Paymob, the Egypt-born fintech startup, has successfully secured an additional $22 million in funding, boosting its Series B round total to $72 million. This latest investment comes on top of the $50 million raised in 2022, bringing Paymob’s total funding to over $90 million since its inception.
African Originals, the company behind popular craft beverage brands Kenyan Originals and 5.8, has successfully secured $2 million in funding, led by Phoenix Beverages Limited. This significant investment marks a major milestone for African Originals, enabling the company to scale its operations, expand its product range, and reinforce its commitment to sustainability and community impact.
Field, an African healthtech leader, has launched a groundbreaking route-to-market service aimed at combating maternal mortality, newborn and child health issues, and improving nutrition across the continent. This initiative leverages Field’s proprietary technology and extensive distribution network, which serves over 40,000 healthcare providers in Kenya and Nigeria. The service is supported by an initial $11 million grant from the Bill & Melinda Gates Foundation, underscoring the commitment to introduce innovative therapies and transform supply chains to address Africa’s urgent health priorities.
Sierra Leone’s government has secured a $50 million agreement with China National Technical Import & Export Corporation to fund the SMART Sierra Leone Project. This significant deal was finalized in Beijing during the Forum on China–Africa Cooperation (FOCAC) Summit, a key event aimed at strengthening ties between China and African nations.
The Insurance Regulatory Authority (IRA) has introduced a new initiative aimed at fostering investment in geothermal energy projects across East Africa. The newly launched Geothermal Risk Underwriting Facility is designed to utilize local insurance capital to mitigate risks associated with renewable energy projects, thus encouraging private sector investment in the sector.
Chpter, a Kenyan e-commerce startup founded by the team behind YC-backed Marketforce, has successfully raised $1.2 million in a pre-seed funding round. This significant milestone comes as Chpter gears up to enhance its technology stack and expand its operations into Egypt and Nigeria. The company, established in 2022 by Tesh Mbaabu, Mesongo Sibuti, Kuria Kevin, and Mark Kiarie, specializes in transforming social media into a robust sales platform through chat, order, and payment tools.
DOB Equity, a private equity fund with bases in Nairobi and the Netherlands, has appointed Karen Serem Waithaka as its new Chief Executive Officer. Karen brings over 15 years of expertise in the financial services sector to her new role, stepping into the leadership position at a pivotal moment for the fund. This appointment follows recent significant changes in leadership and challenges within DOB Equity’s portfolio companies.
The newly-rebranded Africa-focused venture capital firm, 54 Collective, is set to transform start-up investments on the continent by moving away from the traditional Silicon Valley plug-and-play model. Formerly known as Founders Factory Africa, 54 Collective aims to provide comprehensive support tailored to the unique needs of African start-ups.
