Individuals
Businesses
Company
Intelligence
News
African Capital Markets
EnglishEnglish

Investor Updates: May 19 2022 - Kenya-based Victory Farms raises $5m for expansion.

3 min Read May 19, 2022 at 12:29 PM UTC

Daba finance invest in Africa

Kenya-based Victory Farms raises $5m for expansion

Victory Farms
Image from TechCrunch

Highlights

  • Victory Farms, an aquaculture startup and farm for tilapia fish comprising hatcheries, nursery ponds, and deep-water cages, has raised $5 million in new funding.
  • The investment was led by Ed Brakeman, a senior managing director at Bain Capital, and Hans den Bieman, founder and ex-CEO of Mowi, one of the largest salmon businesses globally.
  • It is the startup’s first institutional investment following seven internal angel rounds from the same set of equity–and debt investors (it raised $40 million in debt last year). This funding will allow the Kenyan-based company to expand its business into Rwanda, DRC, and Tanzania.

Source: TechCrunch


Our Takeaway

With the huge strides made by startups like Victory Farms, Africa is fast becoming a global leader in the agritech space. Between 2016 and 2019, the industry grew by 44% year-on-year, and the continent has registered the highest number of agritech services in the developing world reaching more than 30 million smallholder farmers as of 2021. The global agritech sector will reach nearly $200 billion by 2025. How much value Africa can tap from the vast and dynamic market will be determined by how well startups and companies capitalize on the challenges in agriculture on the continent. 


Kenyan retail startup Bamba raises $3.2m seed round

Image from Disrupt Africa

Highlights

  • Kenya’s Bamba, a mobile-first enterprise software for micro-merchants in Africa, has secured $3.2 million in seed funding to scale its app and build its team. 
  • Founded by Bastian Gotter, Bamba provides a mobile application allowing small businesses to manage their customers easily and stock levels, get paid, payout, and takeout cash advances against their future cash flow.
  • The company is currently in stealth mode and will use the new capital to build out its mobile product offer, scale its engineering team and expand its user base across 12 African countries with high mobile money penetration. 

Source: Disrupt Africa

Our Takeaway

More than $600 billion of consumer goods are sold in Africa through informal retail channels every year, supplying the vast majority of the 1.2 billion population. Yet, the industry is faced with several challenges that can be addressed, profitably, with digitization. For Bamba, it is going after Africa’s untapped micro-merchants market riding on the rails of increased mobile adoption on the continent.


Egypt healthtech startup Doxx launches with $1.5m seed round

Healthtech startup Doxx launches after raising $1.5 million Seed round
Image from Wamda

Highlights

  • Egypt-based healthtech startup Doxx has launched after closing a $1.5 million seed round, led by Openner and Elevate.
  • Founded in 2021 by Sherif Baroudy, Doxx aims to digitize the healthcare supply chain by connecting medical professionals and healthcare providers including pharmacies, labs, and insurance companies on one platform. The startup also enables pharmacies to procure and deliver medicine. 
  • Doxx has so far onboarded 2600 doctors, 18 polyclinics, 52 pharmacies, 26 medical labs, and 10 scan centers.

Source: Wamda


Our Takeaway
Startups like Doxx are crucial to the African economy and it’s a positive development to see investors back health-tech players. The region’s healthcare industry has for decades been plagued with several challenges that prevent universal access. Importantly, increasing investor backing for startups shows one of Africa’s most crucial socio-economic problems can be tackled without forgoing returns.

This material has been presented for informational and educational purposes only. The views expressed in the articles above are generalized and may not be appropriate for all investors. The information contained in this article should not be construed as, and may not be used in connection with, an offer to sell, or a solicitation of an offer to buy or hold, an interest in any security or investment product. There is no guarantee that past performance will recur or result in a positive outcome. Carefully consider your financial situation, including investment objective, time horizon, risk tolerance, and fees prior to making any investment decisions. No level of diversification or asset allocation can ensure profits or guarantee against losses. Articles do not reflect the views of DABA ADVISORS LLC and do not provide investment advice to Daba’s clients. Daba is not engaged in rendering tax, legal or accounting advice. Please consult a qualified professional for this type of service.

Share this post
share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram
Stay informed with our newsletters read by 25,000+ professionals worldwide
Newsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companies

Next Frontier

Stay up to date on major news and events in African markets. Delivered weekly.

Pulse54

UDeep-dives into what’s old and new in Africa’s investment landscape. Delivered twice monthly.

Events

Sign up to stay informed about our regular webinars, product launches, and exhibitions.

+25k investors have already subscribed

Take action.

Download app

Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.

Partner with us

Unlock exciting business opportunities and growth potential.

Join Daba

Become a part of our vibrant community and enjoy exclusive benefits.

Contact us

Reach out to us for inquiries, support, or collaboration.
For Investor
StrategiesPortfolio ManagementAfrican Capital MarketsNews
Daba Pro Intelligence
For Capital Seekers
For StartupsFor Fund ManagersFor Private CompaniesFor Lenders
For Partners
Commercial BanksBroker DealersAsset ManagersInvestment BanksInvestment Advisors and ConsultantsLenders and Microfinance
Company
About UsMarket UpdatesEventsBlog and PodcastNewsletterCase StudiesAffiliate ProgramInvesting GlossaryOfficial ContactsTrust, Compliance and SecurityFrequently Asked Questions

Terms & ConditionsPrivacy Policy
EnglishEnglish

Owned by Daba Markets Inc. By using this site, you accept our Terms and Conditions and Privacy Policy. © 2024 All rights reserved. 2025 All rights reserved