Lagos-based utility company, Beacon Power Services, has closed a seed round of $2.7 million. The funding round led by Seedstars African also saw venture capital firms Keeple Africa Ventures, Factor[e], and Ordiun Capital Management participate in the funding round. Beacon Power Services, founded in 2013 by Bimbola Adisa, is a leading provider of data and grid management solutions for Africa’s power sector. The platform, established to address Nigeria’s inadequate electricity supply, aims to enhance energy access for Africa’s cities significantly. Beacon Power’s primary goal is to improve the quality and duration of electricity
Miami-based cybersecurity startup, Lumu, has closed an $8 million investment round. The funding round led by Panoramic Ventures also included SoftBank Group’s SB Opportunity Fund, KnowBe4 Ventures, Land Bess, a former Zscaler, and Tom Noonan, former CEO at Internet Security Systems. Lumu, founded in 2019 by Ricardo Villadiego, is a cybersecurity company that helps businesses identify and isolate cyber-compromise in real-time. The platform identifies and isolates potential threats, attacks, and adversaries affecting enterprises. As more nation-state criminal groups continue targeting everything from business IP to government secrets, Lumu’s services have proven to
Digital investment platform, Stackwell Capital, has raised $3.5 million. The funding round was led by Michael Gordan, president of Fenway Sports Group, Jeremy Sclar, and The Kraft Group. Venture capital firm Shea Ventures, SSC Venture Partners, Shorehaven Wealth Partners, and Theo Epstein, a consultant to Major League Baseball, also participated in the funding round. Stackwell Capital, founded in 2021 by Trevor Rozier-Byrd, is a digital investment platform created to eliminate the racial wealth gap by empowering a new community of Black investors. In addition, the platform works to provide Black
Black-owned digital marketplace, Clutch, has raised $1.2 million in a pre-seed investment fund. The funding round which Precursor Ventures led also included Capital Factory and HearstLab. Clutch, co-founded in 2020 by Madison Long and Simone May, is a digital marketplace for emerging brands and creators. According to the outlet, Long and May built the platform to provide a space where creators can launch, market, and grow their side hustles. Clutch works to create a world where authentic, engaging work supports a more sustainable, equitable lifestyle. As a people-first platform, creators
Adesuwa Okunbo Rhodes is the Managing Partner and Founder of Aruwa Capital Management and one of a handful of women leading VC firms in Africa. Aruwa invests between $500,000 and $2.5 million in post-seed stage startups. Beyond being able to invest in an underrepresented market, existing data suggests that gender diversity improves companies’ profitability, and Rhodes was keen to exploit this. “I’ve been in the industry for 14 years. I was running a fund prior to launching Aruwa, and when I was fundraising for that fund, I looked around and saw that there
The business and tech industry has created two flaws, according to Henri Pierre-Jacques, a managing partner at Harlem Capital. Sharing his thoughts on the investor ecosystem on Linkedin, he said: “young companies are now all called ‘startups,’ implying they are tech-focused when most aren’t […] We push all young companies towards VC when most shouldn’t raise venture capital. “There aren’t enough ways for young companies that aren’t startups to get growth capital, so they have been essentially forced to become ‘startups’ to target VC.” For context – back in March
POC-led embedded integration platform, Paragon, has raised $13 million in a Series A funding round led by Inspired Capital Partners. The funding round also included investors FundersClub and Garuda Ventures. Paragon, founded in 2019 by Ishmael Samuel and Brandon Foo, provides customers with a seamless, self-service experience that fits within the users’ existing workflow. The program, which is still relatively new in the market, has helped several companies integrate with different SaaS apps in a matter of minutes. The platform’s vision is to build a connecting layer for all software
Black woman-owned sports tech platform PowerHandz has closed a “multimillion-dollar investment” with one of the world’s largest investment companies, Vanguard Holdings Group. In 2021, the company announced its merger with PH Innovation Holdings. The partnership enabled PowerHandz to feature some of its performance products and training content in the multi-sport training app’s live stream, reaching a more comprehensive range of youth, coaches, and parents worldwide. The platform received a multimillion-dollar capital injection from Vanguard Holdings Group a year later. Vanguard has also made a private tender offer to the tech
Africa-focused VC, Oui Capital, closed its $300 million second fund, Capital Mentors Fund II, targeted at supporting pre-seed and seed stage businesses. The funding round included investors, D Global ventures, Angur Nagpal’s Vibe Capital, One Way Ventures, and Ground Squirrel Ventures. Oui Capital, founded by Olu Oyinsan and Francesco Andreoli, launched its first $10 million fund in 2018. The investment firm aims to bridge the gap between high-growth technology startups in sub-Saharan Africa. It is on a mission to become the first “yeses” entrepreneurs hear as they embark on their startup
Black-owned startup, Qwili, raises $1.2 million in seed funding. The funding round, led by South African venture firm E4E Africa also included Strat-Tech, Next Chymia, Untapped Global, and Codec Ventures. Angel investors Ashwin Ravichandran and Kanyi Maqubela also participated in the funding round. Qwili, co-founded in 2020 by Luyolo Sijake, Thandwefika Radebe, and Tapfuma Masunzambwa, works as a hybrid sales platform to support micro and small merchants in South Africa. The company, which aims to address the lack of access to digital products and services within the African market, has developed a quality and
