Egyptian e-payments company Fawry has finalised an investment in alsoug, Sudan’s largest online classifieds platform and marketplace, to help build out its new fintech platform Cashi.
Fawry has acquired a minority stake in the holding company of alsoug and Cashi, marking its first venture capital investment outside Egypt.
Alsoug said in a statement it raised $5 million as part of a larger round, which also saw participation from other international VC firms. It didn’t name the other investors.
Fawry will help alsoug expand, enhance its merchant acquisition operation, refine its go-to-market approach, and provide insights that inform high-level strategy across all segments of the business.
Founded in 2016, alsoug is now Sudan’s leading consumer internet platform and its largest digital marketplace.
This is the first major foreign investment into a Sudanese technology business since international sanctions were lifted in 2020, alsoug said in a statement.
“This investment marks a significant milestone not just for alsoug, but for the nascent tech space in Sudan as a whole, which has until today been essentially shut out of the global capital markets,” said Alsoug co-founder and CEO Tarneem (Nina) Saeed.
“We are looking forward to working with Fawry, and our new strategic shareholders, to continue our expansion from the classifieds and marketplace space into payments,” she added.
South African ed-tech company d6 Group, which offers a cloud-based management platform for schools, has raised an undisclosed amount from Knife Capital, Hlayisani Capital and NuState Ventures. The deal would give a majority stake to the three investors.
Willem Kitshoff, d6 Group CEO, said: “We have a strong market footprint and technology foundation and with this new strategic investment support, we are now able to pursue our local, as well as international growth aspirations.”
d6 claims to have more than 2,800 schools at home and abroad under its network.
“We liked that d6 wasn’t dependent on the investment from a cash flow runway perspective, but the funds will enable them to scale more rapidly. This is a high-growth business with an amazing product, recurring revenue and a huge addressable market,” said Keet van Zyl, co-founder of Knife Capital.
Brett Commaille, partner at Hlayisani Capital, said: “In South Africa, our expenditure per capita on education is far higher than that of similar countries, yet we have some of the worst education outcomes. We need funding to be directed wisely. Part of the solution is to invest in platforms and technology that meaningfully improves the educational ecosystem to produce quality education for our learners.”
Cairo-based B2B ecommerce platform Talabeyah has raised $1.1 million from a bunch of angel investors and Egypt Leap, a supply chain venture studio that connects startups with other stakeholders in Egypt and the Middle East.
Talabeyah was founded by Karim Nassef (CEO), Amr Abbas (COO) and Khaled Hussein (CPO). It has positioned itself as a digital wholesaler. Through its app, it connects suppliers with supermarkets and groceries across Egypt.
The firm’s CEO Nassef told The Capital Quest that it has achieved cumulative gross merchandise value of $6 million in the first 15 months of operations starting July 2020 with an initial investment of around $180,000.