The Flip

$40,225,000! That's how much two African startups raised last week. Here's the funding tracker for week 28 (July 8th - 14th, 2024): 2/ BasiGo Rwanda BasiGo is an electric bus company that leases electric buses to local bus owners. - Amount raised: $225k - Lead investor: Ireme Invest - Location: Rwanda 1/ NALA NALA enables people and businesses to make cross-border payments between the USA, UK, and Europe to Africa. - Amount raised: $40 million - Lead investor: Acrew Capital - Location: Tanzania Want more insights and stories from entrepreneurs around the continent, to help make building a little bit easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

This female-led startup just raised $1.4 million. They've also raised $100,000 pre-seed from Antler VC in 2021 and $1 million in a 2022 seed round. Here's everything we could gather about Uncover's (founded by Sneha Mehta, CFA and Jade Oyateru, MBA) latest funding round:

Funding for the fintech sector in Africa dropped 74% in H1 2024 compared to H1 2023, despite remaining the top-funded sector. Where do you think investor appetite is shifting, and why? A) Agritech B) Logistics C) Cleantech D) Healthtech

Fundraising for African startups in H2 of 2024 may be off to a strong start. Because NALA a Tanzanian fintech company, recently announced raising $40 million in a Series A round. According to TechCrunch, this is one of the largest Series A transactions in Africa. Here’s everything we could gather about Nala's $40 million Series A:

Katlego Maphai on the necessity and challenges of fundraising for startup success:

H1 2023: $1.43 billion H1 2024: $780 million African startups raised 57% less in H1 2024 compared to H1 2023. Here are the top 5 deals of H1 2024: 5. Roam Roam is a technology-driven electric mobility company that designs and develops electric motorcycles and electric buses for emerging markets. ∙ Amount raised: $24 million ∙ Lead investor: Equator Africa ∙ Location: Kenya 4. SunCulture SunCulture designs, manufactures, finances, and services Africa's market-leading IoT-enabled solar energy systems and irrigation equipment. ∙ Amount raised: $27.5 million ∙ Lead investor: Reed Hastings et all. ∙ Location: Kenya 3. SPIRO SPIRO is Africa's largest electric vehicle company, uniquely dedicated to promoting clean industrialization through e-mobility technologies. ∙ Amount raised: $50 million ∙ Lead investor: African Export-Import Bank (Afreximbank) ∙ Location: Benin 2. M-KOPA M-Kopa provides solar energy solutions and financial services to underserved communities across Africa. ∙ Amount raised: $51 million loan ∙ Lead investor: DFC ∙ Location: Kenya 1. Moove Moove provides customers with access to vehicle financing. ∙ Amount raised: $100 million ∙ Location: Nigeria ∙ Lead investor: Uber The Big 4 tech raised 79% ($602 million) of the total $780 million raised on the continent between January and June 2024. The top destination for funding was Kenya, which accounted for $244 million of the total sum. Nigeria followed with $172 million, while Egypt received $101 million, and South Africa rounded off the top four with $85 million in attracted funding. Want more insights and stories from entrepreneurs around the continent, to help make building a little bit easier? Subscribe to our newsletter: https://lnkd.in/dFw3dXe

Njavwa Mutambo on tackling core industry challenges for impactful innovation and business development:

Which African startup founder inspires you the most and why? Could it be Adewale Yusuf, Odunayo Eweniyi, Kiaan Pillay, Ham Serunjogi, or Olugbenga Agboola? It's probably Ruth Iselema, or Yanmo Omorogbe, CFA. Whichever it is, please let us know in the comment section.

Shola Akinlade on "how build it and they will come" works when targeting nonconsumption:

These four sectors have received the most funding in Africa in 2024: ∙ Fintech: $179.1 million ∙ Agri & Food: $75 million ∙ Energy & Water: $136.2 million ∙ Logistics & Transport: $215 million Despite an overall funding decline of over 40% compared to last year, these sectors seem unfazed by the continuous decline in funding on the continent and the effects of the global economic climate Leading the pack is Logistics & Transport with $215 million, significantly boosted by Uber's $100 million Series B investment in Moove. Fintech follows with $179.1 million, representing over 22% of this year's total funding, a notable decrease from last year's $852 million out of $1.7 billion. Energy & Water ranks third at $136.2 million, while Agri & Food comes in fourth with $75 million. What are your predictions for which sector will lead in funding for the rest of 2024? Let us know your thoughts in the comment section.