VC Backing O'Clock 💰️

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⟹ 🚀 STARTUPS WATCH 🚀 ⟸

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

Contanna is an innovative AgriTech 🌿 venture rooted in Dakar, Senegal, dedicated to transforming the region's rich botanical heritage into premium herbal teas. Specializing in crafting high-end tea blends using locally sourced plants, Contanna not only delivers luxurious tea products but also uplifts local farming communities through sustainable sourcing practices.

Operating primarily as an online platform, Contanna brings the flavors of Senegal to a global audience, blending tradition with modern e-commerce. By harnessing the country’s diverse flora, the company aims to position itself as a leader in Africa’s luxury tea market. With a focus on quality and sustainability, Contanna is not just elevating Senegalese agriculture but also redefining how the world experiences herbal teas. 🍃🌍

Go1 🎓 is a pioneering South African eLearning startup transforming workplace training by providing accessible, on-demand digital learning solutions for companies of all sizes. By curating a vast digital library of educational content from top global institutions, Go1 simplifies corporate training, empowering organizations to upskill their workforce efficiently and effectively.

The platform offers a seamless way for businesses to deliver continuous learning, helping employees stay updated with industry trends and skills. With its commitment to making professional development more accessible, Go1 is not just changing how companies train their teams—it's shaping the future of workplace learning across Africa and beyond. 📚💻

Thrive Agric 🌾 is a Nigerian agriTech company revolutionizing food security across Africa by empowering farmers through technology and innovative funding models. The company connects institutional investors and Nigerians, both at home and abroad, with opportunities to fund agricultural projects via its platform. These funds are utilized to provide farmers with quality inputs, advanced agricultural techniques, and process automation, ensuring higher yields and profitable returns for both investors and the farmers. With a community, they proudly call "Farmily," Thrive Agric has so far partnered with over 19,000 farmers, managing over 150,000 acres of farmland and producing more than 200,000 metric tonnes of grains, along with 3 million birds.

Thrive Agric's vision is to build an Africa that feeds itself and the world, by breaking down barriers to accessing capital, data-driven farming best practices, and established market linkages. With partnerships that include industry leaders like Nestlé, Dangote Foods, and Flour Mills of Nigeria, the startup secures reliable offtake agreements to drive sustainable agricultural growth. Supported by global backers such as Y Combinator, Google’s Launchpad, and Telefonica’s Wayra, Thrive Agric is committed to creating a prosperous, resilient Africa powered by agriculture. 🚜🌍

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

In this week’s VC Watch, the continent witnessed several high-impact investments, let’s dive deeper into the key developments below. 👇

South African logistics startup Pargo has secured $4 million in funding to fuel its expansion into Egypt, where it has rolled out over 500 tech-enabled Pargo Points. Founded in 2015, Pargo connects e-commerce platforms like Amazon and Jumia with online shoppers through its vast network of over 4,500 points in South Africa. The new funding, led by 3Capital Ventures, Endeavor, SAAD Investment Holdings, and UW Ventures, will help scale its Collect and Return services in Egypt, with a focus on catering to the cash-based economy through a new “**Cash on Collection**” option. Pargo plans to expand its network to 7,000 Pickup Points across the region by 2026, capitalizing on Egypt’s rapidly growing e-commerce market.

Visa, the global payments giant, has invested in four African startups as part of its ongoing commitment to enhancing financial inclusion across the continent. The investments, totaling part of Visa’s $1 billion initiative, support startups in Visa’s Africa Fintech Accelerator program. The selected companies include Oze, a Ghanaian business banking platform; Orda, a Nigerian restaurant technology firm; WorkPay, a Kenyan HR and payroll management company; and OkHi, an AI-powered address verification startup. These startups were chosen for their potential to unlock financial solutions, empower small businesses, and improve money movement across Africa. The accelerator’s next Demo Day is set for December 2024, with more startups vying for investment.

👀 This week’s featured investor is FiTech Ventures. 👀

Founded in 2018, FiTech Ventures is dedicated to improving financial inclusion in South Africa by investing in innovative tech startups that promote accessible financial services.

Their portfolio includes SmartWage, a social impact startup that provides employees with access to their wages as they earn them, aiming to eliminate payday loans and encourage better financial management. Another notable investment is Bettr, a digital banking platform designed for the next generation, offering fee-free accounts and full financial visibility without the need for traditional branches. uKheshe, a micro-transaction platform that integrates with popular e-wallets, and Comcorp, a secure data exchange platform enhancing financial services, also feature prominently in their portfolio.

FiTech Ventures is committed to creating sustainable financial solutions that make a real impact on South Africa’s population, driving positive change and financial empowerment across communities. 🌱💡

⟹ 📺️ MEDIA WATCH 📺️  ⟸

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

1. Visa invests in Orda, Oze, WorkPay, and OkHi to boost African financial inclusion - TechCabal

2. SA e-commerce logistics startup Pargo raises $4m, expands to Egypt - Disrupt Africa

3. Moniepoint taps Stanbic IBTC CFO for its microfinance bank after $110 million raise - Techcabal

4. Nigeria’s Beacon Power Services secures Series A funding to accelerate growth - Techcabal

5. Kenyan fintech startup Chumz set for Rwanda expansion after hitting 200k users - Disrupt Africa

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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