MAY 11, 2022

3 min Read

Investor Updates: May 11 2022

🇪🇬Egypt’s Mylerz closes $9.6m round led by Lorax Capital

Mylerz closes $9.6 million round led by Lorax Capital
Image from Wamda

Highlights

  • Egypt-based last-mile delivery startup Mylerz has closed a $9.6 million round led by Lorax Capital Partners, with participation from Egyptian payment company Fawry.
  • Founded in 2019 by Samer Gharaibeh, Mylerz provides its customers with same-day delivery through a fleet of over 350 vehicles and 21 local fulfilment hubs positioned across Egypt.
  • The new funding will fuel Mylerz’s expansion plans in North Africa by Q3 2022 as well as allow the startup to construct and open a new AI-enabled, automated 25,000 sqm cross-docking fulfilment centre in Cairo by Q4 2022.

Source: Wamda

Our Takeaway

Mylerz’s fundraising comes at a time when the e-commerce industry in the Middle East and North Africa is fast growing, making its market opportunity substantial. The pandemic-induced boom in Africa’s digital economy is expected to continue its exponential growth trend with the continent’s e-commerce value projected to quadruple by 2030. In the MENA region, the market was worth $8.4 billion in 2014, with an annual growth of 25%, and is predicted to reach $28.5 billion by 2022. With the accelerated adoption of e-commerce induced by COVID-19, these figures are bound to have increased substantially.


🇩🇿Algeria Venture and AIF launch $10m VC fund

Highlights

  • Algeria-based accelerator Algeria Venture (A-Venture) and the Algeria Investment Fund (AIF) have partnered to launch a VC fund targeting $10 million to support startups.
  • The partnership aims to provide financing for Algerian startups at all stages from creation, Seed, and up to acceleration that could lead to an IPO.
  • The AIF was established in 2021 as a collaboration between the National Bank of Algeria (BNA) and the External Bank of Algeria (BEA).

Source: Algérie Presse Service

Our Takeaway

An increasing number of small- to medium-sized funds with $10 million to $50 million of capital to deploy are targeting opportunities in Africa and other frontier markets. Uncovered Fund, LoftyInc Capital, Savannah Fund, Ventures Platform, and Tofino are some of such Africa-focused firms that have launched in the past year. For Algeria, the A-Venture-AIF fund will provide financing to startups at various stages of development, and should particularly be a relief for early-stage founders in the tech ecosystem struggling to raise external capital.


🇳🇬Nigeria-based Identitypass closes $2.8m seed round

Highlights

  • Nigerian identity verification startup, Identitypass, has raised $2.8 million in seed funding led by MaC Venture Capital.
  • Identitypass plans to expand its existing infrastructure, roll out new verticals around compliance, security and data collection, spread its reach into new African countries and employ more staff.
  • The round, which comes a few months after Identitypass raised $360,000 in pre-seed investment, bringing its total funding to $3.1 million, also includes investors such as Y Combinator, Soma Capital, True Capital Fund and Sherwani Capital.

Source: TechEconomy

Our Takeaway

Globally, businesses lose up to $1 trillion annually to cybercrime and in Africa, that figure stands at a whopping $4 billion. As digital services, financial and non-financial, providers penetrate the African market at large, there is a need for fintech startups and digital businesses on the continent to carry out stringent Know-Your-Customer (KYC) and verification checks on their customers. Identitypass is one of the many platforms powering these crucial KYC processes for other startups.

Algeria
dabafinance
Egypt
Identitypass
investing in africa
Mylerz
Nigeria
Startups
venture capital

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Rest of Today's Updates

SEPTEMBER 19, 2022

3 min Read

Investor Updates: September 19 2022