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ReNile Funded๐ฐ๏ธ
ReNile Secures $450K ๐ฐ | EdVentures Key Bets ๐ก | GoKada Goes Bankrupt ๐
Gitonga Mwaura
January 12, 2025
In partnership with
Good morning and happy weekend!
Welcome to this weekโs edition of The Startups Chronicle, proudly presented by Startup Hub Africa ๐โyour go-to resource for all things African startups.
If you only visit two continents in your lifetime, visit Africa โ twice!
As we wind up the second week of the year, letโs explore some exciting new developments from across the African startup ecosystem!
Egyptian agri-tech startup ReNile has secured $450k in funding to expand within Egypt and into Saudi Arabia.
EdVentures, a leading VC firm in Egypt, has made significant six-figure investments in ed-tech startups Schoolz and Ibn Sina Training Academy.
The Climate Action Accelerator program is expanding its reach across Africa, supporting founders from key countries including Kenya, Nigeria, and South Africa.
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Applications are now open for Visaโs 4th Africa Fintech Accelerator, which offers invaluable mentorship and industry connections to fintech ventures.
On a challenging note, Nigerian logistics startup Gokada has filed for Chapter 11 bankruptcy, seeking to restructure its operations and reduce its debts.
South Africaโs ElektroPlug is changing how millennials access electronics with a unique subscription-savings platform powered by affordability scoring algorithms.
The African startup ecosystem continues to be dynamic, with innovation thriving across sectors such as agri-tech, fintech, and climate action.
Itโs a great start to 2025!
โน ๐ STARTUPS WATCH ๐ โธ
Here are the 5 top startups in the African eco-system we think you need to know:
 | ๐ Name โ Turaco ๐ญ๏ธ Industry โ Financial Services ๐ Founded โ 2008 ๐ Location โ Nairobi, Kenya ๐ฐ๐ช ๐ฐ๏ธ Funding Raised โ $13M ๐งโ๐คโ๐ง No. Of Employees โ 11-50 ๐ฅ Founders
|
Turaco is a micro-insurtech company revolutionizing healthcare financing in emerging markets, offering affordable health and life insurance to low-income earners in Kenya and Uganda. Through strategic partnerships, Turaco provides a safety net to individuals, freeing them from the fear of financial shocks caused by health issues.
With a mission to insure a billion people over the next 25 years, Turaco is focused on inclusive insurance solutions, helping underserved communities access crucial health coverage. ๐๐ผ
 | ๐ Name โ Djamo ๐ญ๏ธ Industry โ Financial Services ๐ Founded โ 2019 ๐ Location โ Abidjan, Cรดte D'ivoire ๐จ๐ฎ ๐ฐ๏ธ Funding Raised โ $14M ๐งโ๐คโ๐ง No. Of Employees โ 11-50 ๐ฅ Founders
|
Djamo is a challenger bank revolutionizing financial services in French-speaking West Africa. It offers a 100% digital platform empowering consumers to take control of their finances, with features like zero-fee transfers, savings tools, and a free VISA card.
By simplifying access to banking services, Djamo is addressing the region's high fees and poor service quality. With a strong focus on transparency, customer-centricity, and financial empowerment, Djamo is reshaping how individuals manage their money in the digital age.
 | ๐ Name โ valU ๐ญ๏ธ Industry โ Financial Services ๐ Founded โ 2017 ๐ Location โ Giza, Egypt ๐ช๐ฌ ๐ฐ๏ธ Funding Raised โ $12.4M ๐งโ๐คโ๐ง No. Of Employees โ 201-500 ๐ฅ Founders
|
valU is a pioneering Buy-Now, Pay-Later (BNPL) platform offering flexible financing solutions across the MENA region. Launched in 2017, valU enables customers to shop for lifestyle products, luxury items, and more with customizable payment plans of up to 60 months.
With access to over 6,000 points of sale and 1,500+ online stores, valU is revolutionizing how people shop, ensuring that financial freedom and convenience are within reach.
 | ๐ Name โ NowNow ๐ญ๏ธ Industry โ Financial Services ๐ Founded โ 2015 ๐ Location โ Lagos, Nigeria ๐ณ๐ฌ ๐ฐ๏ธ Funding Raised โ Undisclosed ๐งโ๐คโ๐ง No. Of Employees โ 51 - 200 ๐ฅ Founders
|
NOWNOW is a Fintech platform transforming financial inclusion in Nigeria. Through its mobile-first approach, it enables users to send and receive money, purchase airtime, and pay bills with ease.
NOWNOW empowers businesses by offering solutions like BizPadi, MyBiz, and TapTap, which facilitate seamless payments without the need for a POS device. By leveraging the mobile phone, NOWNOW is creating accessible financial opportunities for the unbanked and fostering economic empowerment across the region.
 | ๐ Name โ VertoFX ๐ญ๏ธ Industry โ Finance ๐ Founded โ 2017 ๐ Location โ Lagos, Nigeria ๐ณ๐ฌ ๐ฐ๏ธ Funding Raised โ $12M ๐งโ๐คโ๐ง No. Of Employees โ 11 - 50 ๐ฅ Founders
|
Verto is a global B2B payments platform designed for businesses to send money anywhere, instantly. With a robust infrastructure, Verto supports cross-border payments, multi-currency accounts, corporate cards, and seamless expense management.
Trusted by 1000+ customers, Verto helps businesses manage global finances efficiently with real-time FX and treasury management, payment links, and API solutions. Their platform simplifies international transactions, enhancing financial control and growth for startups, SMEs, and enterprises.
โน ๐ผ ๐ฐ๏ธ VENTURE CAPITAL WATCH ๐ผ ๐ฐ๏ธ โธ
Egyptian agri-tech startup ReNile secured a $450K funding round to expand its smart farming solutions, which use IoT systems to optimize water, soil, and air quality for enhanced agricultural productivity.
In the fintech space, Visa launched applications for its 2025 Africa Fintech Accelerator, offering mentorship and resources to high-potential fintech startups.
Additionally, Innovate47's Climate Action Accelerator program expanded to Africa, empowering founders tackling climate challenges with critical tools, mentorship, and investment opportunities.
In a noteworthy update, TechCabal's "25 African Startups to Watch in 2025" list highlights 25 startups across the continent selected by leading VCs for their high growth potential and market disruption ability.
These startups span industries such as agritech, healthtech, and fintech, including companies like Carbin Africa, Pullus Africa, and Tanel Health. Their inclusion reflects the growing investor confidence and innovation shaping Africa's startup ecosystem early in 2025.
These developments underscore the continent's growing appeal as a hub for innovation, investment, and impactful change.๐๐๐
๐ This weekโs featured investor is Enza Capital. ๐
Enza Capital is a Nairobi-based multi-stage venture capital firm committed to backing exceptional founders and teams in Sub-Saharan Africa. Founded in 2019, Enza focuses on companies using technology to tackle significant challenges across sectors like fintech, health, and logistics.
With a mission to empower impactful ventures, Enza Capital supports its portfolio companies not only with funding but also with strategic guidance and operational support.
Explore their portfolio, including Peach Payments, Autochek, and Turaco, to learn more about their transformative investments. ๐๐ผ
Visit Enza Capital's profile on SHA.
โน ๐บ๏ธ MEDIA WATCH ๐บ๏ธ โธ
Here are the 5 key things in the news this week that you need to know:
Egyptian agri-tech startup ReNile raises $450k funding round - Disrupt Africa
25 startups to watch in 2025, according to Africa-focused VCs - Techcabal
Egyptโs EdVentures makes 6-figure investment in ed-tech startups Schoolz, Ibn Sina - Disrupt Africa
Logistics startup Gokada filed for Chapter 11 bankruptcy protection in 2024 - Techcabal
Applications open for 4th Visa Africa Fintech Accelerator - Disrupt Africa
And thatโs 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. Enjoy the rest of your weekend!
Gitonga, the Stoic Founder at StartupHub.Africa ๐
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