Investor Updates: March 2 2022 - SA crypto exchange VALR raises $50m Series B

SA crypto exchange VALR raises $50m Series B to expand across Africa

Highlights

• South African cryptocurrency exchange VALR has raised a US$50 million Series B funding round led by Pantera Capital which values the company at $240 million and will use the proceeds to expand across the continent.
• Launched in 2019, VALR is a digital asset platform that allows customers to buy, sell, store and transfer Bitcoin and 60 other cryptocurrencies. 
• It has so far processed over $7.5 billion in trading volume and serves over 250,000 retail customers and 500 institutional clients. The startup raised its $3.4 million Series A in 2020.

Source: Disrupt Africa

Our Takeaway

The future of cryptocurrency adoption in Africa, for both asset diversification and payments, is widely believed to be bright. This is backed by data, too. According to available estimates, the region represents the third-fastest growing cryptocurrency economy and has a bigger share of overall transaction volume. This is made up of retail-sized transfers, which at over 7% compared to the global average of 5.5%, is more than any other region at just over 7%.

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Egyptian logistics startup Milezmore raises $5m pre-seed round from Brimore

Highlights

• Cairo-based logistics provider Milezmore has raised a $5 million pre-Seed round from Brimore, a social commerce startup also based in Egypt. 
• The investment from Brimore, which raised $25 million in a Series A round earlier this year, is intended to address the challenges in the fragmented supply chain structures in the country.
• Founded in 2021, Milezmore provides merchants with cloud logistics solutions such as fulfillment, last-mile delivery, and other operations solutions. The new capital will enable it to scale its cloud solutions, enhance technology, expand storage area and enlarge the delivery capacity.

Source: Wamda

Our Takeaway

For decades, Egypt has suffered from a fragmented traditional supply chain structure that no longer works with the rise of new commerce models. Milezmore is one such player tackling these problems and in the past year has expanded its footprint across Egypt through 15 delivery hubs, processing over 15 million pieces and delivering more than one million packages.

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Ivorian healthtech Susu raises $2.2m to scale

Highlights

• Susu, a startup focused on making healthcare accessible and affordable for Africans, has completed a $2.2 million pre-seed funding round which included angel investors.
• Part of the funding was raised as debt and grant financing from BPI France, the French government’s public investment bank.
• Currently operational in Côte d’Ivoire, Cameroon, and Senegal, Susu offers bundled health services that provide patients with planned, long-term health support, in order to ensure optimal monitoring of their health conditions, including pregnancy, child care, and chronic disease management.

Source: TechCrunch

Our Takeaway
The importance of startups like Susu to the African economy cannot be overstated and it’s a positive development to see investors back healthtech players. The region’s healthcare industry has for decades been plagued with several challenges that prevent universal access. In addition, a growing population, increased lifespan, and urbanization has contributed to a sharp rise in the mortality of chronic diseases like diabetes and hypertension even as most people do not have access to quality healthcare.