Cairo-based Breadfast enters YCombinator, raises Series A funding
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Nigerian healthcare startup Kangpe has launched its first clinic, Reliance Family Clinics in Lagos. The company first started as a telemedicine service. Kangpe’s founders later founded Reliance HMO, a technology-enabled health insurance company in addition to its telemedicine service. One of the key findings from Techcabal’s health tech report/survey is that more startups in the sector will develop full-stack e-health offerings to provide compelling services to users and Reliance HMO/Kangpe is clearly moving in that direction. Asides being more compelling for users/patients, it also makes sense from a revenue/profit margin perspective. Kangpe is one of the top 5, best-funded startups in the digital health space. The company has raised no less than US$1 million to date following its participation in the YCombinator program, according to our estimates.
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Cairo-based food startup Breadfast has raised a seven-figure Series A funding led by 500 Startups and Egyptian angel investor Mohamed El Sewedy. The startup will use the funds to expand within and outside Cairo as well as expand into new verticals. Breadfast which was launched in 2017 also got accepted into YCombinator’s 2019 Summer program. The startup delivers fresh bread and other breakfast products to customers every morning.
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Another Egyptian food delivery startup, Elmenus, has raised an undisclosed amount from Delivery Hero’s former Vice President Julian Dames as part of a Series B round. The startup was founded in 2011 by Amir Allamand and it has over 1 million daily users. In 2017, the company closed its US$1.5 million Series A led by Algebra Ventures.
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| Kenya’s MumVillage has announced its foray into e-commerce with the launch of MumsVillageShop. The startup also launched its entrepreneurship initiative for mothers called the VillagePreneur program. The VillagePreneur program will provide financial rewards to mothers who help others shop on its new e-commerce website for mum and baby products. MumsVillage was founded in 2015 by Isis Nyong’o as a digital content company that provide mothers and pregnant women access to vital information and other resources. The startup is a beneficiary of Gray Matters Capital’s digital accelerator program – GMC Calibrator and the Alibaba/UNCTAD efounders Program. |
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| Lagos Innovates, an initiative of the Lagos State Employment Trust Fund, has started a talent development program in partnership with Honeywell Group. If you are interested in coding or digital skills, Lagos Innovates will provide a student loan so you can get trained by either Univelcity or NESA by Makers. Find out more and apply here before July 12. |
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Earlier this week, Nigerian solar energy startup, Arnergy announced in a press conference that it had closed a $9 million Series A round. The round was led by Breakthrough Energy Ventures with participation from All On Energy, ElectriFI and Norfund. What’s interesting about Arnergy’s story is that the company is built by local founders who have achieved this milestone, attracting an impressive cohort of global investors, in an industry that is dominated by international companies with foreign founders that typically raise millions of dollars. Read all about it here.
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Ethiopia has been cut off from the Internet again amidst reports of an attempted coup in the Amhara Regional State Government. Connectivity was just restored about a week ago, following an initial shutdown this month that was reportedly supposed to curb exam cheating. In this article Quartz Africa’s Abdi Latif Dahir shared their experience living through an internet shutdown in the country.
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A Safaricom subscriber in Kenya has sued the telco for exposing the sports betting history and biodata of its 11.5 million subscribers. The telco is being sued for US$1 billion and has been accused of selling the data to betting companies. Kenya currently does not have any data protection laws, so observers are keen to see how this plays out and if causes the parliament to act.
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Ozow, a South African payments startup, has raised follow-on funding from Kalon Venture Partners as part of a Series A round. The money will be used to roll out new solutions and to expand into new markets. Launched in 2014 as i-Pay, the company has signed up some major merchants including MTN, SuperSonic and Homechoice.
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South Africa’s Telkom has earned US$752,400 (R10.8 million) from the sale of more than 112 000 shares. Telkom’s share price has been the best performing telco stock on the Johannesburg Stock Exchange this year, according to Techcentral. According to its latest financial results, the telco has seen an 85% growth in active mobile subscribers and a 58% increase in its mobile services revenue. It is now looking to scale its tower business and reduce dependency on its fixed-line business for revenue.
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| Printivo is holding a masterclass in partnership with the Longe Practice on August 3 in Lagos, Nigeria. Odun Longe, Co-founder at the Longe Practice and DIYLaw, will be walking attendees through the legal checklist for raising funds for their businesses. Register here. |
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| ARM, a Nigeria-based asset management company, has awarded a 3 million naira (US$8,320) grant to the six startups that participated in its Labs by ARM accelerator program. The startups include Asusu, OgaMarket, PayDayInvestor, Fint, Trove Finance and Tsaron. The 12-week fintech focused accelerator was launched in 2018 in partnership with Ventures Platform. |
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We’ll see you tomorrow
– Olanrewaju
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