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Venture capital

  • Kenya’s SuperFluid Labs nets funding from German VC firm

    German venture capital (VC) firm GreenTec Capital Partners has invested an undisclosed amount in Nairobi-based data analytics startup SuperFluid Labs. The Frankfurt-based VC firm made the announcement in a blog post on its website on Tuesday (22 January). SuperFluid Labs, which also has offices in Accra and Frankfurt, was founded in 2015 by CEO Timothy Kotin and director William Marks. The startup uses artificial intelligence (AI) and big data to assess credit scores and provide business intelligence. SuperFluid Labs was founded in 2015 and has offices in Nairobi, Accra and Frankfurt SuperFluid Labs' uses its platform to mine customer transactional data to automatically predict...

  • Section 12J industry body established to ensure industry sustainability

    South Africa's private equity and venture capital (VC) sector are gearing up for a final push to raise millions of rands from wealthy investors for the SA Revenue Service's (Sars) Section 12J VC tax incentive before the end of the current tax year on 28 February. Within this final push, Westbrooke Alternative Asset Management announced yesterday that it has spearheaded the formation of an industry body which aims to prove the viability of extending the incentive past June 2021. The VC tax incentive, set up under Section 12J of the Income Tax Act, allows investors who make investments in approved VCs — that then...

  • Andela secures $100m Series-D round led by Generation Investment Management

    Andela -- a New York-based company that identifies, develops and outsources talented African software developers -- has secured a $100-million Series-D funding round led by London-based private equity firm Generation Investment Management. Andela's previous investors Spark Capital, GV (Alphabet's venture capital arm), CRE Venture Capital and the Chan Zuckerberg Initiative also participated in the round which brings the firm's total venture funding to $180-million. The company was founded in 2014 by Kenyan Brice Steven Nkengsa, Nigerians Iyinoluwa Aboyeji and Nadayar Enegesi as well as Americans Christina Sass and Jeremy Johnson and Canadian Ian Carnevale In a statement today (23 January), the company said it will...

  • Egyptian startups increasingly turning to angels to land their first funding

    Egyptian entrepreneurs have long had to rely on the usual friends or family or on their own savings when launching a tech startup. But an increasing number are now looking to angel investors, when securing their startup's first capital. So, says Cairo Angels investment associate Muhammed Hegazy. Speaking to Ventureburn, Hegazy (pictured above, back row, right) says the mindset of Egyptian entrepreneurs towards angel investors is "starting to shift" as they consider angel investors as the "first-to-go market". He attributed this to Egyptian entrepreneurs who have come to see local angel investors as fellow entrepreneurs who understood what it takes to...

  • Goodwell makes $2m equity investment in Kenyan-based ecommerce firm Copia

    Dutch impact investor Goodwell Investments has made a $2-million investment in Nairobi-based consumer goods catalogue and delivery service Copia. The firm -- founded by Americans Tracey Turner and Jonathan Lewis -- uses technology and a network of over 3000 local agents to deliver goods and services to about 40 000 underserved consumers in rural Kenya. According to Turner's LinkedIn page, the company -- which today is headquartered in Nairobi -- was founded in Silicon Valley in 2013. The company's website however has it that it was founded in 2012, while US business publication Bloomberg states that Copia Global was formerly known...

  • Ghanaian healthtech company mPharma secures over $9m in Series-B funding

    Accra based medicine benefits and inventory manager mPharma has raised over $9-million in a Series-B funding round from as yet undisclosed investors. Uganda-based tech publication Digest Africa reported on Tuesday (15 January) that the $9 729 000 that mPharma raised in exchange for a share in the six-year-old company, fell short of the $12-million that the firm was looking to raise. Digest Africa's report was informed by a US Securities and Exchange Commission filling made last Thursday (10 January). However, the filing does not reveal what percent equity the funding was in return for or who the investors -- only...

  • Newtown Partners shifts focus to offshore deals amid SA challenges

    SA entrepreneur Vinny Lingham's angel investment fund Newtown Partners has shifted its focus to sourcing deals outside of South Africa because of the poor economic and political climate at home, says the fund's managing partner Llew Claasen. Claasen (pictured above), who is based in Cape Town, told Ventureburn last month that while the fund had sourced about 10 of its 16 deals concluded since it launched 2014 in South Africa, he and Lingham are now looking more at deals offshore. He described the fund's focus as being on blockchain projects and added that via its US office in Sunnyvale, California the...

  • SA startup Virtual Actuary may consider ‘combo valuation’ with US partner

    Six months after turning down an investment offer from a major SA insurance company, SA startup Virtual Actuary is in the US for talks with venture capitalists -- including some who are keen to do "a combo valuation" with the startup's US partner, software developer Insurtech Global. Virtual Actuary co-founder Adi Kaimowitz has been in the US for the past week after being invited to speak on disruption in the actuarial world at an event at the Hartford Insurtech Hub in Hartford, Connecticut (See a video of the talk he did in Hartford on Thursday last week below). Virtual Actuary,...

  • How SA social enterprise startup Vollar landed a R500k investment at Slush

    Having completed 2018 with a budget of just R225 000, Stellenbosch-based social enterprise startup Vollar last month secured a R500 000 investment from an angel investor at Finnish tech conference Slush 2018. Slush, which is held annually in Helsinki, aims to connect startup founders with investors, as well as provide them access to startup networks. Last year's edition took place on 4 and 5 December. Vollar founder and CEO Kyle Ueckermann (pictured above) -- whose startup has developed a digital token for tracking and rewarding social good -- told Ventureburn yesterday (14 January) that he previously lived in Helsinki and earlier...

  • WhereIsMyTransport to take on India, Latin America after $1.85m investment

    Cape Town and London-based mobility data startup WhereIsMyTransport has secured a $1.85-million investment as part of of its Series-A round in a deal led by Mexico City-based corporate venture capital fund LiiL Ventures. Dutch impact investor Goodwell Investments also participated in the round. WhereIsMyTransport collects and provides access to public transport data, in addition to journey planning. The company was started by Chris King and Devin de Vries in 2008 in Cape Town (pictured above, on right and centre, respectively with Dave New who joined as a founder subsequently). The company relaunched in 2015 after opening an office in London. In a statement announcing the investment, De Vries described Liil Ventures as an investor that is...

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