Investor Updates: Connecting African Startups and Retail Investors

Africa-focused daba wants to connect startups and retail investors

Highlights

• daba is a simple financial services platform that allows everyone to invest in some of the most promising companies in Africa through a mobile app. 
• On the platform, which is currently in beta, investors of all levels can discover, find, and invest in vetted high-growth opportunities on the continent.
• At the other end of the spectrum, capital seekers (from early-stage to growth-stage startups) can raise funding, build community, and secure alternative financing options, all through the platform.

Source: TechCabal

Our Takeaway

African startups may have secured a record $5 billion in venture funding last year but most companies on the continent still have an incredibly difficult time raising capital and accessing funds. At the same time, many investors that are willing and able to invest in these promising ventures can’t due to a lack of information and scarcity of resources available to invest safely. There’s a massive opportunity in bridging this gap—and daba is built for that.

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Egypt’s O7 Therapy raises $2.1 million seed round

Highlights

• Egypt-based healthtech O7 Therapy has raised a $2.1 million Seed round, led by Hikma Ventures, with the participation of C-Ventures, Lotus Ventures, alongside angel investors.
• Founded in 2019 by Ashraf Bacheet, Ashraf Adel, and Nader Iskander, O7 Therapy is a technology-enabled therapeutic platform, with a network of bilingual psychiatrists and psychotherapists to support clients through mental health challenges.
• The round aims to enable the platform’s growth across the Middle East and launch new product features and developments while also expanding its client base.

Source: Wamda

Our Takeaway

The importance of startups playing in Africa’s healthtech space can’t be overstated: Africa’s healthcare industry has for decades been plagued with several challenges that prevent universal access and importantly, increasing investor backing for startups shows one of Africa’s most crucial socio-economic problems can be tackled without forgoing returns.

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Nigerian edtech startup Klas raises $130k angel funding round

Highlights

• Nigerian ed-tech startup Klas, which allows anyone to set up an online school and deliver live classes, has raised a $130,000 angel funding round to help it scale.
• Founded in December 2021 by Nathan Nwachuku, Klas allows creators on its platform to teach a variety of subjects via online classes, with its software supporting everything they need to teach online, including payments, scheduling, community, analytics, and video conferencing. 
• Klas will use the funding to “double down on platform innovation” and power online schools globally as it furthers its mission to unlock the power of knowledge sharing.

Source: Disrupt Africa

Our Takeaway

Since the Covid-19 pandemic began, nearly all face-to-face interactions in different fields, from learning and grocery shopping to even attending events, have shifted to online platforms. Almost 60% of Africa’s population are under the age of 25 while the continent has an average literacy rate of 70%, lagging behind other parts of the world. These conditions indicate the region is ripe for disruptions in education, and many tech startups like Klas (which calls itself “Shopify for online learning”) have emerged to capture this opportunity with backing from international investors too.