SEPTEMBER 29, 2022
3 min Read
Investor Updates: September 29 2022
Morocco’s BMCE Capital launches $4.5m seed-stage fund
- Morocco-based BMCE Capital Investment has launched a $4.5 million VC fund dedicated to financing Moroccan startups at the seed stage.
- The BMCE VC is also expected to connect its portfolio startups to an extensive network of Moroccan and global investors.
- Over the upcoming months, the fund is set to raise money from renowned Moroccan investors and key players in the economy to meet the targeted capital.
Morocco’s startup ecosystem is gradually emerging as a leader in North Africa. Local startups like Chari have drawn foreign attention to the ecosystem in recent times while there’s an increasing proliferation of local startup incubator programs, the entrance of global accelerators such as Plug and Play, and local financial institutions providing support for innovation, research, and entrepreneurship—Morocco’s Al Mada in March launched one of Africa’s largest VC funds to back fast-growing startups. More so, the economic capital, Casablanca, ranks among MENA’s most prominent startup hubs alongside Cairo, Dubai, Riyadh, and Tel Aviv.
Paymob partners with Tabby to offer BNPL to Egyptian retailers
- UAE-based fintech Tabby has partnered with Egypt’s digital payment solution fintech Paymob to create a buy now pay later (BNPL) solution for both in-store and online retailers.
- Tabby’s BNPL payment solution will be available to over 120,000 Paymob merchants, where they can grow their average order value, conversion rate, and overall performance.
- Earlier in September, Tabby announced its expansion to Egypt after raising $150 million in August this year, raising its total funding to date to $275 million, while Paymob raised $50 million in Series B funding last May.
A buy now, pay later (BNPL) craze has been sweeping the world all year long and Africa’s consumers are certainly up for it despite most people being credit-averse. More so, the partnership between Tabby and Paymob creates an ecosystem that delivers value to merchants and exceptional customer experiences, boosting the e-commerce industry. Accelerated by the rise in digital adoption during the COVID-19 pandemic, as well as favorable government policies, e-commerce in MENA is predicted to reach $48 billion by the end of 2023.
Egypt’s InGame Sports closes $1m pre-seed investment round
- Egypt-based gaming platform InGame Sports has raised over $1 million in cash, in-kind resources, and grants in a pre-seed round led by Openner, with participation from Sports Radar and other Egyptian and foreign angel investors.
- Founded in 2021, Ingame is a football mobile game that introduces gameplay accompanied by a reward scheme to football fans.
- The new funding will fuel the startup’s expansion plans into multiple countries, as well as launch add-ons built on Web3 technology infrastructure and incorporate blockchain technology across its modules in the future.
Gamers in sub-Saharan Africa increased to 186 million in 2021 from 77 million in 2015, per data from Newzoo, with 95% of the market on mobile phones, reflecting the continent’s improved internet access and affordable smartphones. Therein lies the opportunity for startups like InGame and it’s making a play for an untapped space; not many startups or platforms operate at the intersection of Web3 or blockchain and gaming on the continent.