VC Trends Watch: May 1 – 5, 2023
It’s another Friday!
Sincere apologies for the no-show last week.
VC funding has gone down and, consequently, affected this weekly post in length and frequency.
So, on occasion, it might be substituted with other VC funding-related posts in the future as was the case last week.
But today, here’s what happened in the venture capital space last week.
African FinTech Company, Nomba, Raised $30M Pre-Series B
A huge $30M funding round coming after the lull period becomes the biggest news. Nomba, which offers its customers both payment solutions and savings options, brought cheer to African tech enthusiasts last week.
Investment veteran Vinod Khosla and Partech Ventures made a follow-on round, although the round was led by Base 10 Partners. Interestingly, Shopify and Helios Ventures joined the Pre-Series B.
This new round will be deployed to customize the payment solutions offered by Nomba, especially the launch of the POS hardware – Nomba MAX.
Tunisian Start-up, Drest.tn, Raised $336K Funding
Online fashion and accessories start-up, Drest.tn, raked in $336K from 216 Capital Ventures. The funding capital will be used in optimizing its customer experience.
Tunisia has a couple of e-commerce sites that sell consumer products ranging from clothing to lifestyle products, from gadgets to electronics.
Jumia Tunisie seems to be leading the e-commerce pack with almost two million page views monthly (source: similarweb). Other brands that are pushing deals to consumers include Technopro-online and Decathalon.
The next funding will probably have logistics and last-mile delivery start-ups in Tunisia.
African Start-ups Awarded by The Milken Institute & Motsepe Foundation
Tanzanian biotech start-up, NovFeed, won the first prize from The Milken Institute & Mostsepe Foundation in Agritech and raked in $1M as prize money.
First runner-up was Ugandan start-up, Karpolax with $300K followed by IRRI-AfricaRice with $150K in third place.
Until Friday next week.
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