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Venture capital

  • Egyptian startup HitchHiker secures $200k round from Dubai-based angels

    Cairo-based peer-to-peer international shipping startup HitchHiker has announced that it has secured $200 000 in a round of funding led by Dubai based angel investors. The startup made the announcement last Friday (19 October) in a post on Facebook. "We Couldn't Be More Proud We Raised $200,000 in our first Seed Round of Investment. Thanks to our users who trusted us and used our app as Shoppers or Travelers ," the company posted. HitcHiker was founded last year by CEO Hussein El-Terawy (pictured above, left) CTO Hassan Selim (pictured above, right). The startup connects shoppers with travellers from around the world through its...

  • German-based VC GreenTec Capital Partners to open office in Lagos

    Frankfurt-based venture capital (VC) firm GreenTec Capital Partners has announced that it will expand its footprint in West Africa by opening an office in Lagos, Nigeria. In a post on its website last Wednesday (17 October), Greentec Capital Partners said the opening of the Lagos office -- which the firm said represents its second step in the VC's African expansion strategy -- will give it better access to West Africa, and particularly Nigeria. The firm stated that the Lagos office will be run by newly appointed members David Ogundeko and Eniola Lawal. The VC firm already has two offices in Africa --...

  • Sonic Ventures launches R1.5-billion fund to back high-growth tech companies

    Sonic Ventures, a Cape Town based investment company that plans to target early-stage tech companies, yesterday (19 October) launched a R1.5-billion fund that plans to back high-growth tech ventures -- largely in SA, US and UK. Speaking during a presentation yesterday at the Pepperclub Hotel and Spa in Cape Town, Sonic Ventures' US-born CEO Joseph Gough (pictured above) said the firm plans to list 35-million shares at R45-per share on SA online shareholder administration platform Equity Express Securities Exchange (EESE). The expected listing date is 29 November. Sonic Ventures' R1.5-billion fund will target an internal rate of return (IRR) of more than 25% Gough said he...

  • Hardware technology incubator Savant looking at setting up venture fund

    Cape Town based hardware tech incubator Savant is considering setting up a venture fund which will likely be launched next year in the first quarter, says the incubator's CEO Nick Allen. Allen (pictured above) revealed the plans on the sidelines of the incubator's Demo Day on Tuesday (17 October). "We are, from a Savant perspective, looking at building our own venture fund, and we are getting some interest and traction and that," he said. He pointed to how there is a particular "real need and a real opportunity" to fund hardware tech ventures immediately after they receive technology development funding from the Department...

  • Yellowwoods funding will gives us at least three years of runway – Simply founder

    The recent investment into insurtech Simply Financial Services by investment group Yellowwoods will give the startup "at least three years of runway" says the startup's CEO Anthony Miller. Cape Town based Simply Financial Services, which Miller (pictured above, right) along with Simon Nicholson (pictured above, left) and Shaun Dippnall founded in 2016, announced on Tuesday (16 October) that it had secured a "significant multi-year funding commitment" from Yellowwoods. Responding to Ventureburn questions yesterday (17 October), Miller would not disclose the size of the investment and the equity share that Yellowwoods will take. He however hinted that the deal is worth "tens of millions of...

  • Nigerian rewards platform Thank U Cash secures funding from Ventures Platform

    Lagos-based venture capital (VC) firm Ventures Platform has invested an undisclosed amount in Nigerian rewards platform Thank U Cash. Ventures Platform founding partner Kola Aina announced the investment in a statement on blogging site Medium last Thursday (11 October). Aina said his firm saw the "huge but fragmented and largely unstructured" retail economy in African countries -- where small businesses do not have the resources or expertise to build robust loyalty programmes or data analytics -- as an opportunity. So far this year, Thank U Cash has secured funding from Nigerian VCs Ventures Platform and Microtraction Thank U Cash was founded earlier this year by CEO Madonna Ononobi, CTO...

  • SA insurance platform Click2Sure secures investment from Greenlight Re

    Cape Town based digital insurance platform Click2Sure has secured an undisclosed investment from Greenlight Capital Re, a Cayman Islands based reinsurance company. In a statement today (17 October), Click2Sure said the investment was motivated by the startup's "unique cloud-based technology" and the experience of Click2Sure's founding partners serial entrepreneurs Daniel Guasco (pictured above) and Jacques van Niekerk. Commenting in the same statement, Van Niekerk said he was delighted by the investment as well as the endorsement of the startup's "unique full-stack, multiple digital platform capability and potential". Click2Sure was founded in 2016 by Daniel Guasco and Jacques Van Niekerk "This partnership has brought global recognition to a South African business and...

  • US-based Nigerian fintech Flutterwave closes $10m Series-A extension round

    US-based Nigerian fintech startup Flutterwave has closed a $10-million Series-A extension round bringing the total amount the startup has raised since its launch two years ago, to just over $20-million. In a statement on the company's website last Sunday (14 October), Flutterwave stated that the Series-A extension round included investments from Mastercard, CRE Ventures, Fintech Collective, 4DX Ventures and Raba Capital, among others. As part of the deal, Green Visor Capital chairman and general partner Joe Saunders will join Flutterwave's board of directors. Since its launch in 2016, Flutterwave has raised over $20-million Flutterwave provides digital payments infrastructure and services which enable global merchants,...

  • HAVAÍC acquires 10% stake in SA real-estate portal Instant Property

    Cape Town based venture capital (VC) company Havaíc has acquired a 10% equity stake in commercial real-estate portal Instant Property. In a statement yesterday (15 October), Havaíc said it has advanced the first round of financing -- for which it has acquired a 10% equity stake -- with an allocation for follow-on funding at Instant Property's option. If the option is exercised, Havaíc will hold in total up to 17% equity stake in the real-estate portal. As part of the deal Havaíc executive director Grant Rock will join the Instant Property board in a non-executive capacity. While Instant Property founder and executive chairman Wayne Berger...

  • Crossfin acquires majority stake in payment solutions company Crossgate [Updated]

    Cape Town based fintech holding company Crossfin has acquired a majority stake in SA payment solutions company Crossgate for an undisclosed amount. The deal, which was announced yesterday (10 October), follows Crossfin's partnership with SA bank and asset management group Investec to identify and invest in early-stage fintech businesses. In a statement yesterday (11 October), Crossfin COO and co-founder Anton Gaylard said Crossgate has a 10-year track record of forming strategic partnerships with international payment associations, payment card manufacturers, mobile payment experts, processors and other technology providers that enable commerce. In a subsequent email to Ventureburn, Gaylard explained that media technology company Tritech Media previously owned...

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