Wetility raises $27.8M ⚠️💰

Wetility raises $27.8M 💰 | 🚚 Octane raises $5.2M | Chpter x Flutterwave Deal | 🚕 MyNextCar lands $10M |

Author

Gitonga Mwaura
June 23, 2025

Good morning and happy Wednesday!

Welcome to the latest edition of The Startups Chronicle, proudly brought to you by Startup Hub Africa 🚀—your gateway into Africa’s startup frontier.

❝

Quality is not an act, it is a habit.

- Aristotle

It was another eventful week in Africa’s startup scene. Let’s break it down:

  • ☀️ Wetility raises $27.8M to solar-power 1M South African homes

    With Jaltech backing, this solar-as-a-service startup is going big: 16MW of clean energy, 250k+ CO₂ tons avoided. The mission? Energy independence, one rooftop at a time.

  • 🔁 Sabi cuts 20%, pivots to traceability tech

    Nigeria’s B2B commerce player is exiting retail sprawl to double down on commodities traceability via its blockchain-powered TRACE platform. Minerals, agri-exports, ESG passports—the global supply chain just got a new African node.

  • 📲 Chpter expands to 11 African markets via Flutterwave

    From DMs to dollars—Kenya’s social commerce startup just unlocked payments across Senegal, Egypt, Uganda & more. WhatsApp + AI agents + local currencies = SaaS done right for Africa’s digital merchants.

  • 🚕 MyNextCar lands $10M to scale affordable ride-hailing in SA

    Backed by Bolt and Emso, the startup will deploy 1,500 budget Bolt Lite vehicles. Bajaj Qutes, lower fares, youth jobs—this is asset-light inclusion on wheels.

  • 🚚 Octane raises $5.2M to power MENA fleet payments

    Egypt’s Octane is building the rails for fleet transactions—fuel, repairs, compliance—wrapped in analytics and AI. Already serving 1,600+ clients, it’s scaling hard into the region.

  • ⚡ Open Access Energy closes $1.8M to digitise energy trading

    SA’s software-led energy infra startup wants to make wheeling, settlement, and renewables smoother across municipalities. Think: Plaid for electricity.

Africa’s startup scene isn’t just surviving. It’s recalibrating—with precision, purpose, and smarter capital.

⟹ 🚀 STARTUPS WATCH 🚀 ⟸

Here are the 3 top startups in the African ecosystem I think you need to know:

🌟  Name  ➜ AltSchool

🏭️  Industry ➜ E-Learning

📆  Founded  ➜ 2021

📍 Location  ➜ Kigali, Rwanda 🇷🇼 

💰️ Funding Raised  ➜ $1M

🧑‍🤝‍🧑  No. Of Employees  ➜ 2-10

👥  Founders

  • 👤 Adewale Yusuf

AltSchool Africa is a modern EdTech platform reshaping how technical skills are taught across the continent. Launched in 2021, it offers a fully virtual, non-traditional learning experience focused on software engineering, blending theory with hands-on training to help learners become job-ready within a year.

With a mission to skill ten million Africans by 2030, AltSchool bypasses the rigidity of conventional education systems, providing accessible, world-class tech training. It’s not just about coding—it’s about unlocking opportunity, accelerating careers, and fueling Africa’s digital economy.

🌟  Name  ➜ CribMD

🏭️  Industry  ➜ Healthcare

📆  Founded  ➜ 2021

📍 Location ➜ Lagos, Nigeria 🇳🇬 

💰️ Funding Raised  ➜ $3M

🧑‍🤝‍🧑  No. Of Employees  ➜ 201-500

👥  Founders

  • 👤 Ifeanyi Ossai

  • 👤 Michael Uchechukwu

CribMD, based in Lagos, Nigeria, is transforming healthcare delivery with its on-demand telemedicine and doctor home visit services. Dubbed the “Uber for Doctors,” it allows patients to access affordable, convenient care—from virtual consultations to in-person visits—right from their homes.

Since launch, CribMD has built a network of over 5,000 certified practitioners, served 17,000+ users, and facilitated 3,000+ home visits worldwide. With $20K+ in monthly recurring revenue, it’s proving that tech-enabled, patient-first care can thrive across Africa.

🌟  Name  ➜ Jetstream Africa

🏭️  Industry  ➜ Logistics

📆  Founded  ➜ 2018

📍 Location  ➜ Accra, Ghana 🇬🇭 

💰️ Funding Raised  ➜ $16M

🧑‍🤝‍🧑  No. Of Employees  ➜ 2 - 10

👥  Founders

  • 👤 Miishe Addy

Jetstream Africa is redefining cross-border logistics with digital tools built for cargo owners and logistics providers across Africa’s ports and trade corridors. By unifying fragmented private sector logistics into one streamlined platform, Jetstream makes moving goods across borders faster, cheaper, and more efficiently.

Founded in 2018, the company has become a standout in Africa’s e-logistics space—simplifying trade, enabling better financing, and accelerating supply chain connectivity across the continent. Its mission: build the digital rails for Africa-wide commerce.

SHA Sign Up Poster

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

🚀 Here’s what happened this past week in the VC Space:

3️⃣ MyNextCar raises $10M to scale budget ride-hailing in South Africa

South Africa’s MyNextCar (MNC), Bolt’s largest fleet partner, secured $10M in its first institutional round, backed by Emso Asset Management, Bolt, Assemble Capital, and E2 Investments. The funds will deploy 1,500 Bolt Lite vehicles — ultra-cheap Bajaj Qutes — across major cities.

This is more than a fleet expansion. MNC is positioning itself as an asset-light mobility platform that drives youth employment and financial inclusion. 43% of its current drivers are under 30.

2️⃣ Octane secures $5.2M to scale fleet payments across MENA

Egypt’s Octane closed a $5.2M round led by Shorooq Partners, Algebra Ventures, and SC Holding. Its fintech stack lets fleets pay for fuel, repairs, and compliance—all through a closed-loop wallet powered by AI and analytics. Already 1,600+ corporate clients are onboard.

Why it matters:

Fleet fintech is fast becoming one of the most underrated B2B plays in Africa and MENA. Octane’s approach is vertical SaaS with rails — sticky, recurring, and defensible.

This raise positions it as the MENA region’s de facto platform for fleet compliance and cost control.

1️⃣ Wetility lands $27.8M to solar-power 1M+ homes and SMEs

South Africa’s Wetility secured ZAR500M ($27.8M) from Jaltech to scale its solar-as-a-service model. The capital will fund bundled solar + battery systems that avoid over 250,000 metric tons of CO₂ while easing energy instability for households and small businesses.

Why it matters:

This is a climate-finance thesis in motion. Structured capital, long-term infra returns, and clear carbon outcomes.

Investors are no longer chasing “clean tech” headlines—they’re underwriting real, cash-flowing energy assets at scale.

👀 Investor Spotlight: Rising Tide Africa 👀

Rising Tide Africa is more than just an angel network — it’s a Pan-African force redefining who gets to write the first cheque. As part of a global movement, RTA equips women with the tools, networks, and capital to become active angel investors while backing early-stage startups with scalable impact.

🧠 Thesis:

Build a New Africa by funding bold, high-growth startups — and cultivating the next generation of women capital allocators.

🌍 Geographic Focus:

Nigeria 🇳🇬 | Kenya 🇰🇪 | South Africa 🇿🇦 | Africa-wide + Diaspora linkages

💸 Model:

Co-investment syndicates led by seasoned angels, backed by robust education and mentorship. Portfolio includes Afrikrea, Bankly, Big Cabal Media, Aruwa, Amayi Foods, and more.

🚀 What Sets Them Apart:

Women-led, women-backed — but not women-only. They blend capital, education, and influence into a single platform. Members gain dealroom access, investor training, and direct ties to global LPs and operators.

🔗 The Vibe:

Inclusive capital. Global reach. Serious about returns and representation.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

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

And that’s your weekly dose of the African startup ecosystem; thank you for reading.

Do have yourself a great remainder of the week!

Gitonga, the Stoic Founder at StartupHub.Africa 🚀

Jack Samurai GIF

Be a friend, tell a friend something nice, it might change their life