Tracxn - Monthly Report - Africa Tech - August 2021

TRACXN MONTHLY REPORT
AUGUST 2021
AFRICA TECH

Africa Tech - August 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 9
Top Funded Business Models - last 1 year 11
New Analyst Picks 12
Acquisitions 15
Recent News 16

Africa Tech Snapshot – August 2021
Africa Tech: Snapshot – August 2021
Note : "Investors" refers to "Institutional Investors" only
3
$600M
7
Overall Geo Stats
20
4
76
28
32
Funding Rounds $ Invested Analyst Picks
OPay Upgraded to
UNICORN
New Investors
SoftBank Vision Fund
Sequoia
Series A+ rounds Active Investors IPOs Acquisitions
Callpay#@
stabus#@
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Lagos
(11 Rounds, $562M)
Cairo
(8 Rounds, $20M)
Johannesburg
(4 Rounds, $12.4M)
Nairobi
(3 Rounds, $2.8M)
$400M - Series C
OPay (2018, Lagos, $570M)
$100M - Series A
PalmPay (2019, Lagos, $140M)
$55M - Series B
Kuda (2017, Lagos, $91.6M)
$15M - Series A
Maxab (2018, Cairo, $61.2M)
Flat6Labs
(4 Investments)
Launch Africa
(3 Investments)
Timon Capital
(2 Investments)
Techstars
(2 Investments)
Payments
OPay
Banking Tech
Kuda
B2B E-Commerce
Maxab
Online Grocery
CashBackApp
Market Size
Companies Covered 17,342
Funded Companies 2,064
Total Funding $6.2B
Funding in last 12 months $1.9B
Top Exits
IPOs 21
Acquisitions 204
Company Stage
Unicorns 1
Soonicorns 16
Minicorns 100
Editor Picks 887
Series A+ 261
Series C+ 50
Acqui-Hires 4
Deadpooled 1,807
Top Cities
Cape Town (251 Rounds, $711M)
Lagos (244 Rounds, $1.4B)
Top Investors
Flat6Labs (55 Investments)
Y Combinator (42 Investments)

Investment Snapshot
Investment Snapshot of Africa Tech as of August 2021
Africa Tech: Investment Snapshot
4
# Rounds
$ Funding
Investment Trend Top Investments (August 2021)*
OPay
(2018, Lagos, $570M)
$400M - Series C SoftBank Vision Fund
PalmPay
(2019, Lagos, $140M)
$100M - Series A Chuangshi Capital
Kuda
(2017, Lagos, $91.6M)
$55.0M - Series B Valar Ventures
Maxab
(2018, Cairo, $61.2M)
$15.0M - Series A Flourish
Naked
(2016, Johannesburg, $14.8M)
$11.1M - Series A Naspers
POSRocket
(2016, Amman, $7.2M)
$5.0M - Series A Finance in Motion
Omnibiz
(2010, Lagos, $4.0M)
$3.0M - Seed
Wapi Pay
(2019, Nairobi, $2.2M)
$2.2M - Seed MSA
Decagon
(2019, Lagos, $1.5M)
$1.5M - Seed Timon Capital
KHULA
(2016, Johannesburg, $2.7M)
$1.3M - Seed
MVX
(2019, , $1.3M)
$1.3M - Seed
*Shows only the lead Investors

List of Funding Rounds (1/4)
List of Funding Rounds in Africa Tech in August 2021
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
$400.0M - Series C
OPay (2018, Lagos, $570.0M)
App-based payment processing solutions for businesses
SoftBank Vision Fund, 3W Partners, SoftBank Ventures
Asia, Redpoint Ventures, Source Code Capital, and 2
more
LATE STAGE
Series C
Swvl (2017, Cairo, $100.5M)
App-based platform for shuttle services
Zain Ventures
EARLY STAGE
$5.0M - Series A
POSRocket (2016, Amman, $7.2M)
Cloud-based POS software and hardware solutions for
offline retailers
Finance in Motion, Algebra Ventures, Vision Ventures,
Khwarizmi Ventures, Edgo, and 3 more
EARLY STAGE
$11.1M - Series A
Naked (2016, Johannesburg, $14.8M)
AI-driven app that provides usage-based car insurance
Naspers, Yellowwood, Hollard
EARLY STAGE
$15.0M - Series A
Maxab (2018, Cairo, $61.2M)
Distributors of multi-category grocery supplies
Crystal Stream Capital, Flourish, Endeavor, 4DX
Ventures, BECO Capital, and 3 more
EARLY STAGE
$55.0M - Series B
Kuda (2017, Lagos, $91.6M)
Digital bank for individuals
Valar Ventures, Target Global, SBI Investment
EARLY STAGE
$100.0M - Series A
PalmPay (2019, Lagos, $140.0M)
App-based wallet for consumer payments
Chuangshi Capital, , Seas Capital, Africa Invest,
MediaTek
SEED STAGE
$100.0K - Seed
MarketForce360 (2017, Nairobi, $2.6M)
Cloud based sales and distribution management
solution for businesses
Harambeans
SEED STAGE
$100.0K - Seed
Zowasel (2015, Ikeja, $100.0K)
Online deal aggregator platform
Promasidor, Guinness Nigeria

6
SEED STAGE
$120.0K - Seed
Awabah (2020, Lagos, $320.0K)
Online pension planning and savings management
platform
Techstars
SEED STAGE
$150.0K - Seed
Ridelink (2016, Kampala, $250.0K)
App-based marketplace providing transportation
services
Ortus Africa Capital, Omidyar Network, African
Leadership Academy
SEED STAGE
$300.0K - Seed
Showlove (2020, Lagos, $300.0K)
Online gifting platform offering digital gift cards
SEED STAGE
$475.0K - Seed
CashBackApp (2019, Nairobi, $475.0K)
App based platform offering cashback on groceries
shopping
LoftyInc Capital, Sherpa Ventures, Loyal VC
SEED STAGE
$500.0K - Seed
Chekkit (2018, Lagos, $500.0K)
Provider of web-based supply chain tracking and
customer intelligence software
Launch Africa, Blockchain Founders Fund,
SEED STAGE
$850.0K - Seed
Versus (2019, Lagos, $850.0K)
Provider of market research and consumer insight tool
SEED STAGE
$1.0M - Seed
Revio (2021, Cape Town, $1.0M)
Payment and subscription billing platform for
businesses
The Delta
SEED STAGE
$1.2M - Seed
PlentyWaka (2019, Lagos, $1.6M)
App-based aggregator for booking shuttle tickets
ODBA, SOSV, Techstars, Argentil Capital Partners
SEED STAGE
$1.3M - Seed
MVX (2019, , $1.3M)
Offers tech-enabled freight forwarding services
Kepple Africa Ventures, Founders Factory, Launch
Africa,

7
SEED STAGE
$1.3M - Seed
KHULA (2016, Johannesburg, $2.7M)
Online marketplace for agriculture products
, Squared
SEED STAGE
$1.5M - Seed
Decagon (2019, Lagos, $1.5M)
Online job portal for tech-industry
Timon Capital, Paul Kokoricha
SEED STAGE
$2.2M - Seed
Wapi Pay (2019, Nairobi, $2.2M)
Payment processing solutions to businesses
MSA, EchoVC Partners, Kepple Africa Ventures, Future
Hub, Transsion, and 1 more
SEED STAGE
$3.0M - Seed
Omnibiz (2010, Lagos, $4.0M)
Provider of product distribution platform for businesses
, SUNU Capital, Tangerine, Rising Tide Africa, Launch
Africa, and 2 more
SEED STAGE
Seed
VitruvianMD (2017, Johannesburg)
AI-based solution for medical diagnostics
Verge HealthTech Fund
SEED STAGE
Seed
gamr.africa (2021, Lagos)
Subscription-based platform offering esports
tournaments and gaming community
SEED STAGE
Seed
Teegara.com (2019, Cairo)
Online b2b marketplace offering consumer electronics
products
Alexandria Angels
SEED STAGE
Seed
dKilo (2020, Cairo)
IoT-based digital out-of-home advertising solutions
provider
Flat6Labs
SEED STAGE
Seed
Intixel (2018, Cairo)
AI-based radiology imaging tool for professionals
Flat6Labs

8
SEED STAGE
Seed
Acumen software (2006, Johannesburg, $848.3K)
Provider of workforce and asset management system
Imvelo Ventures, Andzani Ventures
SEED STAGE
Seed
Bee Smart Payment Solutions (2009, Cairo)
Agent-based payment solutions
Vodafone Egypt
SEED STAGE
Seed
Nureab (2019, )
Provider of motor rehabilitation devices for hand
injuries
Flat6Labs
SEED STAGE
Seed
Nineteen21 (2020, Gaborone)
Platform offering loyalty cards for students
ITV
SEED STAGE
Seed
The Baby Garage (2015, Cairo)
Online content-based platform publishing content for
mothers
Flat6Labs

New Investors (1/2)
List of New Investors in Africa Tech in August 2021
Africa Tech: List of New Investors
9
Investor Company Info Round Amount Round Name
SoftBank Vision Fund
207 portfolio companies | Venture capital fund backed by Softbank Group
OPay
$400M Series C
Sequoia
65 portfolio companies | Sequoia
OPay
$400M Series C
Blockchain Founders Fund
2 portfolio companies | Provider of block-chain focused investment services
Chekkit
Provider of web-based supply chain tracking and customer intelligence
software
$500K Seed
3W Partners
5 portfolio companies | PE firm investing in the US & China
OPay
$400M Series C
GOBI
5 portfolio companies | Venture capital firm focused on multiple sectors
Wapi Pay
$2.20M Seed
Innovative Startups & SMES Fund
6 portfolio companies | Startup incubator backed by Jordanian Economic Policy
Council
POSRocket
Cloud-based POS software and hardware solutions for offline retailers
$5.00M Series A
Finance in Motion
3 portfolio companies | Diversified investment management firm
POSRocket
$5.00M Series A
Chuangshi Capital
6 portfolio companies | Tech focused early stage VC firm investing in China
PalmPay
$100M Series A
Zain Ventures
2 portfolio companies | Venture capital fund focused on multiple sectors
Swvl
Undisclosed Series C
Verge HealthTech Fund
4 portfolio companies | Venture capital fund investing in healthcare sector
VitruvianMD
AI-based solution for medical diagnostics
Undisclosed Seed

New Investors (2/2)
List of New Investors in Africa Tech in August 2021
Africa Tech: List of New Investors
10
Investor Company Info Round Amount Round Name
Seas Capital
2 portfolio companies | Venture capital firm investing in tech startups
PalmPay
$100M Series A
ITV
4 portfolio companies | Subscription-based video streaming platform for movies
and series
Nineteen21
Platform offering loyalty cards for students
Undisclosed Seed
Dragon Capital
6 portfolio companies | Early stage investments focused VC firm offering
investment management services
OPay
$400M Series C
Argentil Capital Partners
1 portfolio companies | Investment banking firm operating across Sub-Saharan
region
PlentyWaka
$1.20M Seed
Promasidor
1 portfolio companies | Multi-category food & beverage company
Zowasel
$100K Seed
Edgo
2 portfolio companies | Edgo | Edgo
POSRocket
$5.00M Series A
Tangerine
1 portfolio companies | AI-based data platform for smart mobility
Omnibiz
Provider of product distribution platform for businesses
$3.00M Seed
Guinness Nigeria
1 portfolio companies | Brand of beers & brewery processing firm
Zowasel
$100K Seed
The Delta
1 portfolio companies | Provider of horizontal application development and
branding services
Revio
Payment and subscription billing platform for businesses
$1.04M Seed
Africa Invest
1 portfolio companies | Provider of wealth management services
PalmPay
$100M 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.
11
Rank Business Model $ Funding # Rounds Top Funding Round
1 <> 0 Business Payments Solutions $514M 7 OPay | $400M | Series C
2 -- Sports Betting Platforms $377M 2 BetKing | $293M | Series C
3 -- Sports Betting Platforms $377M 2 BetKing | $293M | Series C
4 ▲45 Digital Native Retail Banks $200M 4 TymeBank | $110M | Series B
5 ▼-3 Digital Wallets $114M 8 PalmPay | $100M | Series A
6 -- Banking Software Suite $110M 1 TYME | $110M | Series B
7 -- KYC for Financial Institutions $110M 1 TYME | $110M | Series B
8 ▲6 Internet First Personal Loans $84.0M 2 FairMoney | $42.0M | Series B
9 ▲2 Online B2B Grocery Distributor $55.0M 3 Maxab | $40.0M | Series A
10 ▼-5
B2B E-Commerce > Food & Beverages > Groceries > Farm
Products > E-Distributor
$55.0M 2 Maxab | $40.0M | Series A

New Analyst Picks (1/3)
Interesting Companies identified by Analysts in Africa Tech in August 2021
Africa Tech: Analyst Picks
12
Upgraded to UNICORN
OPay (2018, Lagos, $120M, Series B)
Opera, Dragon Capital, SoftBank Vision Fund and 11
other Investors
Upgraded to SOONICORN
Kuda (2017, Lagos, $10.0M, Seed)
Digital bank for individuals
Startupbootcamp, HAVAIC, Oliver Jung and 14 other
Investors
Upgraded to MINICORN
Decagon (2019, Lagos, $1.5M, Seed)
Online job portal for tech-industry
Innovation Partners Africa, Paul Kokoricha, Kepple
Africa Ventures and 3 other Investors
Upgraded to MINICORN
POSRocket (2016, Amman, $5.0M, Series A)
Cloud-based POS software and hardware solutions for
offline retailers
Arzan Venture Capital, Innovative Startups & SMES
Fund, Propeller and 11 other Investors

13
Added to Editor's Pick
PlentyWaka (2019, Lagos, $120K, Seed)
Microtraction, Emfato, Techstars and 4 other Investors
Wapi Pay (2019, Nairobi, Undisclosed, Seed)
Transsion, MSA, EchoVC Partners and 3 other Investors
3X4 Genetics (2018, Cape Town, Undisclosed, Angel)
Developer of genetic tests for diagnosing general
health
HAVAIC,Alethea Capital Managementand
KHULA (2016, Johannesburg, $1.4M, Seed)
Online marketplace for agriculture products
AECI, , Squared and 1 other Investors
MortgageMarket (2018, Rivonia, $681K, Seed)
Comparison platform for residential mortgages
IDF Capitaland
Yellow (2018, Lilongwe, $3.3M, Series A)
Provider of digital platform for informal merchants in
Africa
USAIDand
Awabah (2020, Lagos, $120K, Seed)
Online pension planning and savings management
platform
Correlation Ventures, Techstars, Catapult and 1 other
Investors
iX (2013, Cape Town, $2.5M, Series A)
Online platform providing courses in design,
technology, and data
Caleo Private Equity,Kalon Venture Partnersand
TechAdvance (2009, Lagos, $1.0M, Seed)
Provider of payment facilitation solutions for
businesses
Lamar Holding,Musha Venturesand
Kemitt (2018, Giza, $1.0M, Seed)
Online personalized shopping platform for home
improvement products
AfroTie (2021, Unfunded)
App based marketplace providing P2P second-hand
products
CreditFins (2020, Cairo, Undisclosed, Seed)
Online platform for credit card debt refinancing
Flat6Labsand

14
Past Papers (2020, Unfunded)
Mobile-based platform providing multiple exam
preparation solutions
Intixel (2018, Cairo, Undisclosed, Seed)
AI-based radiology imaging tool for professionals
Flat6Labsand
The Baby Garage (2015, Cairo, Undisclosed, Seed)
Online content-based platform publishing content for
mothers
Flat6Labsand
Genii Analytics (2013, Cape Town, Unfunded)
Provider of AI based predictive customer interaction
analytics solutions
Revio (2021, Cape Town, $1.0M, Seed)
Payment and subscription billing platform for
businesses
The Deltaand
Turck Banner (1984, Bedfordview, Unfunded)
Manufacturer of multi-parameter sensors and multiple
other products
Terminal (2018, Lagos, Unfunded)
Platform offering eCommerce solution for online
businesses
The Baobab Networkand
StorX (2021, Victoria, Unfunded)
Cloud and Blockchain based storage solution provider
Talkaado (2020, Ibadan, Unfunded)
Cloud-based fundraising platform for charitable
organizations
Beem (2011, Dar Es Salaam, Unfunded)
Provider of customer communication and CPaaS
platform
AIM Technologies (2018, Cairo, Unfunded)
Provider of AI based social media listening tool
Schoola (2020, Kaduna, Unfunded)
AI and app-based platform offering teaching solutions
for schools

Acquisitions
List of Acquisitions in Africa Tech in August 2021
Africa Tech: Acquisitions
15
Acq. Date Company Acquirer Deal Size
08 Aug 2021
Callpay(2014, Cape Town)
mPoS software and IVR payment acceptance
23 Aug 2021
stabus(2019, Accra)
PlentyWaka
24 Aug 2021
Karny(2020)
App-based POS solutions for merchants
Chari.ma
25 Aug 2021
WaystoCap(2014, Casablanca, $3.0M)
B2B marketplace catering to Africa
Maxab

Recent News (1/2)
Recent News in Africa Tech in August 2021
Africa Tech:News
16
Exit News
.
● Ride-Sharing Startup Swvl Nearing Deal to Go Public The Wall Street Journal
.
● MaxAB gets an extra $15M, acquires YC-backed Moroccan startup WaystoCap
TechCrunch
.
● S. Africa’s Massmart in talks to buy grocery service OneCart Financial Post
.
● Plentywaka Acquires Stabus Ghana Two Months After Securing $1.2M in Seed
Funding Investors King
.
● MENA mobility provider Swvl acquires Shotl in expansion to Europe, LATAM
and APAC Tech In Africa
.
● Tribunal approves WeBuyCars deal TechCentral
.
● SA fintech Callpay acquired at US$6.8M valuation Tech In Africa
.
People News
.
● Altron gets new chairman and finance chief TechCentral
.
● Zappi hires Gladden to lead shopper pillar Research Live
.
● Tarek Nabil Leaves ADSS to Take Up COO Position at CAPEX.com Finance Magnates

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
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
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Upcoming Events
Library
Recent Reports
Tracxn Blog
Global Sector Landscape

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Tracxn - Monthly Report - Africa Tech - August 2021

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Tracxn - Monthly Report - Africa Tech - August 2021