Can you believe it’s another Friday and another new month? Where is 2023 racing to?!
And did you know Tanzanian start-ups have received less than $100m in funding over the past four years, with 2021 being their most successful year, attracting a total investment of $90.1m? Did you also know that as of Q4 2021, agricultural activities accounted for nearly 30 per cent of Tanzania’s GDP, compared to 26.9 per cent the previous year? We thought it would be good to share those important statistics.
Now, back to the thrust of this weekly post. Here’s what happened in the venture capital space between May 22 & 26, 2023.
South African FinTech, TymeBank, Raised $77.8 M Pre-Series C Round
Last week, South African FinTech, TymeBank, recorded the highest funding round, a $77.8m pre-Series C round led by African-focused, growth-stage fund, Norrsken22 and Swiss global impact investment firm, Blue Earth Capital.
TymeBank has been on an upward trajectory and has raised over $180m since its inception in 2018. The fintech raised $110m in 2021 before acquiring fintech company, Retail Capital, in 2022.
TymeBank is one of the first digital banks in South Africa to operate fully as a cloud-based, infrastructure network. The bank offers services in transactional banking and savings through its money transfer solutions, GoalSave, and TymeCoach App which gives tips on better money decisions.
Tencent also took part in the round and increased its stake to become TymeBank’s third-largest shareholder.
Low Carbon Economy Fund for Africa Hits First Close At $48m
The E3 Low Carbon Economy Fund for Africa (E3LCEF), a fund by early-stage VC E3 Capital (formerly Energy Access Ventures) and emerging markets-focused investment bank Lion’s Head Global Partners, hit its first close at $48.1m.
The fund aims to provide initial and follow-on funding to start-ups such as solar providers and EV start-ups, supporting low-carbon economies.
The fund’s limited partners include FMO, Swedfund International AB, Proparco, and KfW.
Deal Street Wrap-Up
- Dawi Clinics, the largest chain of outpatient care in Egypt, raised EGP 250 m ($8m) to fund the growth of its chain of clinics across the Egyptian market by opening 30 new branches. Al Ahly Capital Holding (ACH), the local investment arm of the National Bank of Egypt, led the round.
- Kunda Kids, a children’s media publisher and creative studio, announced the launch of the Kunda & Friends YouTube series after the company closed its $700k pre-seed funding round. Zrosk Investment Management led it with participation from Voltron Capital, Argentil Capital, HoaQ, and Kaleo Ventures.
- Egyptian auto-tech start-up, Helpoo, secured undisclosed funding from Saudi firm, Morni Holdin. to help the auto-tech scale. Morni Holdin offers a diverse range of products including an electronic auction platform, the first third-party administrator of motor claims licensed by the Saudi Central Bank.
And that’s a wrap!
Until Friday next week.
GetFundedAfrica is a cloud-based technology platform specializing in developing software that helps businesses to fundraise, grow, and tell their stories. Whether you want to raise funds ranging from $100k to $50m, scale your business or share your entrepreneurial journey, sign up for free at www.getfundedafrica.com.