Stress & Burnout Impact 86% of African Founders 😓

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⟹ 🚀 STARTUPS WATCH 🚀 ⟸

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

MilkDiamond is an Egyptian startup specializing in AgTech, providing advanced solutions to enhance dairy farm productivity and profitability. Their product offerings range from milking systems, barn equipment, and milk cooling solutions to energy-saving and milk-processing technologies.

The company also offers turn-key project solutions, including farm layout planning and infrastructure design. MilkDiamond focuses on improving operational efficiency and farm sustainability, empowering farmers to boost production with state-of-the-art technologies.

Qwili, founded in 2019 and based in Western Cape, South Africa, is driving digital inclusion through a unique hybrid hardware-software solution. The company aims to lower the cost of owning and using smart devices by shifting the financial burden to other players in the ecosystem.

With $1.2M in funding, Qwili employs a small team of 2-10 people and is focused on bridging the digital divide. The startup continues to innovate and work toward making smart devices accessible to more people across the continent.

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 💼 💰️ ⟸

It was another eventful week in the VC space and we have a few notable events to cover. Let’s jump right in!

MTN Nigeria has raised ₦75 billion through its oversubscribed commercial paper issuance program, surpassing its initial ₦50 billion target by 150%. The funds will support the company’s operations and financial obligations. Despite reporting a loss of ₦514.9 billion for the nine months ending September 2024, primarily due to Naira devaluation and foreign exchange losses, MTN Nigeria saw strong growth in service revenue, which rose 33.6% year-on-year to ₦2.35 trillion. The issuance attracted institutional investors, excluding pension funds due to a suspension by the National Pension Commission.

iHub, now under CcHub’s management, has opened a new headquarters in Nairobi's Lavington area, reflecting its growth in Africa's tech ecosystem. The facility includes co-working spaces and offices for venture firms like TLcom and Verod-Kepple Africa Ventures. iHub continues to support startups through partnerships with Safaricom and Mastercard Foundation, investing $1.2 million in edtech ventures this year. With operations in Nigeria, Rwanda, Kenya, and Namibia, iHub connects startups to funding ranging from $20,000 to $250,000. CcHub’s expansion includes the upcoming Janta TechHub in Togo, furthering its commitment to fostering innovation across Africa.

Egyptian interior design startup Efreshli has raised seed funding to expand its product offerings and enhance its platform. Founded by Heba Elgabaly, Efreshli provides a seamless online shopping experience for home furnishings, featuring thousands of products from over 150 top Egyptian brands. The funding round, led by Algebra Ventures with participation from 500 Startups, Dar Ventures, and angel investors, will support the startup’s growth. Efreshli has also appointed Dina Elhaddad, a former Google executive, as co-founder and CPO to drive its tech growth and revolutionize the home furnishing experience across the MENA region.

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

Fanisi Capital is a prominent investment firm based in the bustling city of Nairobi, Kenya. Fanisi Capital has carved out a niche for itself by focusing on identifying and nurturing high-growth opportunities across the diverse and dynamic region of East Africa. With a robust and impressive track record, the firm has established itself as a leader in early-stage investments, particularly in sectors that are crucial to the region's development, such as agriculture, healthcare, retail, and education.

Fanisi Capital's investment strategy focuses on identifying transformative companies within key sectors, with a steadfast commitment to fostering long-term growth and innovation. The firm believes in the potential of these industries to drive significant economic and social change and seeks to partner with businesses that share this vision. By providing not only the necessary capital but also strategic guidance and operational support, Fanisi Capital plays a pivotal role in scaling businesses that have the potential to make a substantial impact across the region.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

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

1. 86% of African founders say their jobs have impacted their mental wellbeing - Disrupt Africa

2. Nigerian wealth-tech startup Bamboo launches remittances app - Disrupt Africa

3. MTN Nigeria raises ₦75bn in oversubscribed commercial paper - Techcabal

4. Egyptian interior design startup Efreshli raises seed funding round  - Disrupt Africa

5. Moniepoint to acquire a commercial bank license - 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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