Tracxn - Geo - Africa Tech - Mar 2021

TRACXN MONTHLY REPORT
MARCH 2021
AFRICA TECH

Africa Tech - March 2021 Copyright © 2021, Tracxn Technologies Private Limited. All rights reserved.
Contents
2
Africa Tech Snapshot 3
Investment Snapshot 4
List of Funding Rounds 5
New Investors 8
Top Funded Business Models - last 1 year 10
New Analyst Picks 11
Acquisitions 13
Recent News 14

Africa Tech Snapshot – March 2021
Africa Tech: Snapshot – March 2021
Note : "Investors" refers to "Institutional Investors" only
3
$65.0M
4
Overall Geo Stats
16
3
44
18
25
Funding Rounds $ Invested Analyst Picks
NowPay Upgraded
to MINICORN
New Investors
Assembly
Rabo Frontier Ventures
Series A+ rounds Active Investors IPOs Acquisitions
Yuppiechef#@
Selpal#@
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Lagos
(6 Rounds, $30.7M)
Cairo
(4 Rounds, $3.1M)
Accra
(3 Rounds, $1.5M)
Abidjan
(3 Rounds, $1.5M)
$25M - Series A
Kuda (2017, Lagos, $36.6M)
$15M - Series B
Adumo (2009, Bryanston, $15M)
$11M - Series A
Wefarm (2015, Dar Es Salaam, $32M)
$3.5M - Series A
ArifPay (2021, Addis Ababa, $3.5M)
Y Combinator
(5 Investments)
Kepple Africa Ventures
(2 Investments)
EFG EV
(2 Investments)
International Finance
Corporation
(1 Investments)
Banking Tech
Kuda
Payments
Adumo
Alternative Lending
NowPay
Crop Tech
Wefarm
Market Size
Companies Covered 15,196
Funded Companies 2,082
Total Funding $6.7B
Funding in last 12 months $723M
Top Exits
IPOs 37
Acquisitions 223
Company Stage
Unicorns -
Soonicorns 11
Minicorns 91
Editor Picks 784
Series A+ 284
Series C+ 78
Acqui-Hires 4
Deadpooled 1,742
Top Cities
Cape Town (256 Rounds, $693M)
Lagos (244 Rounds, $1.2B)
Top Investors
Flat6Labs Cairo (44 Investments)
Y Combinator (40 Investments)

Investment Snapshot
Investment Snapshot of Africa Tech as of March 2021
Africa Tech: Investment Snapshot
4
# Rounds
$ Funding
Investment Trend Top Investments (March 2021)*
Kuda
(2017, Lagos, $36.6M)
$25.0M - Series A Valar Ventures
Adumo
(2009, Bryanston, $15.0M)
$15.0M - Series B
International Finance
Corporation
Wefarm
(2015, Dar Es Salaam, $32.0M)
$11.0M - Series A Octopus Ventures
ArifPay
(2021, Addis Ababa, $3.5M)
$3.5M - Series A
Dayra
(2020, Cairo, $3.0M)
$3.0M - Seed Tanmeya Capital Ventures
Bankly
(2018, Lagos, $2.0M)
$2.0M - Seed Plug and Play Tech Center
Kwik
(2018, Lagos, $2.0M)
$1.7M - Seed
Redbird
(2018, Accra, $2.5M)
$1.5M - Seed
Termii
(2013, Lagos, $1.5M)
$1.4M - Seed Future Africa
Curacel
(2016, Lagos, $450K)
$450K - Seed Atlantica Ventures
Flextock
(2020, Cairo, $125K)
$125K - Seed Y Combinator
*Shows only the lead Investors

List of Funding Rounds (1/3)
List of Funding Rounds in Africa Tech in March 2021
Africa Tech: List of Funding Rounds
Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE
5
EARLY STAGE
$3.5M - Series A
ArifPay (2021, Addis Ababa, $3.5M)
Digital wallet and MPOS platform for consumer and
business payments
EARLY STAGE
$11.0M - Series A
Wefarm (2015, Dar Es Salaam, $32.0M)
Online marketplace and collaboration platform for
farmers
Octopus Ventures, LocalGlobe, June Fund, True
Ventures, Rabo Frontier Ventures, and 1 more
EARLY STAGE
$15.0M - Series B
Adumo (2009, Bryanston, $15.0M)
Provider of payment processing and working capital
solution for businesses
International Finance Corporation
EARLY STAGE
$25.0M - Series A
Kuda (2017, Lagos, $36.6M)
Digital bank for individuals
Valar Ventures, Target Global
SEED STAGE
$100.0K - Seed
Farmhut Africa (2021, Harare, $100.0K)
Online marketplace offering food supply
Hult Prize
SEED STAGE
$120.0K - Seed
PlentyWaka (2019, Lagos, $420.0K)
App-based aggregator for booking shuttle tickets
Techstars
SEED STAGE
$125.0K - Seed
Kidato (2021, Nairobi, $125.0K)
Online platform providing academic and after-school
classes for kids
Y Combinator
SEED STAGE
$125.0K - Seed
Flextock (2020, Cairo, $125.0K)
Offers end-to-end e-commerce fulfillment solutions
Y Combinator
SEED STAGE
$450.0K - Seed
Curacel (2016, Lagos, $450.0K)
AI and cloud-based electronic health records &
payment solutions for medical providers
Atlantica Ventures, Consonance Investment Managers,
Kepple Africa Ventures
SEED STAGE
$1.4M - Seed
Termii (2013, Lagos, $1.5M)
Cloud-based omnichannel communication platform
Future Africa, Kepple Africa Ventures, Aidi Ventures,
Acuity Venture Partners Limited, Nama Ventures, and 7
more

6
SEED STAGE
$1.5M - Seed
Redbird (2018, Accra, $2.5M)
Provider of health parameters monitoring services for
patients and pharmacies
, Newtown Partners, GMC coLABS, Founders Factory
Africa
SEED STAGE
$1.7M - Seed
Kwik (2018, Lagos, $2.0M)
App-based on-demand delivery platform
SEED STAGE
$2.0M - Seed
Bankly (2018, Lagos, $2.0M)
Cash digitization solutions for payments
Plug and Play Tech Center, Rising Tide Africa, Chrysalis
Capital
SEED STAGE
$3.0M - Seed
Dayra (2020, Cairo, $3.0M)
API-enabled correspondent banking solutions
Tanmeya Capital Ventures, EFG EV, EFG Hermes, Y
Combinator
SEED STAGE
Seed
Complete Farmer (2017, Accra)
Crowd farming platform
Ingressive Capital
SEED STAGE
Seed
Moja Ride (2017, Abidjan)
NFC-enabled prepaid card linked wallet for consumers
and businesses
Mobility 54 Investment SAS, Toyota Tsusho
SEED STAGE
Seed
TakeStep (2017, Cairo)
Online platform for booking psychiatrist consultation
SEED STAGE
Seed
zVendo (2017, Heliopolis)
Provider of eCommerce solutions for businesses
EFG EV
SEED STAGE
Angel
Crowdyvest (2019, Lekki)
App-based savings platform for individuals
Tope Omotolani
SEED STAGE
Seed
Dayra (2019, )
Wallet for money transfer
Y Combinator

7
SEED STAGE
Seed
NowPay (2018, Cairo, $2.7M)
Online lending platform providing on-demand salary
loans to corporate employees
Y Combinator, Global Ventures, BECO Capital, Endure
Capital, Foundation Ventures, and 1 more
SEED STAGE
Seed
Impulse Biomedical (2018, Cape Town)
Developer of a device for adrenaline auto-injection
Futuregrowth
SEED STAGE
Seed
Quench (2016, Stellenbosch)
Platform offering on-demand grocery delivery
Imvelo Ventures
SEED STAGE
Seed
Weelo (2017, , $28.0K)
Provides SaaS for food producers, suppliers and
distributors
S[k]aleUp Venture, Integral Capital
SEED STAGE
Seed
KudiGo (2017, Accra, $750.0K)
Mobile based POS system for retailers

New Investors (1/2)
List of New Investors in Africa Tech in March 2021
Africa Tech: List of New Investors
8
Investor Company Info Round Amount Round Name
Assembly
1 portfolio companies | Assembly Capital
Termii
$1.40M Seed
Rabo Frontier Ventures
9 portfolio companies | VC firm focused on fintech & agtech startups
Wefarm
Online marketplace and collaboration platform for farmers
$11.00M Series A
Integral Capital
1 portfolio companies | Integral Capital
Weelo
Provides SaaS for food producers, suppliers and distributors
Undisclosed Seed
Remapped Ventures
1 portfolio companies | Venture capital fund focused on tech startups
Termii
$1.40M Seed
Rally Cap Ventures
3 portfolio companies | Angel network focused on fintech startups
Termii
$1.40M Seed
Nama Ventures
4 portfolio companies | Micro-venture capital fund focused on multiple sectors
Termii
$1.40M Seed
jnjfoundation.com
1 portfolio companies | J&J Foundation Website
Redbird
Provider of health parameters monitoring services for patients and
pharmacies
$1.50M Seed
Kairos Angels
1 portfolio companies | Angle network focused on multiple sectors
Termii
$1.40M Seed
EFG Hermes
3 portfolio companies | Provider of investment banking, securities brokerage
and asset management services
Dayra
$3.00M Seed
Octopus Ventures
182 portfolio companies | Corporate VC firm investing in seed & early stage
companies in the UK
Wefarm
$11.00M Series A

New Investors (2/2)
List of New Investors in Africa Tech in March 2021
Africa Tech: List of New Investors
9
Investor Company Info Round Amount Round Name
Tanmeya Capital Ventures
2 portfolio companies | PE firm investing in SMEs in Egypt
Dayra
$3.00M Seed
Aidi Ventures
1 portfolio companies | Micro VC fund focused on multiple sectors
Termii
$1.40M Seed
June Fund
9 portfolio companies | Tech-focused VC firm investing globally
Wefarm
$11.00M Series A
Acuity Venture Partners Limited
1 portfolio companies | Acuity VC – Partnerships for a Better Future for Africa
Termii
$1.40M Seed
S[k]aleUp Venture
1 portfolio companies | Venture capital fund investing in tech startups
Weelo
Provides SaaS for food producers, suppliers and distributors
Undisclosed Seed
Valar Ventures
87 portfolio companies | VC firm investing globally
Kuda
Digital bank for individuals
$25.00M 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.
10
Rank Business Model $ Funding # Rounds Top Funding Round
1 ▲15 Digital Native Retail Banks $145M 3 TymeBank | $110M | Series B
2 -- KYC Solutions for Banks $110M 1 TYME | $110M | Series B
3 -- KYC Solutions $110M 1 TYME | $110M | Series B
4 <> 0
Alternative Lending > Online Lenders > Diversified >
Marketplace
$53.0M 2 Jumo | $52.0M | Series C
5 ▼-2 Mobile Banking Software $52.0M 1 Jumo | $52.0M | Series C
6 -- Agriculture Drones $22.5M 2 Aerobotics | $17.0M | Series B
7 ▼-2
Road Transport Tech > Mass Transit > Shuttle >
Aggregator
$20.4M 3 Swvl | $20.0M | Series C
8 -- Pharmacy IT > Pharmacy Management Systems $18.5M 1 mPharma | $18.5M | Series B
9 -- ERP for SMBs $16.7M 1 Zagace | $16.7M | Seed
10 ▲25 Biotech R&D > Services and Enablers > Biorepository $15.0M 1 54gene | $15.0M | Series A

New Analyst Picks (1/2)
Interesting Companies identified by Analysts in Africa Tech in March 2021
Africa Tech: Analyst Picks
11
Upgraded to MINICORN
NowPay (2018, Cairo, $2.1M, Seed)
Online lending platform providing on-demand salary
loans to corporate employees
Foundation Ventures, 500 Startups, EFG EV and 10
other Investors
Adumo (2009, Bryanston, $15.0M, Series B)
Provider of payment processing and working capital
solution for businesses
International Finance Corporationand
Wefarm (2015, Dar Es Salaam, $11.0M, Series A)
Online marketplace and collaboration platform for
farmers
June Fund, True Ventures, Rabo Frontier Ventures and
3 other Investors
ArifPay (2021, Addis Ababa, $3.5M, Series A)
Digital wallet and MPOS platform for consumer and
business payments
Added to Editor's Pick
Bankly (2018, Lagos, $2.0M, Seed)
Cash digitization solutions for payments
Plug and Play Tech Center,Rising Tide Africa,Chrysalis
Capitaland
Complete Farmer (2017, Accra, Undisclosed, Seed)
Crowd farming platform
Ingressive Capital, MEST, Kepple Africa Ventures and 1
other Investors
Djamo (2019, Abidjan, $125K, Seed)
Expense management platform for individuals
Y Combinatorand
Dayra (2020, Cairo, Undisclosed, Conventional Debt)
EFG Hermes, Y Combinator, EFG EV and 1 other
Investors
Redbird (2018, Accra, Undisclosed, Seed)
Provider of health parameters monitoring services for
patients and pharmacies
GMC coLABS, Newtown Partners, Founders Factory
Africa and 1 other Investors
Vendease (2017, Lagos, $125K, Seed)
Online marketplace for bulk food buying for hotels and
restaurants
Y Combinatorand
ImaliPay (2020, Nairobi, Undisclosed, Seed)
AI-enabled digital financial platform for gig workers
Optimizer Foundation, TEN13, Mercy Corps and 2
other Investors
RED (2020, Unfunded)
Provider of a mobile app for finding blood donors and
receivers
StartEgyptand

New Analyst Picks (2/2)
Interesting Companies identified by Analysts in Africa Tech in March 2021
Africa Tech: Analyst Picks
12
Edu Waves (2017, Unfunded)
Provider of an educational application for healthcare
providers
LegalManager (, Lusaka, Unfunded)
Cloud-based enterprise legal billing management
software provider
OKash (2018, Unfunded)
App-based lending platform for personal loans
Octiv (2020, Cape Town, Unfunded)
Online fitness studio management tool for fitness
professionals
UmedMi (2020, Cairo, Unfunded)
Provider of a telehealth solution for healthcare
professionals
Credit Warehouse (2019, Lagos, Unfunded)
Online P2P lending marketplace for consumer and
business loans

Acquisitions
List of Acquisitions in Africa Tech in March 2021
Africa Tech: Acquisitions
13
Acq. Date Company Acquirer Deal Size
15 Mar 2021
Yuppiechef(2006, Cape Town)
Cookware and home appliances manufacturer
Mr Price
24 Mar 2021
Selpal(2014, Johannesburg)
Online marketplace to buy grocery products
FNB
26 Mar 2021
MAGRISER(1987, Casablanca)
Import and distribution of irrigation equipment
Amethis

Recent News (1/2)
Recent News in Africa Tech in March 2021
Africa Tech:News
14
Exit News
.
● Easy Trip Planners Ipo Indiatimes
.
● SA sales tech firm Skynamo buys UK’s mSeller ITWeb
.
● FNB acquires local fintech company Selpal to assist township businesses
Ventureburn
.
● Inseego Announces Sale of Ctrack South Africa Operations Business Wire
.
● Imperial buys e-commerce specialist Parcelninja TechCentral
.
● DLA Piper advises Amethis on its acquisition of Magriser in Morocco DLA Piper
.
People News
.
● Dimension Data appoints Mokou as new MD for Southern Africa Telecompaper
.
● Gokada Appoints Nikhil Goel As CEO Independent
.
● DiData names Werner Kapp as new CEO as Grant Bodley resigns ITWeb
.
● Nico Steyn steps down as CEO of Vodacom-backed IOT.nxt ITWeb

Explore more on Tracxn
Explore more about Africa Tech on Tracxn Platform
Africa Tech: Explore more on Tracxn Platform
15
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
Competitors of
Cap Tables of
Investment Activity
Recent Investments
Investment Trend of last 10 years
Mega Investments Rounds
Investors
Most Active Investors
Most Active Angel Investors
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Exits
IPO'd Companies
Recent Acquisitions
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Upcoming Events
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Tracxn Blog
Global Sector Landscape

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Tracxn - Geo - Africa Tech - Mar 2021

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