African startups: April funding

A number of African startups secured funding at various stages last week across a wide range of sectors and countries.

According to reporting by AU Startups, African startups from across the continent saw a number of successful funding rounds and the raising of capital through debt financing across Africa.

Pre-seed rounds

CoaChess, a Tunisia-based gaming platform, secured USD 191,000 in pre-seed funding from Omicrone. CoaChess offers a platform for chess players of all skill levels to learn and play using advanced learning techniques. The investment will help CoaChess bring its tools to the market.

Koree, a fintech startup based in Côte d’Ivoire, has secured USD 22,000 in pre-seed funding from Cameroon Angels Network (CAN). Koree enables users to create digital loyalty cards that their favorite merchants can use to pay them cashback and change. With the new investment, Koree will be able to begin operations in Cameroon, expand its workforce, and develop new financial services.

Seed rounds

Senegal-based logistics startup, Chargel, has raised USD 2.5 million in seed funding from Logos Ventures, with participation from Ventures Platform, Foundation Botnar, DFS Labs, and Seedstars, as well as USD 500,000 in debt. Chargel offers a platform that streamlines the entire transportation process by matching clients’ online requests with the best providers from its network of transporters, which includes independent truck drivers. The successful seed funding round will allow Chargel to expand its platform to more shippers in Senegal and look into expanding into another Francophone African country.

Nigerian product authentication startup, Chekkit, has raised an undisclosed round of funding from Adaverse as well as existing investors such as RTA, HoaQ, Launch Africa Ventures, and Blockchain Founders Fund. Chekkit uses blockchain to provide an end-to-end serialization and traceability solution for food and drug supply chain tracking. The funding will help Chekkit onboard more manufacturers in Nigeria and other African countries, as well as expand into new markets in India, the United Kingdom, and the Middle East.

Debt financing and grants

DRC-based energy company, Altech, has secured USD 18 million in debt financing and grants from Triple Jump’s Energy Entrepreneurs Growth Fund (EEGF), Rabobank, ANSER RDC, and the Humanitarian Grand Challenge. Altech provides clean, renewable, and affordable energy to households both on and off the grid, with a presence in 22 DRC provinces. With the funds, the startup intends to open 30 new rural sales outlets and distribute 180,000 solar products, providing clean energy access to 900,000 Congolese.

Acquisitions

Nigeria-based car financing platform, Autochek, has acquired a majority stake in Egypt’s used cars marketplace, AutoTager. The acquisition will allow Autochek to expand its presence in North Africa, beginning with Egypt, the continent’s second-largest automotive market. This is Autochek’s third acquisition in less than a year and the sixth in less than two years, with the company now present in nine countries across East, West, and North Africa.

Funds

Amethis, an investment fund manager, has announced its plans to launch its third pan-African fund, the Amethis Fund III, with a target size of USD 490 million. As an African-focused fund manager, Amethis Fund III aims to invest in 10 to 12 medium-sized African businesses, targeting high-potential sectors such as health, finance, business services, manufacturing, and distribution. The fund will cover various regions throughout Africa, including Kenya, Côte d’Ivoire, Egypt, Morocco, and West Africa.

African startups and debt financing

In 2022, African startups were forced to double their debt financing.