Tracxn - Geo Monthly - Africa Tech - Jan 2022

TRACXN MONTHLY REPORT
JANUARY 2022
AFRICA TECH

Africa Tech - January 2022 Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Contents
2
Africa Tech Snapshot 3
Investment Snapshot 4
List of Funding Rounds 5
New Investors 10
Top Funded Business Models - last 1 year 12
New Analyst Picks 13
Acquisitions 15
Recent News 16

Africa Tech Snapshot – January 2022
Africa Tech: Snapshot – January 2022
Note : "Investors" refers to "Institutional Investors" only
3
$219M
10
Overall Geo Stats
20
3
145
22
44
Funding Rounds $ Invested Analyst Picks
Asaak Upgraded to
MINICORN
New Investors
endpovertymaketrillion
s.com
Agrolay Ventures
Series A+ rounds Active Investors IPOs Acquisitions
Teraco
POSRocket
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Lagos
(11 Rounds, $32.6M)
Nairobi
(6 Rounds, $35.2M)
Cape Town
(5 Rounds, $32.4M)
Accra
(3 Rounds, $33M)
$30M - Series D
mPharma (2013, Accra, $81.7M)
$30M - Seed
Asaak (2016, Kampala, $30M)
$25M - Series A
Brimore (2016, Cairo, $30.3M)
$22.6M - Series A
Stitch (2019, Cape Town, $28.6M)
Y Combinator
(14 Investments)
Enza Capital
(3 Investments)
Social Capital
(2 Investments)
Betatron
(2 Investments)
Alternative Lending
Asaak
Pharmacy IT
mPharma
Banking Tech
Stitch
Social Commerce
Brimore
Market Size
Companies Covered 20,255
Funded Companies 2,323
Total Funding $7.8B
Funding in last 12 months $2.9B
Top Exits
IPOs 21
Acquisitions 231
Company Stage
Unicorns 2
Soonicorns 26
Minicorns 121
Editor Picks 1,011
Series A+ 293
Series C+ 51
Acqui-Hires 4
Deadpooled 1,985
Top Cities
Lagos (286 Rounds, $1.8B)
Cape Town (276 Rounds, $935M)
Top Investors
Y Combinator (66 Investments)
Flat6Labs (56 Investments)

Investment Snapshot
Investment Snapshot of Africa Tech as of January 2022
Africa Tech: Investment Snapshot
4
# Rounds
$ Funding
Investment Trend Top Investments (January 2022)*
mPharma
(2013, Accra, $81.7M)
$30.0M - Series D Citi
Asaak
(2016, Kampala, $30.0M)
$30.0M - Seed Resolute Ventures
Brimore
(2016, Cairo, $30.3M)
$25.0M - Series A
International Finance
Corporation
Stitch
(2019, Cape Town, $28.6M)
$22.6M - Series A
Spruce House Investment
Management
Sistema
(2009, Nairobi, $27.6M)
$15.6M - Series B KawiSafi
Bamboo
(2018, Lagos, $15.1M)
$15.0M - Series A Greycroft
Lipa Later
(2015, Nairobi, $12.0M)
$12.0M - Seed Cauris
SeamlessHR
(2011, Lagos, $10.2M)
$10.0M - Series A TLcom Capital Partners
Cyber
(2021, , $6.7M)
$6.7M - Seed Variant
Thank U Cash
(2018, Lagos, $6.0M)
$5.3M - Seed Betatron
PBP
(2019, Nairobi, $5.0M)
$5.0M - Series A
*Shows only the lead Investors

List of Funding Rounds (1/5)
List of Funding Rounds in Africa Tech in January 2022
Africa Tech: List of Funding Rounds
Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE
5
LATE STAGE
$30.0M - Series D
mPharma (2013, Accra, $81.7M)
Provider of pharmacy management services and
software for stock management for patients and
pharmacies
Citi, JAM Fund, Unbound, Lux Capital, Social Capital
EARLY STAGE
$2.7M - Series A
Expand Cart (2016, Cairo, $5.3M)
SaaS-based solution that enables retailers to create &
maintain an online store
Betatron, Sawari Ventures, Agility Ventures
EARLY STAGE
$3.1M - Series A
Tall Order Pos (2010, Johannesburg, $5.2M)
Cloud-based platform offering POS solution for offline
retailers
Nurture Invest, Investec
EARLY STAGE
$4.7M - Series A
OrderIn (2013, Cape Town, $17.5M)
Online food ordering platform
EARLY STAGE
$5.0M - Series A
PBP (2019, Nairobi, $5.0M)
Online retailer offering multi-category products
EARLY STAGE
$10.0M - Series A
SeamlessHR (2011, Lagos, $10.2M)
Human resource management solutions provider
TLcom Capital Partners, Capria, Lateral Frontiers VC,
Enza Capital, Ingressive Capital
EARLY STAGE
$15.0M - Series A
Bamboo (2018, Lagos, $15.1M)
Stock trading platform
Greycroft, Tiger Global Management, Saison Capital,
Chrysalis Capital, Motley Fool Ventures, and 1 more
EARLY STAGE
$15.6M - Series B
Sistema (2009, Nairobi, $27.6M)
Biodigester provider to produce biogas from organic
waste
KawiSafi, AXA Investment Managers, , Open Road
Alliance, Kiva, and 13 more
EARLY STAGE
$22.6M - Series A
Stitch (2019, Cape Town, $28.6M)
Open banking API solutions for financial institutions
Spruce House Investment Management, The Raba
Partnership, PayPal, Firstminute Capital, CRE Venture
Capital, and 8 more

6
EARLY STAGE
$25.0M - Series A
Brimore (2016, Cairo, $30.3M)
App-based community platform offering multi-
category products
International Finance Corporation, Endure Capital,
Algebra Ventures, Flourish, Endeavor, and 4 more
SEED STAGE
$125.0K - Seed
Touch and Pay Technologies (2017, Lagos,
$125.0K)
NFC-enabled contactless payment cards for consumers
and businesses
Y Combinator
SEED STAGE
$125.0K - Seed
Dojah (2020, Lagos, $125.0K)
Open banking API solutions for banks and financial
institutions
Y Combinator
SEED STAGE
$125.0K - Seed
Complete (2021, , $125.0K)
Compensation management software for enterprises
Y Combinator
SEED STAGE
$125.0K - Seed
BeU (2019, Addis Ababa, $125.0K)
App-based community platform for multi-category
product shopping
Y Combinator
SEED STAGE
$125.0K - Seed
Remedial Health (2020, Lagos, $1.1M)
Provider of a supply chain management software for
pharmacies and insurers
Y Combinator
SEED STAGE
$125.0K - Seed
Boya (2019, Nairobi, $125.0K)
Card-linked wallet for consumer payments
Y Combinator
SEED STAGE
$125.0K - Seed
Frain (2020, Lagos, $598.0K)
Platform offering webhook software
Y Combinator
SEED STAGE
$125.0K - Seed
HeyFood (2021, Ibadan, $125.0K)
Online platform offering food ordering and delivery
services
Y Combinator

7
SEED STAGE
$125.0K - Seed
Topship (2020, Lagos, $125.0K)
Provider of freight forwarding and end-to-end delivery
services
Y Combinator
SEED STAGE
$125.0K - Seed
Eazipay (2021, Lagos, $125.0K)
Payroll and bookkeeping management solutions for
small businesses
Y Combinator
SEED STAGE
$125.0K - Seed
AISuperVision (2020, Mannheim, $125.0K)
Provider of AI based process analytics solutions
Y Combinator
SEED STAGE
$473.0K - Seed
Frain (2020, Lagos, $598.0K)
Platform offering webhook software
Rally Cap Ventures, Musha Ventures, Future Africa, Eric
Idiahi, Prosper Otemuyiwa, and 4 more
SEED STAGE
$500.0K - Seed
Numida (2015, Kampala, $2.8M)
Online marketplace for working capital loans
Y Combinator
SEED STAGE
$500.0K - Seed
Tawfeer Market (2019, Alexandria, $500.0K)
Online platform offering multi-category grocery
supplies
Alexandria Angels
SEED STAGE
$984.6K - Seed
CompariSure (2017, Cape Town, $984.6K)
AI-based comparison platform for life insurance
HAVAIC, 4Di Capital
SEED STAGE
$1.1M - Seed
ORDA (2020, Lagos, $1.1M)
Provider of an online platform for restaurant
management solutions
LoftyInc Capital Management, Oxford Seed Fund,
Hustle Fund, Microtraction, Enza Capital, and 8 more
SEED STAGE
$2.0M - Seed
Gahez Market (2021, Giza, $2.0M)
Online retailer offering multi-category fashion products
Disruptech, Tanmia, Agropreneur Fund, Egypt Ventures

8
SEED STAGE
$2.1M - Seed
Orcas (2014, Heliopolis, $2.8M)
Online marketplace for tutors and babysitters
NFX, Access Bridge Ventures, Algebra Ventures, Launch
Africa, The Cairo Angels, and 1 more
SEED STAGE
$2.5M - Seed
Credrails (2020, Nairobi, $2.5M)
Open banking aggregation APIs
Samos Investments, Precursor Ventures,
SEED STAGE
$3.0M - Seed
OZE (2016, Accra, $3.7M)
Cloud-based financial analytics solutions for
entrepreneurs and small businesses
Speedinvest, Cathay Innovation, Savannah Capital
SEED STAGE
$3.2M - Seed
JABU (2020, Windhoek, $3.2M)
Online marketplace offering distribution for FMCG
brands
Afore Capital, Y Combinator, FJ Labs, Quiet Capital, KLI
Capital, and 1 more
SEED STAGE
$4.0M - Seed
Floatpays (2019, Cape Town, $5.1M)
Earned Wage Access provider
Global Founders Capital, Base Capital LTD, FINCA
Ventures, The Raba Partnership, 4DX Ventures, and 4
more
SEED STAGE
$4.5M - Seed
Paps (2016, Dakar, $4.5M)
App-based solution for on-demand hyperlocal delivery
services
4DX Ventures, Orange, UMA, To.org, Enza Capital, and
5 more
SEED STAGE
$4.8M - Seed
AmiTruck (2018, Kiambu, $5.0M)
App-based marketplace for trucking services
Better Tomorrow Ventures, sennder, Dynamo, Launch
Africa, Flexport, and 3 more
SEED STAGE
$5.3M - Seed
Thank U Cash (2018, Lagos, $6.0M)
Reward-based digital wallet for consumer payments
Betatron, 500 Global, Unicorn Growth Capital, Global
Accelerex, Predictive Venture Partners, and 5 more
SEED STAGE
$6.7M - Seed
Cyber (2021, , $6.7M)
NFT-based trading platform for artists and collectors
MetaCartel Ventures, Galaxy Interactive, TCG, Cyber,
Starry Night, and 17 more

9
SEED STAGE
$12.0M - Seed
Lipa Later (2015, Nairobi, $12.0M)
Online platform for point of sale financing for multi-
category products
Cauris, Lateral Frontiers VC, GreenHouse Capital, SOSV,
Sayani Investments, and 1 more
SEED STAGE
$30.0M - Seed
Asaak (2016, Kampala, $30.0M)
Online platform for consumer loans
, Social Capital, HOF Capital, , Resolute Ventures, and 1
more
SEED STAGE
Seed
Chari (2014, Casablanca, $5.2M)
App-based platform offering multi-category consumer
products for local shops
Khwarizmi Ventures, Air Angels
SEED STAGE
Seed
Crafty Workshop (2019, Nasr)
Provider of online courses focusing on crafts and
fashion
EdVentures
SEED STAGE
Seed
Kotani Pay (2021, Nairobi)
AI-backed payroll management platform for gig
workers
Flori Ventures, P1 Ventures, Allegory Capital, Luno,
Wuri Ventures, and 1 more
SEED STAGE
Seed
Wamly (2018, Johannesburg)
Cloud-based platform to recruit via video interview
processes
Knife Capital
SEED STAGE
Seed
Tendo (2019, Accra)
Providing eCommerce solution for resellers
Y Combinator
SEED STAGE
Seed
3attar (2018, Cairo)
supplies
,

New Investors (1/2)
List of New Investors in Africa Tech in January 2022
Africa Tech: List of New Investors
10
Investor Company Info Round Amount Round Name
endpovertymaketrillions.com
2 portfolio companies | Provider of fund management services
Asaak
$30.00M Seed
Agrolay Ventures
1 portfolio companies | Early-stage Food sector focused VC firm investing in
Africa
ORDA
Provider of an online platform for restaurant management solutions
$1.10M Seed
Co-Capital Partners
3 portfolio companies | Diversified investment management firm
Sistema
Biodigester provider to produce biogas from organic waste
$15.60M Series B
Robot Ventures
21 portfolio companies | Venture capital fund investing in pre-seed fin-tech
startups
Cyber
$6.70M Seed
Sayani Investments
2 portfolio companies | Private equity firm focused on multiple sectors
Lipa Later
Online platform for point of sale financing for multi-category products
$12.00M Seed
Afore Capital
55 portfolio companies | Seed-stage Tech-focused VC investment company
funding companies in the US
JABU
Online marketplace offering distribution for FMCG brands
$3.20M Seed
Oxford Seed Fund
1 portfolio companies | Oxford University's student-run fund that invests £15-
25k in early-stage ventures founded by Oxford students, staff, & alum. Apply
now!
ORDA
Provider of an online platform for restaurant management solutions
$1.10M Seed
RCA Ventures
1 portfolio companies | Venture capital firm focused on pre-seed and seed stage
investment in fintech, healthtech, and logistics
Kotani Pay
AI-backed payroll management platform for gig workers
Undisclosed Seed
SaaS Growth Ventures
1 portfolio companies | Venture capital firm investing in B2B SaaS startups
Thank U Cash
$5.30M Seed
satilaimpact.se
1 portfolio companies | Sätila Impact Investment | Sweden
Sistema
$15.60M Series B

New Investors (2/2)
List of New Investors in Africa Tech in January 2022
Africa Tech: List of New Investors
11
Investor Company Info Round Amount Round Name
Samos Investments
24 portfolio companies | Seed-stage tech-focused VC firm investing primarily in
the UK
Credrails
Open banking aggregation APIs
$2.50M Seed
Agropreneur Fund
1 portfolio companies | Venture capital fund focused on the fashion tech sector
Gahez Market
$2.00M Seed
KLI Capital
5 portfolio companies | Family office focused on multiple sectors
JABU
Online marketplace offering distribution for FMCG brands
$3.20M Seed
Cyber
Online platform for showcasing NFTs
Cyber
$6.70M Seed
Resolute Ventures
127 portfolio companies | US focused seed stage micro VC firm
Asaak
$30.00M Seed
Kiva
5 portfolio companies | A non profit organisation for international P2P
microfinance lending
Sistema
$15.60M Series B
Tanmia
1 portfolio companies | Microcredit and micro-insurance for SMEs
Gahez Market
$2.00M Seed
Global Accelerex
1 portfolio companies | POS hardware and software services for businesses
Thank U Cash
$5.30M Seed
Three Arrows Capital
26 portfolio companies | Funds based investment management firm
Cyber
$6.70M Seed
Nurture Invest
1 portfolio companies | Private equity and corporate advisory firm focused on
tech, agribusiness, and financial services sectors
Tall Order Pos
Cloud-based platform offering POS solution for offline retailers
$3.07M Series A

Top Funded Business Models - last 1 year
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1
year.
12
Rank Business Model $ Funding # Rounds Top Funding Round
1 ▲9 Business Payments Solutions $562M 8 OPay | $400M | Series C
2 ▲2 Sports Betting Platforms $293M 1 BetKing | $293M | Series C
3 ▲2 Sports Betting Platforms $293M 1 BetKing | $293M | Series C
4 ▼-3 Retail Banking $260M 4 TymeBank | $110M | Series B
5 ▲52 Digital Wallets $240M 13 MNT Halan | $120M | Series A
6 ▼-4 Banking Software Suite $190M 3 TYME | $110M | Series B
7 ▼-4 KYC for Financial Institutions $180M 2 TYME | $110M | Series B
8 ▲4 Retail Stores Informal Distribution $124M 5 TradeDepot | $110M | Series B
9 -- Internet First Lenders $120M 1 MNT Halan | $120M | Series A
10 ▼-4 Internet First Loan Marketplace $120M 1 Jumo | $120M | Series D

New Analyst Picks (1/2)
Interesting Companies identified by Analysts in Africa Tech in January 2022
Africa Tech: Analyst Picks
13
Upgraded to MINICORN
Asaak (2016, Kampala, Undisclosed, Seed)
Resolute Ventures, Social Capital, HOF Capital and 7
other Investors
OrderIn (2013, Cape Town, $427K, Seed)
Online food ordering platform
Lipa Later (2015, Nairobi, $40.0K, Seed)
Online platform for point of sale financing for multi-
category products
Cauris, Lateral Frontiers VC, GreenHouse Capital and 7
other Investors
SeamlessHR (2011, Lagos, $150K, Seed)
Human resource management solutions provider
TLcom Capital Partners, Capria, Lateral Frontiers VC
and 7 other Investors
Added to Editor's Pick
AmiTruck (2018, Kiambu, Undisclosed, Seed)
App-based marketplace for trucking services
Better Tomorrow Ventures, Dynamo, Rackhouse and 7
other Investors
JABU (2020, Windhoek, $3.2M, Seed)
Online marketplace offering distribution for FMCG
brands
Afore Capital, Y Combinator, FJ Labs and 4 other
Investors
Paps (2016, Dakar, Undisclosed, Conventional Debt)
App-based solution for on-demand hyperlocal delivery
services
4DX Ventures, Orange, UMA and 8 other Investors
Fedgroup (1990, Sandton, Unfunded)
App-based investment platform for individuals and
businesses
Brass (2019, Lagos, $1.7M, Seed)
Digital bank for businesses
Acuity Ventures, Uncovered Fund, Hustle Fund and 4
other Investors
ORDA (2020, Lagos, $1.1M, Seed)
Provider of an online platform for restaurant
management solutions
LoftyInc Capital Management, Techstars, Hustle Fund
and 10 other Investors
Gahez Market (2021, Giza, $2.0M, Seed)
Disruptech, Egypt Ventures, Tanmia and 1 other
Investors
3attar (2018, Cairo, Undisclosed, Seed)
supplies
,and

New Analyst Picks (2/2)
Interesting Companies identified by Analysts in Africa Tech in January 2022
Africa Tech: Analyst Picks
14
Cofundie (2019, Accra, $100K, Grant (prize money))
Crowdfunding platform focused on real estate projects
MEST,Startaand
PBP (2019, Nairobi, $5.0M, Series A)
Online retailer offering multi-category products
Afrilearn (2019, Ikeja, Unfunded)
Provider of SaaS and app-based learning solutions for
students
Village Capitaland
OnePort 365 (2019, Lagos, Undisclosed, Seed)
Tech-enabled freight forwarding service provider
CcHUBand
My school (2021, Giza, Unfunded)
Provider of app-based online tutoring solutions for
students
Green Fashion (2020, Nasr, Unfunded)
Village Capitaland
Tawfeer Market (2019, Alexandria, $500K, Seed)
supplies
Alexandria Angelsand
DafriBank (2020, Umtata, Unfunded)
Digital bank for individuals and businesses
Reflective Learning (2017, Cape Town, Unfunded)
Provider of online student assessment solutions
focusing on math for teachers
Loop (2016, Unfunded)
Provider of cloud-based delivery management
software

Acquisitions
List of Acquisitions in Africa Tech in January 2022
Africa Tech: Acquisitions
15
Acq. Date Company Acquirer Deal Size
03 Jan 2022
Teraco(2007, Johannesburg, $28.0M)
Data center colocation solutions provider
Digital Realty
09 Jan 2022
POSRocket(2016, Amman, $7.2M)
Cloud-based POS software and hardware solutions for offline
retailers
Foodics
12 Jan 2022
Argility(2007, Johannesburg)
Omni-channel enabler
Smollan

Recent News (1/2)
Recent News in Africa Tech in January 2022
Africa Tech:News
16
Exit News
.
● Sika AG’s €5.2 Billion Acquisition of MBCC Group Global Legal Chronicle
.
● Digital Realty data centre to buy majority stake in Africa's Teraco Reuters
.
● Foodics Acquires POSRocket And Becomes The Dominant Restaurant-Tech
Provider In MENA PR Newswire
.
● Teraco now worth twice as much as Telkom as US firm swoops in TechCentral
.
● E-Payments Firm Fawry Targets Egypt's First U.S. Share Listing BloombergQuint
.
● Remgro-backed Ad Dynamo sold to global media group TechCentral
.
People News
.
● iKhokha Appoints Ex-Multichoice Head of Product as Chief Growth Officer IOL
.
● Capex names chief marketing officer for Mena Trade Arabia
.
● David Myers Appointed As Coo Of Leading Security Marketplace Aura Financial IT
.

Explore more on Tracxn
Explore more about Africa Tech on Tracxn Platform
Africa Tech: Explore more on Tracxn Platform
17
Companies
Recent Companies Covered
Funded Companies
Editor's Pick
Soonicorn Club
SaaS Companies in Africa
AI Companies in Africa
Fintech Companies Africa
Consumer Digital in Africa
Company Due Diligence
Detailed profile of OPay
Competitors of Swvl
Cap Tables of
Investment Activity
Recent Investments
Investment Trend of last 10 years
Mega Investments Rounds
Investors
Most Active Investors
Most Active Angel Investors
Unicorn Investors
Exits
IPO'd Companies
Recent Acquisitions
Most Active Acquirers
Recent Acquihires
News & Events
Recent News
News on People
News on Unicorns
Upcoming Events
Library
Recent Reports
Tracxn Blog
Global Sector Landscape

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Tracxn - Geo Monthly - Africa Tech - Jan 2022

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Tracxn - Geo Monthly - Africa Tech - Jan 2022