💰 A New Chptr, Wattnow? 🚀

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⟹ 🚀 STARTUPS WATCH 🚀 ⟸

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

MyCover.ai, based in Lagos, Nigeria, is revolutionizing insurance accessibility across Africa with its open insurance API and AI-powered claims management. Their platform simplifies insurance processes for both providers and consumers, offering coverage across various sectors including health, auto, gadget, travel, and home insurance.

Dedicated to making insurance easy and accessible, MyCover.ai helps businesses integrate insurance into their offerings and innovate new insurance products. Supported by Factory Founders, Ventures Platform, and Techstars, they are shaping the future of insurance in Africa.

Wattnow, a Tunis-based energy management pioneer, is transforming the way companies optimize their energy usage. By providing real-time insights through advanced IoT sensors and an intuitive software dashboard, Wattnow helps businesses identify waste, monitor trends, and ensure optimal consumption.

Their technology is driving sustainable change and significant cost savings across diverse industries, making energy management smarter and more efficient.

Based in Nairobi, Kenya, Sote is transforming the logistics landscape with its tech-enabled customs clearing and forwarding services. With $7 million in funding and a vision to enhance trade across the continent, Sote provides a comprehensive digital infrastructure for logistics, combining ERP solutions with cutting-edge software.

Their flagship platform, Hanan, offers real-time visibility and cost transparency, ensuring a seamless and predictable supply chain experience. Sote's advanced tools and services, including customs brokerage, freight, and trade finance, are designed to unlock value and facilitate growth, making them the go-to solution for modernizing African trade.

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

While it might sound familiar, the wave of startup investments across Africa shows no signs of slowing down. This week alone saw an additional boost, with fundraising efforts amounting to over $3.45 Million.

Investor confidence in the continent’s innovation landscape continues to grow, highlighting the thriving momentum across pre-seed, seed capital, and beyond. The African startup ecosystem remains resilient, attracting substantial venture capital support as founders push forward into new sectors and markets.

This week, we delve into Kenya’s Chpter, Nigeria’s Kredete, Tunisia’s Wattnow, and a special TechCrunch report on Africa’s biggest startup exits.

As the landscape for exits continues to evolve, the TechCrunch report highlights a decrease in M&A activity globally, with African startups facing a dip in both exits and venture capital investments. Despite this, notable transactions like InstaDeep's €500 million acquisition by BioNTech and Sendwave's $500 million sale to Zepz showcase the potential for significant returns.

Meanwhile, startups such as Paystack and Expensya demonstrate that while the ecosystem matures, landmark deals are setting benchmarks for future success. The report underscores the resilience and growing promise of Africa’s tech ecosystem, even amid broader economic challenges.

Nigeria’s Kredete, a financial software platform founded in 2023, has raised US$2.25 million in seed funding to expand its services, which help African immigrants build credit scores and send money home. Operating in 20 African countries, Kredete leverages blockchain technology to offer low-fee transfers while boosting users’ credit scores. The platform has grown rapidly, with over 300,000 users and transaction volumes surpassing US$100 million. The funding round, led by Blockchain Founders Fund and supported by investors such as Techstars, Tezos Foundation, and Launch Africa, will enable Kredete to scale its services across Africa and introduce tailored financial products like credit cards and loans for the diaspora.

Kenyan startup Chpter, which leverages AI to enhance social commerce on platforms like WhatsApp and Instagram, has raised $1.2 million in pre-seed funding. Launched in 2022 by Kuria Kevin and Mark Kiarie, and later joined by MarketForce’s Mesongo Sibuti and Tesh Mbaabu, Chpter uses its chat automation tools to streamline sales, marketing, and payments. The funding, led by Pani and supported by Plesion Capital, Techstars, Norrsken, and others, will help Chpter enhance its product and expand into Nigeria, Ghana, Egypt, Morocco, and beyond. With its innovative approach and growing team, Chpter aims to revolutionize social commerce across Sub-Saharan Africa.

Tunisian startup Wattnow, an IoT-based smart energy management platform, has raised a multi-million dollar funding round to support its growth. Founded in 2018 by Issam Smaali, Wattnow offers real-time energy usage visualization, load control, and automated alerts through its hardware and software solutions. The latest funding, led by Lateral Frontiers and 216 Capital, with participation from Outlierz Ventures, Satgana, Octerra Capital, and strategic angel investors, will enable Wattnow to expand globally and enhance its technology. Already operational in over 11 countries, Wattnow’s platform serves various industries, including municipalities, automotive, telecommunications, and more.

👀 This week’s featured investor is Chandaria Capital. 👀

Chandaria Capital is a Nairobi-based venture capital fund founded by Darshan and Neer Chandaria. As an early-stage, sector-agnostic fund, Chandaria Capital is dedicated to investing in scalable and high-impact businesses across Africa. They provide comprehensive support, including capital, mentorship, and strategic guidance, to help startups reach their full potential.

Their diverse portfolio includes innovative companies such as Leta (logistics management), Sava (financial operations), Omnibiz (B2B e-commerce), and Tushop (social commerce). Chandaria Capital focuses on building sustainable growth and fostering long-term success by offering expertise in fundraising, growth strategies, marketing, and entrepreneurial development. With a commitment to transforming Africa's entrepreneurial ecosystem, Chandaria Capital is shaping the future of impactful businesses on the continent.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

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

1. Kenyan social commerce startup Chpter raises $1.2m pre-seed funding - Disrupt Africa

2. Nigeria’s Kredete raises $2.25m to help African immigrants build credit scores, send money  - Disrupt Africa

3. Flutterwave names ex-Citi executive Mitesh Popat as new CFO - Techcabal

4. Tunisian energy management startup Wattnow raises multi-million dollar funding round - Disrupt Africa

5. Starlink launches in Zimbabwe at $350 to continue Africa push - 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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