop hydro projects powering mini-grids. In Egypt, Sylndr unlocked $7.45 million for used car e-commerce expansion, and Ariika secured $3 million to grow its home décor platform into Saudi Arabia. These developments reflect the resilience and resourcefulness of African innovators.
As the continent’s startup ecosystem evolves, groundbreaking solutions are emerging across sectors like fintech, energy, and e-mobility. This momentum showcases Africa’s determination to overcome challenges and harness entrepreneurial potential, shaping transformative industries and delivering lasting impact. 🚀
⟹ 🚀 STARTUPS WATCH 🚀 ⟸
Here are the 5 top startups in the African eco-system we think you need to know:
 | 🌟 Name ➜ Terawork 🏭️ Industry ➜ Freelance 📆 Founded ➜ 2017 📍 Location ➜ Lagos, Nigeria 🇳🇬 💰️ Funding Raised ➜ 20K 🧑🤝🧑 No. Of Employees ➜ 11-50 👥 Founders
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Terawork is a Nigerian startup redefining the freelance marketplace by bridging the gap between clients and skilled service providers. Through its secure and innovative platform, Terawork connects businesses and individuals with vetted freelancers for one-off or short-term projects. Service offerings span software development, content writing, creative design, SEO, digital marketing, event planning, and more.
Born from its founder's mission to create trust and efficiency in remote work, Terawork provides a seamless, pay-as-you-go system ensuring transparency and value for money. It empowers African freelancers by creating economic opportunities and enabling businesses to thrive without geographical limitations.
 | 🌟 Name ➜ Diago 🏭️ Industry ➜ E-commerce 📆 Founded ➜ 2021 📍 Location ➜ Abidjna, Côte D'ivoire 🇨🇮 💰️ Funding Raised ➜ Undisclosed 🧑🤝🧑 No. Of Employees ➜ 11-50 👥 Founders
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Diago is an innovative Ivorian startup revolutionizing last-mile distribution by connecting retailers directly with distributors through its unified platform. Diago's streamlined solution ensures seamless stock purchases and guarantees free delivery within 10 hours, transforming how retail logistics operate in the region.
By eliminating intermediaries, Diago empowers retailers to maintain direct contact with brands while performing all related transactions and services online. The platform aligns with its vision of digitizing and optimizing retail supply chains for efficiency and growth.
 | 🌟 Name ➜ Rology 🏭️ Industry ➜ Health 📆 Founded ➜ 2017 📍 Location ➜ Cairo, Egypt 🇪🇬 💰️ Funding Raised ➜ $800K 🧑🤝🧑 No. Of Employees ➜ 11-50 👥 Founders
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Rology is an innovative Egyptian startup revolutionizing teleradiology by bridging the gap between healthcare providers and qualified radiologists. Its platform enables hospitals worldwide to remotely and instantly connect with the most suitable radiologists, ensuring timely and accurate diagnostic reports regardless of location.
With a focus on cost reduction, subspecialty-specific reporting, and round-the-clock support, Rology addresses the critical shortage of radiology services that impacts patient outcomes. The platform integrates advanced AI technologies, including an AI-powered DICOM viewer, to reduce reporting time and improve diagnostic efficiency.
Currently serving 150 hospitals across nine countries, Rology has positively impacted over 700,000 lives by delivering fast, reliable, and detailed radiology reports. Recognized by industry leaders like Forbes and Holon IQ, Rology continues to set new standards in telemedicine and remote healthcare innovation.
 | 🌟 Name ➜ Bookings Africa 🏭️ Industry ➜ Marketplace 📆 Founded ➜ 2018 📍 Location ➜ Lagos, Nigeria 🇳🇬 💰️ Funding Raised ➜ Undisclosed 🧑🤝🧑 No. Of Employees ➜ 11 - 50 👥 Founders
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Bookings Africa is a groundbreaking African startup that leverages technology to economically empower individuals across the continent. By connecting creative freelancers with clients, the platform enables users to unlock and monetize their talents, fostering freelance entrepreneurship.
Specializing in creative fields, Bookings Africa offers services ranging from models, makeup artists, photographers, and voice-over artists to hair stylists, clothing stylists, and even production locations. This comprehensive marketplace makes it easier to bring any creative project to life, catering to diverse needs across industries.
By focusing on people-to-people interactions, Bookings Africa creates value for service providers, clients, employees, and the broader media communities it serves. The platform is reshaping the creative landscape in Africa, offering opportunities that drive economic growth and creative innovation.
 | 🌟 Name ➜ Wazi Vision 🏭️ Industry ➜ Healthcare 📆 Founded ➜ 2016 📍 Location ➜ Kampala, Uganda 🇺🇬 💰️ Funding Raised ➜ $800K 🧑🤝🧑 No. Of Employees ➜ 2 - 10 👥 Founders
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Wazi Vision is a Ugandan company revolutionizing eye care accessibility in Africa by offering affordable, innovative solutions. The company manufactures custom eyewear using recycled materials and has developed mobile applications that allow users to test their eye acuity via smartphones. This dual approach combines sustainability and technology to address critical gaps in eye care across the continent.
Wazi Vision’s Africa-Side collection exemplifies its commitment to celebrating African artistry. Designed by talented artisans from across the continent, the glasses draw inspiration from Africa's vibrant colors, culture, and history. Every pair is handcrafted using sustainable materials and cutting-edge technology, ensuring a comfortable and stylish fit for all face shapes.
⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸
This week, Africa's VC ecosystem witnessed several exciting developments across various industries, showcasing increased investor confidence.
Kenya’s Hydrobox secured $9M in debt funding from FMO and ElectriFI to expand eight hydro mini-grids, aiming to provide affordable electricity to over 10,000 people in underserved regions. Senegal's Solarbox raised $1M in pre-seed funding to scale solar-powered EVs, offering sustainable mobility solutions across West Africa.
Egypt's Sylndr closed a $7.45M asset-backed financing deal to enhance its used car e-commerce operations, while Ariika, a home décor e-commerce platform, raised $3M to expand into Saudi Arabia, accelerating its regional growth.
Egyptian home décor platform Ariika secured a $3M Series A extension to expand into Saudi Arabia by January 2025. Founded in 2016, it specializes in innovative home products, serving 800,000+ customers globally and growing at over 85% annually.
These investments highlight Africa's potential as a hub for sustainable and tech-driven innovations. 🚀
👀 This week’s featured investor is Oak Capital. 👀
Oak Capital is a venture capital management firm based in Lagos, Nigeria, dedicated to making outstanding investment deals across Africa. Founded in 2013, the firm is committed to driving technological innovations, financial inclusion, healthcare advancements, and agricultural growth.
Oak Capital positions itself as the go-to investor for visionary founders developing groundbreaking solutions to Africa’s unique challenges. Beyond providing capital, the firm offers strategic partnerships, connecting entrepreneurs with expertise, funding stages, and operational support to scale their businesses effectively.
With a mission to catalyze Africa’s growth through strategic investments, The Oak Capital has a proven track record of empowering startups that redefine industries, foster inclusivity, and create lasting impact. 🌍💼
Their investment portfolio includes; Moni, DialAfrika & Veend. Visit their profile on SHA to learn more about their investments.
⟹ 📺️ MEDIA WATCH 📺️ ⟸
Here are the 5 key things in the news this week that you need to know:
Kenyan energy startup Hydrobox raises $9m debt funding to support 8 hydro projects - Disrupt Africa
Egyptian online car retailer Sylndr secures $7.45m working capital facility - Disrupt Africa
PalmPay hires ex-Opay and Moni executive to lead marketing in Nigeria - Techcabal
Egyptian home décor e-commerce platform Ariika raises $3m Series A extension round - Disrupt Africa
Senegal’s Solarbox raises $1m pre-seed funding to drive solar-powered e-mobility solutions - 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.
Thanks for reading. See you next week.
Gitonga, the Stoic Founder at StartupHub.Africa 🚀
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