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Venture capital

  • Investec, Crossfin concludes Series-A round with SA chatbot service Atura

    Atura, an automated chatbot for asset management companies, has landed an undisclosed Series-A investment from Blue Garnet Ventures, an investment company that counts Investec and local investment fund Crossfin among others as investors. Crossfin has the majority share in Blue Garnet. The deal was confirmed earlier this week by Atura CEO Paul Cartmel. Atura is a separate company owned by Cape Town software firm New Media Labs (NML), which was founded in 2007. Cartmel told Ventureburn in an email yesterday that the deal was signed last Friday (7 September). While he declined to disclose the amount invested, he said Blue Garnet Ventures' will take a 10% stake in Atura in a Series-A round. "I would prefer not...

  • Southern African VC sector invested over R1bn in 2017 reveals Savca report [Updated]

    Southern African venture capital (VC) funds invested over R1-billion in startups and early-stage companies last year. This, while the number of reported South African VC deals rose from 114 deals in 2016 to 159 last year -- the latest Southern African Venture Capital and Private Equity Association's (Savca) Venture Capital Industry Survey has revealed. The report which was released yesterday (12 September) at the SA Innovation Summit in Cape Town, was carried out in collaboration with research partner Venture Solutions. The survey features data gathered from 57 fund managers as well as other industry investors. The Savca Venture Capital Industry Survey shows that the average deal...

  • Nigerian fintech Paga raises $10m in round led by Global Innovation Fund

    Nigerian mobile payments company Paga has raised $10-million in a Series-B funding round led by London-based Global Innovation Fund. Impact investors Goodwell Investments, Unreasonable Capital and Omidyar Network, along with Mauritius-based private equity fund Adlevo Capital also participated in the round. US tech publication Tech Crunch reported the deal yesterday (6 September), in an article in which Paga founder and CEO Tayo Oviosu (pictured above, right) said the company is planning to expand into Ethiopia, Mexico and the Philippines. Last month, Paga announced that is had 9-million unique users on its platform Oviosu founded the Lagos-based company in 2009. Paga enables its users to send, receive and pay bills using...

  • SA fintech Yoco raises whopping $16m in Series-B round led by Partech

    In what is arguably one of the biggest venture capital deals announced so far this year in South Africa, SA point of sale payments provider Yoco has raised a massive $16-million (over R245-million as of the rate today) in a Series B funding round led by Silicon Valley-based VC firm Partech. Orange Digital Ventures, FMO (The Dutch Development Bank), Future Growth in addition to Yoco's Series A investors Quona Capital and Velocity Capital also participated in the round. The investment brings the total funding raised by Yoco to R322-million. Yoco CEO Katlego Maphai (pictured above, second from right) did not immediately return calls...

  • Five South African fintech dealmakers your startup should meet

    Fintech is one of the fastest growing startup sectors in the world. A number of SA startups have secured multi-million rand investments of late, including in i-Pay, WiiGroup, Entersekt and Luno. KPMG estimates in a report last year that global investment in fintech companies grew from $19-billion in 2015 to over $31-billion in 2017. While a number of insurance and financial services companies are involved in funding fintech startups -- venture capitalists, accelerator heads and banking heads are also getting stuck in. Ventureburn lists five dealmakers that entrepreneurs in the fintech sector should have a conversation with. Here they are. Clive Butkow Disruptive technology that is 12 months...

  • Ventures Platform backs healthtech startup MDaaS with $100k investment

    Nigerian venture capital (VC) firm Ventures Platform has invested $100 000 into Lagos-based healthtech startup MDaaS Global. Ventures Platform founder and CEO Kola Aina announced the investment on Tuesday (4 September) in a post on Medium. MDaaS Global was founded in 2016 by CEO Oluwasoga Oni, CFO Genevieve Barnard Oni, supply chain manager Joe McCord and Nigeria country manager Opeyemi Ologun. The healthtech startup wants to build Africa's largest network of low-cost private medical diagnostic and primary care facilities. In the Medium post, Aina said MDaaS Global's first centre -- which the startup built in Ibadan, Nigeria -- had broken even after five months, in addition to growing revenue by...

  • Goodwell launches new Africa-focused €20m fund aimed at inclusive economy

    Dutch impact investor Goodwell Investments has announced that it has launched Goodwell IV, a €20-million fund for investments in the inclusive economy in Sub-Saharan Africa. In a statement today (5 September), the impact investor said the launch of the fund "specifically meets" growing demand for impact investments from private investors, family offices and foundations that approached Goodwell Investments following the successful closure of its predecessor fund, Goodwell III, earlier this year. Responding to questions from Ventureburn, Goodwell Investments director for marketing Nico Blaauw said the new fund has "similar specifics" as its previous fund -- Goodwell III. Goodwell IV will invest a minimum ticket size of €250 000...

  • Kenyan logistics startup Bwala Africa Group secures over $200k in funding

    Nairobi-based last-mile logistics startup Bwala Africa Group has secured a loan of 24-million Kenyan Shillings ($238 000) from Kenyan bank CFC Stanbic. The startup, which launched earlier this year in January and claims to have recorded over 6000 deliveries in Nairobi, will use the capital to purchase eight new trucks from Isuzu East Africa. In a statement yesterday (4 September), Bwala Africa Group founder and CEO Kennedy Nyabwala said the startup has entered into "major partnerships" with some of Kenya's top retail stores. Bwala Africa Group, which was founded nine months ago, has also launched its own escrow payment service called BwalaPay "The partners include Copia,...

  • Nigerian ISP startup Tizeti closes $3m Series A round led by 4DX Ventures

    Lagos-based ISP startup Tizeti, and its Wifi.com.ng service, has closed a $3-million Series-A round led by 4DX Ventures. Tizeti builds and operates solar-powered towers while also providing residences, businesses, events and conferences with unlimited high-speed broadband internet access. The startup claims that since it graduated from Y Combinator's Winter 2017 cohort, it has installed over 7000 Wi-Fi hotspots in Nigeria and that it has 150 000 users. In a statement today (5 September), the startup revealed that Y Combinator Continuity, Lynett Capital, Social Capital, Western Technology Investment, Friále and Golden Palm Investments also participated in the round. As part of the investment, 4DX managing partner and...

  • ‘Three decades of microfinance key to social investing – Finca Ventures head

    Finca International's 30-year experience in microfinance has given newly launched impact investor Finca Ventures a good grasp on what it takes to scale social enterprises, says the new entity's managing director Ami Dalal. The comments by Dalal (pictured above) follow the organisation's announcement last week that it had launched the Finca Ventures impact investment platform. Finca International is the majority shareholder of Finca Impact Finance, a global network of 20 community-based microfinance institutions and banks. In an email earlier this week, Dalal told Ventureburn that Finca International had helped pioneer the microfinance movement in the 1980s when such market-based solutions were "not commonplace" Some of the African...