October 2024 has been a remarkable month for African startups, with numerous companies securing significant funding to advance their missions. From fintech innovations to groundbreaking solutions in energy and mobility, these startups are transforming industries across the continent. DADUPA has compiled a list of the top 10 Fundraising Rounds of African Startups in October 2024. Here’s a look at these remarkable companies, their funding milestones, and the investors backing them.
10. Colis.ma – $0.3M (Morocco)
Based in Morocco and launched in 2022, Colis.ma is a logistics platform dedicated to providing affordable, real-time tracking for express deliveries. Colis.ma empowers users to compare shipping prices and monitor packages, making international shipping more accessible. Funded by Witamax, the startup raised $0.3M to scale operations and streamline services, particularly for cross-border shipping between Africa and Europe.
9. Cathedis – $0.7M (Morocco)
Established in Casablanca (Morocco) in 2015,Cathedis, focuses on enhancing Morocco’s e-commerce landscape. Cathedis offers competitive, customizable logistics solutions for online retailers. The company raised $0.7M in a pre-Series A round led by Fond Capital Venture (FCV) and Beltone Venture Capital, allowing it to expand its reach in the growing e-commerce sector.
8. Waribei – $0.8M (Ivory Coast)
Waribei is a financial platform supporting local merchants in francophone Africa with real-time payment solutions. Founded in 2023 in Abidjan, Waribei bridges retailers and wholesalers, providing deferred payment options and boosting commercial transactions. Mstudio and Saviu Ventures led a $0.8M funding round, aiding Waribei in expanding its services to more retailers in the region.
7. Chpter – $1.2M (Kenya)
Based in Nairobi, Chpter was founded in 2022 and specializes in conversational commerce. This Kenyan startup provides an AI-powered platform for businesses to automate sales and customer interactions on social media channels. With $1.2M in pre-seed funding led by Pani, Techstars, and ViKtoria Ventures, Chpter is set to enhance its AI-driven sales automation capabilities for social commerce.
6. Rabbit Mobility – $1.3M (Egypt)
Rabbit Mobility, founded in Cairo in 2020, is a micro-mobility platform providing electric scooters, bikes, and other eco-friendly vehicles for short trips. Recently funded by 500 Global, Untapped Global, and angel investors with $1.3M, Rabbit Mobility aims to expand its fleet and create more sustainable urban transportation options across Egypt.
5. Grid Africa – $2.8M (South Africa)
Founded in 2015, Grid Africa is a Johannesburg-based energy startup focused on hybrid solar power solutions. The company offers renewable energy systems combining solar, battery storage, and generators, serving African communities and businesses. With a $2.8M equity round led by Rifuwo Energy Partners, Grid Africa continues its mission to enhance access to reliable, affordable solar energy.
4. Winich Farms – $3.0M (Nigeria)
Based in Ikoyi (Lagos), Winich Farms connects farmers directly with consumers, cutting out middlemen and optimizing the food supply chain in Nigeria. Established in 2019, Winich Farms secured $3.0M in a Series A pre-funding round, led by Acumen Resilient Agriculture Fund (ARAF) and supported by Climate Resilient Africa Fund, Plug and Play Tech Centre, and Tekedia Capital. The investment will help Winich Farms boost food accessibility and support Nigerian farmers.
3. Octavia Carbon – $5.0M (Ghana)
Founded in 2022, Octavia Carbon operates in Nairobi and focuses on Direct Air Carbon Capture (DACC) technology. By harnessing Kenya’s renewable energy resources, Octavia Carbon is pioneering sustainable CO₂ removal. A $5.0M seed round led by Lateral Frontier and E4E Africa will enable the company to develop cost-effective carbon capture infrastructure, contributing to global climate goals.
2. Field – $11.0M (Nigeria)
Field is a healthtech company from Nigeria focused on improving pharmaceutical supply chains and accessibility to essential medicines. Established in 2015, Field’s technologies ensure efficient distribution of vaccines and medications, impacting millions of lives across Africa. The $11.0M funding from the Bill & Melinda Gates Foundation allows Field to expand its pharmaceutical supply chain operations, reinforcing its goal of providing quality healthcare solutions.
1. Nala – $40.0M (Tanzania)
Nala, Tanzania’s cross-border payments fintech, leads the list with a $40.0M Series A round led by San Francisco-based Acrew Capital and supported by DST Global and Amplo. Founded in 2017, Nala offers seamless, low-cost remittance services for African diaspora communities. By collaborating with governments for licensing, Nala ensures secure and fast transactions, positioning itself as a key player in Africa’s fintech landscape.
Sources: This data was curated from Tech in Africa, TechCity, Tech Cabal, People of Color in Tech, Disrupt Africa, Weetracker, and Wamda.