MAY 27, 2022

3 min Read

Investor Updates: May 27 2022

Tunisia-based 216 Capital Ventures raises $9.6m

216 Capital Ventures raises $9.6 million for first close of its fund
Image from Wamda

Highlights

  • Tunisia-based VC firm 216 Capital Ventures has raised $9.6 million in the first tranche of its 216 Capital Fund, of which $6.4 million was secured from Smart Capital’s ANAVA fund of funds. 
  • Smart Capital, the management company of the ANAVA fund of funds, provided up to $6.4 million to the 216 Capital Fund I.
  • The fund is a generalist fund that aspires to invest primarily in local pre-seed and seed-stage startups with average ticket sizes of average ticket size of $107,000.

Source: Wamda


Our Takeaway

An increasing number of small- to medium-sized funds with around $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 216 Capital Ventures, it sees an opportunity in the fact that despite rising venture funding in Africa, young startups still draw only a fraction of funding. Its fund should be a relief for early-stage founders in the tech ecosystem struggling to raise external capital.


Egypt’s Gooo Delivery raises pre-seed round

Gooo Delivery raises pre-Seed round
Image from Wamda

Highlights

  • Egypt-based on-demand delivery startup Gooo Delivery has closed a pre-Seed round. The amount raised was not disclosed.
  • Founded in 2020 by Yasser Hassan, Gooo offers point-to-point delivery services through an app that enables users to order food, medication, and groceries in several cities in Egypt including Cairo, Giza, and Tanta.
  • Through this funding, Gooo seeks to develop its technical capabilities and boost its services and expand the business.

Source: Wamda

Our Takeaway

Across Africa, last-mile logistics and delivery remain the bane of many businesses and a drawback for e-commerce but in recent years, quite a number of startups have emerged on the continent to solve the problem through technology. These companies, like Gooo, make courier and delivery services available to small, medium, and large businesses via mobile devices. In Egypt, the on-demand delivery services applications market grew by 8% last year to reach $2.5 billion and has more potential going forward as e-commerce adoption increases.


Untapped Global gets $10.3m for smart asset financing in Africa, others

Image from Disrupt Africa

Highlights

  • Untapped Global has raised a $10.3 million debt and equity pre-seed round to help it scale its smart asset financing model, which finances revenue-generating assets for entrepreneurs and SMEs in Africa and Latin America.
  • Based in San Francisco, Africa, and Europe, the company aims to empower entrepreneurs in frontier and emerging markets by connecting them to global investors online and in person.
  • It recently announced the launch of its public beta platform, which provides transparency and insights for international investors looking to tap into Africa and other emerging markets.

Source: Disrupt Africa


Our Takeaway

To date, Untapped Global claims to have financed assets for over 5,000 entrepreneurs across a dozen countries in Africa and Latin America who work across sectors such as clean water, solar, e-mobility, and inclusive fintech. Companies such as Paga Group have worked with Untapped to make access to POS systems more affordable for SMEs throughout Africa.

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Rest of Today's Updates

SEPTEMBER 19, 2022

3 min Read

Investor Updates: September 19 2022