💰🤝 Raises, Partnerships, Expansion & More-bius Drama 🛑

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⟹ 🚀 STARTUPS WATCH 🚀 ⟸

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

Yassir, founded in Algeria in 2016, has rapidly become a leading transport and delivery platform, transforming how people move and shop across multiple countries. By leveraging a user-friendly smartphone app, Yassir connects users with a network of drivers, ensuring safe and efficient transportation. With over 8 million app downloads and a presence in more than 45 cities, Yassir has expanded its services beyond ride-hailing to include e-commerce and last-mile delivery, cementing its status as a key player in the African digital economy.

Backed by top-tier investors like Y Combinator, Yassir's journey has been marked by significant milestones, including raising $130 million in Series B funding in 2022, which accelerated its expansion into new markets and the development of a comprehensive Super App. Today, Yassir continues to innovate by introducing digital financial services, empowering users to pay, save, and borrow digitally, furthering its mission to drive the continent toward a fully digital economy. With a diverse team of over 4,500 employees and 100,000+ partners, Yassir is building a future where convenience and connectivity define everyday life in Africa and beyond.

WeBuyCars, South Africa's leading vehicle marketplace, simplifies buying and selling cars with its comprehensive service. Established over 23 years ago, the company offers a streamlined process where they come directly to you to buy your vehicle, ensuring efficiency and professionalism.

With 84 branches and buying pods across the country, WeBuyCars manages an impressive 13,000 vehicles per month. They specialize in high-quality used cars at competitive prices and hold public auctions three times a week. Their user-friendly process includes an online form, prompt contact, and immediate payment upon vehicle inspection, making it the easiest way to sell your car.

Wassha is transforming access to electricity in off-grid areas of Tanzania through its clean energy-powered kiosks. The company provides a unique service by offering rental devices and charging solutions powered by renewable energy. Wassha’s innovative technology allows for remote management and monitoring of operations, including transactions and power generation.

By partnering with local businesses, Wassha aims to expand its reach and empower communities that face economic and social challenges. The company’s mission is to break down barriers and offer affordable, safe electricity, enabling people to overcome limitations and enhance their quality of life.

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

The venture capital scene in Africa remains vibrant, with several significant developments this week. Jumia secured $99.6 million in a secondary share sale, reinforcing its dominance in the e-commerce space. Kenya’s Mobius Motors found a buyer shortly after announcing its closure, a surprising move shortly after it had announced its closure plans. The recent shutdowns continue to highlight the challenging times building startups in the tough economic times in Kenya. Meanwhile, Conduit raised $6 million to expand its cross-border payments from LatAm into Africa, while Kenyan HR and payroll startup Workpay attracted Visa as an investor in its $5 million round. Finally, Waza emerged from stealth with an $8 million raise, aiming to power global trade for African businesses.

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These developments underscore the continued growth and interest in Africa's dynamic tech and startup ecosystem. Here’s a deep dive into the key notable events in the African VC Space:

Workpay, a Kenyan HR and payroll startup, has secured $5 million in Series A funding to enhance its cloud-based HR, payroll, and benefits solutions for businesses across Africa. With Visa joining as a key investor, Workpay plans to expand its financial services offerings, advance performance management tools using AI, and continue scaling its platform, which now serves over 1,000 customers in 20 African countries. This round was led by Norrsken22, with participation from Plug n Play and existing investors, supporting Workpay’s mission to simplify payroll management and compliance for businesses across the continent.

Egyptian fintech startup Lucky has raised $3 million in a convertible note round to scale its credit services and achieve profitability by Q1 2025. Founded in 2018 by Momtaz Moussa, Ayman Essawy, and Marwan Kenawy, Lucky offers a lending scheme, discounts, and cashback, providing financial flexibility to underbanked Egyptians. The funds, raised from investors including Lorax Capital Partners and DisrupTech Ventures, will be used to expand Lucky's credit vertical, reinforcing its position as a leading consumer credit fintech in Egypt and supporting the national financial inclusion agenda.

Waza, a Y Combinator-backed fintech startup, has emerged from stealth with $8 million in seed funding to address the liquidity and payment needs of African businesses engaged in global trade. Founded in January 2023, Waza targets a $7 trillion market, enabling multinational organizations, importers, and other fintechs to manage and pay their suppliers across six continents. The platform has processed up to $70 million in monthly payment volume, with revenues growing 20% monthly. The funding will support Waza's expansion beyond its current operations in Ghana and Nigeria, as well as the development of new trade finance and cross-border payment solutions.

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

Ingressive Capital is a leading early-stage venture capital firm dedicated to fostering trans-generational wealth across Africa through entrepreneurship and equity. Founded with a strong belief in the resilience and innovative potential of Africans, Ingressive Capital invests in pre-seed and seed-stage startups across key markets including Nigeria, Ghana, Kenya, Egypt, and Morocco.

The firm targets a 10% ownership stake and invests up to $500k in African tech startups, particularly in the fintech sector.

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Ingressive Capital offers more than just capital; they provide a robust support system for founders, leveraging a team of seasoned operators to assist with market expansion, business development, and securing follow-on funding from top global funds. Their commitment to empowering African entrepreneurs is evident in their impressive portfolio, which includes some of the continent’s most successful tech startups such as Paystack, Bamboo, Tizeti, Vesicash, 54gene, and Mono, among others.

By focusing on sectors like fintech, healthtech, energy, agritech, and more, Ingressive Capital continues to drive impactful investments that enable African startups to leapfrog, transcend, and transform their industries, even with limited resources. The firm’s approach underscores its mission to build lasting wealth and innovation across the continent.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

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

1. Nigerian food delivery startup Chowdeck signs exclusive deal with Chicken Republic in Lagos, Ibadan - Disrupt Africa

2. Kenyan HR and payroll startup Workpay lands Visa as investor in $5M round - Techcrunch

3. Andela appoints ex-Uber executive Carrol Chang as new CEO  - Techcabal

4. Kenya’s Mobius Motors finds buyer after closure announcement - Techcabal

5. Waza comes out of stealth with $8M to power global trade for African businesses - Techcrunch

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. See you in the weekend.

Gitonga, the Stoic Founder at StartupHub.Africa 🚀

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