VC Trends Watch: Feb. 27 – Mar. 03, 2023

We’re back with another condensed rundown of what unfolded in the week of Feb. 27  to Mar. 03, 2023, in the African venture capital investment space.

Mastercard Foundation & Gebeya Launch $48 M Partnership

Gebeya Inc, the SaaS-enabled, Pan-African marketplace and the Mastercard Foundation announced Mesirat, a $48 M, five-year programme that will equip 100 entrepreneurs in Ethiopia with their own multi-sided, gig marketplaces.

The two organizations and several other consortium partners will leverage their combined experience and expertise to co-create and replicate Gebeya’s model in tourism and hospitality, agriculture, education, construction, healthcare, commerce, manufacturing, Information Technology (IT), professional services, transport, the fast-moving consumer goods (FMCG) and entertainment sectors.

Mesirat will also empower entrepreneurs, especially young men and women, to launch and fully run their own gig marketplaces successfully across Ethiopia.

As an aside, Mesirat means “to work” in Amharic, the official language of Ethiopia.

South African Start-up, Envisionit Deep AI, Secures $1.65 M Funding

South African health tech start-up, Envisionit Deep AI, secured $1.65 M investment from New GX Ventures SA, a joint venture between New GX Capital, RMB Ventures and GIIG Africa.

The start-up offers teleradiology for patients who require radiology reports. Its on-site product can be integrated with devices such as X-ray machines to diagnose and treat at the point of care.

The funding comes after the start-up emerged as the Southern Africa regional winner at the African Start-up Awards.

Moroccan Edutech Start-up, KOOLSKOOLS, Raises $960 K Funding

Edutech start-up, KOOLSKOOLS, secured a $960 K (MAD10 million) investment from Azur Innovation Fund.

The start-up plans to use the funding to consolidate its presence on a national scale and start its international expansion by acquiring human, technical and marketing resources.

KOOLSKOOLS is a collaborative, educational platform which responds to pedagogical problems with the digitization of various processes like interactive courses and exercises, content bank, live courses, monitoring of skills, and remediation process.

Deal Street Roundup

  • Wicrypt Network, a blockchain-based, Wi-Fi-sharing network from Africa, announced the passing of 1,000 hotspot hubs worldwide and won the global prize at LEAP 2023 Rocket Fuel Pitch Start-up Competition.

And that’s a wrap!

More funding news on Friday next week.


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