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Funding News in Africa – in Association with GFA (May 2nd, 2020)

This is Arbiterz funding news updates across Africa. It is a weekly news and funding opportunities round updates for entrepreneurs on the continent, in association with GetFunded Africa (GFA), a data and research firm helping medium and large companies in Africa to raise funds for growth & expansion.

This week, May 2nd, 2020, funding news review:

Nigerian fintech platform Okra has secured a $1-million pre-seed investment from Nairobi and London based venture capital (VC) firm TLcom Capital. Read more.

Ghanaian retail startup, Sumundi secures investment from Greentec Capital

Ghanaian startup Sumundi has secured undisclosed funding from GreenTec Capital to help it expand operations. The retail startup, founded in 2018, has developed an innovative digital retail management platform designed to help retailers manage, grow, and sustain their businesses.

MPower raises $430,000 to expand its off-grid energy solutions in Africa

MPower, a Switzerland-based tech4impact venture tackling the challenges of energy access and financial inclusion in Africa has raised $430,000 via British crowdfunding platform Crowdcube to help it upgrade its software, scale-up operations in its current markets and launch into three new markets by the end of the year. Read more

Transmara Sugar plans Sh4.7 billion electricity plant

Transmara Sugar Company plans to produce 25 megawatts (MW) of electricity at its Kilgoris factory for which it is negotiating approval to generate and supply with regulators. Read more

Alex Angels launches $6 million early-stage fund to back Egyptian startups

Alexandria Angels (more commonly known as Alex Angels), the angel network from Egypt, has launched Alex Angels Fund, a $6.3 million (EGP 100 million) fund to invest in Egyptian startups, it announced today in a statement. Read more

Egyptian food-tech startup Mumm raises pre-Series A funding from Alex Angels

Egyptian food-tech startup Mumm has closed a pre-Series A bridge funding round from Alexandria Angels to maintain its growth during and beyond the COVID-19 crisis. Read more

The GSMA Innovation Fund for Mobile Internet Adoption and Digital Inclusion is now open

Are you a start-up or SME in Sub-Saharan Africa or Asia? Are you helping people get online for the first time using mobile internet?

You could be eligible to apply for an equity-free grant of between £100,000 and £250,000 to scale your innovation over a 15- to 18-month period. Apply HERE

Alitheia IDF Fund for Women-Led African Startups Closes Second Round Of Funding At $75m

Alitheia IDF, an SME investment fund for businesses with high-growth in Africa, has reached its second close at US$75 million and will announce its first investments soon. Read more

Money Transfer Startup Founded By Zimbabwean Secures US$5 Million

Digital company, Senditoo is fast becoming one of the dominant fintech start-ups in Africa, after securing a US$5 million line of credit from an international conglomerate. Read more

Gogettaz Agripreneur Prize 2020 Opens Application to African Agribusiness Startups

The GoGettaz Agripreneur Prize aims to find Africa’s brightest young agrifood entrepreneurs. We are searching for agribusinesses that bring technology, innovation, and passion to the agriculture and food industries. APPLY HERE

Investor Partech Raises $100M for Its Third Global Seed Fund to Invest In A Post-Covid Future

Venture Capital firm and previous investor in African startups such as Kudi, Terrapay, Gebeya, etc. Partech has announced the final closing of its latest Seed Fund, Partech Entrepreneur III, at $100M, investing in post-COVID trends in health, work, commerce, finance, mobility, and computing. Read more

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