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Africa

TradeDepot, a Nigeria- and U.S.-based company that connects consumer goods brands to thousands of retailers and helps with distribution, has raised $110 million in new equity and debt funding. TradeDepot operates a B2B marketplace that connects small shops, kiosks, and retailers with wholesalers of global consumer brands that have access to food, beverages, and personal care products. The company owns its warehouses and fleets of drivers to carry out the distribution. It now plans to bring in more retail stores and expand its buy, pay later service across the continent.

Equinix has announced its plans to acquire MainOne, a West African data center and connectivity solutions provider in Nigeria, Ghana, and the Ivory Coast, for $320 million. Armed with over $200 million in equity and debt investment, MainOne was built as West Africa’s first privately owned, open access undersea high capacity cable submarine. It’s a 7,000-kilometer cable stretching from Portugal to West Africa with landings along Accra in Ghana, Dakar in Senegal, Abidjan in the Ivory Coast, and Lagos in Nigeria. Funke Opeke launched MainOne in 2010 after noticing the poor internet

MarketForce, a Kenyan B2B retail and financial services distribution startup has expanded into five additional markets across Africa to grow RejaReja — its retailer ‘super app’ that allows informal merchants to order and pay for inventory digitally. The startup has partnered with Cellulant, a pan-African payments company that makes it possible for local and international merchants to accept “locally appropriate and alternative” payment methods from their customers to expand into these new markets. Cellulant has partnerships with 46 mobile-money operators in Africa, 120 banks and serves 35 African countries with a physical

Gozem, a super app that provides a host of services — including transport, e-commerce, and financial services in Francophone Africa — has raised $5 million in Series A financing. The firm is present across 13 cities, having moved to Gabon and Cameroon with over 800,000 registered users and more than 5 million trips completed. The company, which is based in Togo and Singapore, raised funds from AAIC, Thunes (TransferTo), Momentum Ventures (SMRT), Innoport Ventures (Schulte Group), CMC Ventures (National Express), and Liil Ventures (Mobility ADO). Costamagna, in a statement, said

Sabi, a spinoff from the African energy company Rensource, has raised a $6 million bridge round led by pan-African VC firm CRE Venture Capital. A bridge round of financing is exactly what it sounds like – a small round of funding to tide a startup over until its next larger round of fundraising. The money has come a year after it closed a $2 million seed round from CRE Venture Capital, Janngo Capital, Atlantica Ventures, and Waarde Capital. Ademola Adesina, the founder and CEO of Rensource and Anu Adasolum its COO launched the company back

The recent events where Davido asked his loyal fans, friends, and colleagues for money – raising a whopping 200M Naira, which will be distributed to organizations helping vulnerable Nigerians, has shown the power of technology and how it can be used for good. On November 17 – the musician took to Instagram and Twitter and asked fans and friends who believe “I’ve given you a hit song” to send money to a bank account he detailed under his name. He asked them to send one million nairas each, and they

DrugStoc has raised $4.4 million in a Series A funding round led by Africa Healthcare Master Fund, Vested World, the German Development Bank and others. The investors will play a vital role in the sector’s continued growth. The firm plans to open more fulfillment centers and increase transit points and routes. It also hopes to provide more improved logistic alternatives for deliveries projected to be tardy. The founders plan to tap into more investment prospects in cold chain infrastructure with the hope of creating safer distribution for perishable items. To

Shuttlers, a “tech-enabled scheduled bus sharing” company, has raised $1.6 million in seed funding from several investors to blitz scale within and outside Nigeria. Via its ridesharing platform, the firm provides companies with better mobility options for their employees.  It also offers a fully functional app that allows mobile professionals on its three plans to book rides. In addition, through the platform, commuters can book a seat on one bus that goes along predetermined and scheduled routes. The company said that some of its other features include live bus tracking, optimal routing

An African healthcare startup running several hospitals has secured $18 million in a Series A round. These funds will build its “tech-forward healthcare system” across Ghana, Kenya, and Nigeria. The funding round for Africal Health Holdings, led by Asia Pacific Land/Natural World Limited, saw the participation of several investors, including TRB Advisors, Breyer Capital, M3, Inc., Valiant Capital, Kepple Ventures, and SUNU Capital. Based in West Africa, Africa Health Holdings will use the new capital to expand its telemedicine service beyond Ghana to countries like Nigeria and Kenya.  The startup’s MyCareMobile

A minority-owned platform that allows you to compare colleges, course options, and tuition fees all in one go has just managed to raise $1M  in a pre-seed round that will go towards improving its search and recommendation technology. Craydel was launched earlier this year by co-founders Manish Sardana, John Nguru, and Shayne Aman Premji. It was inspired by the lack of a reliable portal in Africa to guide the big decisions on which college and course selection students will take. The trio then decided to bring to life a platform that would eliminate this

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