JULY 18, 2022

3 min Read

Investor Updates: July 18 2022

SA student housing startup DigsConnect secures pre-Series A funding

Image from Disrupt Africa

Highlights

  • South African digital student accommodation platform DigsConnect has closed an undisclosed pre-Series A funding for international growth, with a focus on helping African students in the UK and the US secure housing. 
  • Launched in 2018, the platform allows landlords, estate agents, and property managers to post their property listings, with students then searching and filtering through these listings to find accommodation that suits their needs, and also find other students to live with.
  • Its planned expansion has now received a boost after securing fresh funding from Launch Africa Ventures, Goodwater Capital, Five35 Ventures, and Delta Ventures.

Source: Disrupt Africa


Our Takeaway

Unlike many other traditional industries, the real estate and property space has not changed very much over the decades. But in recent times, the ongoing technology wave has seen a number of African startups emerge with a vision to give the sector a face-lift. DigsConnect is one such and has expanded quickly since its founding. The startup raised $830,000 in March 2019 and last year a $200,000 grant from the Michael & Susan Dell Foundation. DigsConnect currently has over 1.3 million beds and recently entered into an agreement with Student.com to expand its presence to approximately 30 new countries and 400 new cities.


Egypt’s Stllr Network raises six-figure investment round

Stllr Network raises six-figure investment round
Image from Wamda

Highlights

  • Egypt-based Stllr Network has closed an undisclosed six-figure investment from 500 Global and angel investors through Women Spark and Falak Angels. 
  • Founded in 2021 by Nouran Ghannam and Ahmed Mustafa, Stllr provides companies with a plug-and-play marketing model through experimenting with different campaigns like SEO, media buying, social media, and more.
  • The fresh funds will be used to hire local talent and regional expansion across Saudi Arabia and the GCC, according to the company. 

Source: Wamda


Our Takeaway

Millions of people around Africa now spending more of their time online, particularly. The penetration rate of smartphones in sub-Saharan Africa is growing the fastest in the world, and it is expected to cover 67% of the population by 2025. This means businesses have to increasingly target consumers on social platforms through the constantly evolving practice of digital marketing. But beyond social media ads, a few startups like Stllr have emerged offering software solutions that help African businesses optimize digital marketing tasks across online platforms.


Morocco’s SmartProf receives $50,000 from Plug and Play, UM6P

Morocco’s SmartProf receives $50,000 from Plug and Play, UM6P
Image from Wamda

Highlights

  • Morocco-based edtech Smartprof has secured $50,000 in funding after graduating from the Mohammed VI Polytechnic University (UM6P) Startgate and Plug and Play Morocco startup competition’s third cohort.
  • Founded in 2021 by Hamza Faiz, Mustapha Faiz, and Ali Faouzi, Smartprof offers an on-demand tutoring app for school-aged students.
  • Other startups that participated in the Expo Day included edtech Kezakoo, proptech startup Agenz, sustainable mobility solutions provider POGO, and Mytindy, a marketplace for local artisans and craftspeople offering handmade products.

Source: Wamda


Our Takeaway

As Africa catches up with the developed world in terms of technological progress, accelerators, incubators, and pitch competitions help to bridge this gap by providing crucial access to capital and mentorship to startups. Smartprof is also tackling a crucial problem in Africa; almost 60% of the continent’s population are under the age of 25 with an average literacy rate of 70%, lagging behind other parts of the world. These conditions indicate the region is ripe for disruptions in education.

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Rest of Today's Updates

SEPTEMBER 19, 2022

3 min Read

Investor Updates: September 19 2022