Africa Start-up and Technology Developments: September 2021
The final month in Q3 was a great one for Africa’s tech-driven companies. We saw $413.2 million USD raised over 39 funding rounds (excluding grants, prizes and non-equity fundraises). Comparatively, in July, African technology companies raised $168.8 million USD over 41 funding rounds and $196.6 million USD over 37 funding rounds in August.
In September, one of The Baobab Network’s portfolio companies, ConDigital from Ethiopia, announced an undisclosed Pre-seed funding round. Also in the same month, 2 African technology companies received funding that resulted in the valuation of over $1 billion USD: Senegal’s cross-border payments solution, Wave, and Nigerian software development HRTech, Andela.
Acquisitions in September
In September 2021, Autochek, a Nigerian digital car marketplace, acquired Cheki Kenya and Uganda (East African counterparts), from ROAM Africa. This acquisition enables Autochek to expand from West Africa (Nigeria and Ghana).
Also in the e-commerce car space, Contactcars, an Egyptian online car marketplace, acquired Sa3ar Technology Solutions, an auction and car valuation provider.
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Another sector that has produced 2 acquisitions in September 2021 is the logistics sector; Karooooo’s acquisition of Picup will enable the e-commerce platform to facilitate deliveries. Diggipacks is a Saudi Arabian logistics company and the acquisition of FwRun, an Egyptian counterpart, will allow for expansion from the Middle East into Africa.
There was a FinTech play in the M&A world in September as Zip, an Australian payment company acquires South Africa’s PayFlex, a buy-now-pay-later platform.
Product launches
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September saw 9 new product launches from African technology companies ranging from Redbird, a Ghanaian HealthTech’s new reward programme for pharmacy staff, to Jumo partnering with MTN Cote D’Ivoire to offer users short-term credit facilities.
Regarding geography, Kenyan and South African technology companies were responsible for 2 each of the product launches in the month of September. Cote D’Ivoire, Ghana, Egypt and Nigeria were home to 1 each of the start-ups that launched products last month, while eLearnAfrica is a social enterprise serving students across Africa, whose recent partnership with the Association of African Universities (AUU) will give university students access to free courses.
EdTech has come to the fore especially during the global health crisis as many nations shuttered their school doors forcing education systems to reconsider their methodology to reach millions of students locked down in their homes.
Regional expansion
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Dawa Health, a Zambian HealthTech that focuses on maternal health, announced in September that it intended to expand into neighbouring countries Zimbabwe, Malawi and Tanzania, following the success of their pilot programme.
Other expansions came from Guidewheel (formerly known as Safi), a Kenyan manufacturing tech start-up launched in 2018 that is now in the US market with plans for global expansion in the coming years. We mentioned the company in our East Africa VC market map for 2021 as they secured $8 million USD in a Series A funding round this year.
Centbee, a South African BitCoin wallet’s remittance service Minit Money, was selected to test the regulatory treatment of crypto assets for low-value cross-border remittances between South Africa and Ghana last year. Since then, the service is available in Nigeria, Senegal, Benin, Ivory Coast and Uganda, with plans to add Mali, Tanzania, Kenya, Mozambique and Zimbabwe soon.
Finally, Moove, an Uber financing partner launched in Cape Town, continuing expansion into the South African market after success in Johannesburg, and in West African cities, Lagos and Ghana. This came alongside a raise of $23 million USD in a Series A funding round.
A good month?
September 2021 is one for the books as we see record funding for the quarter and 2 African technology companies valued at over $1 billion USD, joining the few unicorns currently in the stable.
Will the next month and quarter bring even more growth in the African VC landscape?
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Africa Start-up and Technology Developments: September 2021
The final month in Q3 was a great one for Africa’s tech-driven companies. We saw $769.6 million USD raised over 39 funding rounds (excluding grants, prizes and non-equity fundraises). Comparatively, in July, African technology companies raised $168.8 million USD over 41 funding rounds and $196.6 million USD over 37 funding rounds in August.
In September, one of The Baobab Network’s portfolio companies, ConDigital from Ethiopia, announced an undisclosed Pre-seed funding round. Also in the same month, 2 African technology companies received funding that resulted in the valuation of over $1 billion USD: Senegal’s cross-border payments solution, Wave, and Nigerian software development HRTech, Andela.
Acquisitions in September
In September 2021, Autochek, a Nigerian digital car marketplace, acquired Cheki Kenya and Uganda (East African counterparts), from ROAM Africa. This acquisition enables Autochek to expand from West Africa (Nigeria and Ghana).
Also in the e-commerce car space, Contactcars, an Egyptian online car marketplace, acquired Sa3ar Technology Solutions, an auction and car valuation provider.
Are we missing anyone?
Submit Startup
Another sector that has produced 2 acquisitions in September 2021 is the logistics sector; Karooooo’s acquisition of Picup will enable the e-commerce platform to facilitate deliveries. Diggipacks is a Saudi Arabian logistics company and the acquisition of FwRun, an Egyptian counterpart, will allow for expansion from the Middle East into Africa.
There was a FinTech play in the M&A world in September as Zip, an Australian payment company acquires South Africa’s PayFlex, a buy-now-pay-later platform.
Product launches
Are we missing anyone?
Submit Startup
September saw 9 new product launches from African technology companies ranging from Redbird, a Ghanaian HealthTech’s new reward programme for pharmacy staff, to Jumo partnering with MTN Cote D’Ivoire to offer users short-term credit facilities.
Regarding geography, Kenyan and South African technology companies were responsible for 2 each of the product launches in the month of September. Cote D’Ivoire, Ghana, Egypt and Nigeria were home to 1 each of the start-ups that launched products last month, while eLearnAfrica is a social enterprise serving students across Africa, whose recent partnership with the Association of African Universities (AUU) will give university students access to free courses.
EdTech has come to the fore especially during the global health crisis as many nations shuttered their school doors forcing education systems to reconsider their methodology to reach millions of students locked down in their homes.
Regional expansion
Are we missing anyone?
Submit Startup
Dawa Health, a Zambian HealthTech that focuses on maternal health, announced in September that it intended to expand into neighbouring countries Zimbabwe, Malawi and Tanzania, following the success of their pilot programme.
Other expansions came from Guidewheel (formerly known as Safi), a Kenyan manufacturing tech start-up launched in 2018 that is now in the US market with plans for global expansion in the coming years. We mentioned the company in our East Africa VC market map for 2021 as they secured $8 million USD in a Series A funding round this year.
Centbee, a South African BitCoin wallet’s remittance service Minit Money, was selected to test the regulatory treatment of crypto assets for low-value cross-border remittances between South Africa and Ghana last year. Since then, the service is available in Nigeria, Senegal, Benin, Ivory Coast and Uganda, with plans to add Mali, Tanzania, Kenya, Mozambique and Zimbabwe soon.
Finally, Moove, an Uber financing partner launched in Cape Town, continuing expansion into the South African market after success in Johannesburg, and in West African cities, Lagos and Ghana. This came alongside a raise of $23 million USD in a Series A funding round.
A good month?
September 2021 is one for the books as we see record funding for the quarter and 2 African technology companies valued at over $1 billion USD, joining the few unicorns currently in the stable.
Will the next month and quarter bring even more growth in the African VC landscape?