South Africa’s Stitch nets big cheque; Nawy, Remedial Health get early funding

 South Africa’s Stitch nets big cheque; Nawy, Remedial Health get early funding

The Stitch Money team

South African fintech enabler Stitch said Monday it has raised $21 million in a Series A round led by The Spruce House Partnership.

In addition, new investors include PayPal Ventures, TrueLayer and Zinal Growth. Existing investors including firstminute capital, The Raba Partnership, CRE Venture Capital and Village Global also participated, as did founders of leading global fintechs including Chipper Cash, Quovo and Unit.

Stitch had bagged the first tranche of seed funding a year ago and topped it up a few months ago to take the total to $6 million.

The API fintech company said it will use the fresh funding to continue building the future of money movement by linking bank accounts, wallets and other stores of value, creating what it refers to as the “financial graph.”

Stitch was founded by Kiaan Pillay, Natalie Cuthbert and Priyen Pillay. It provides engineering tools that aim to reduce the technical and operational effort required for apps to connect to their users’ financial accounts.

Startups in Africa raised a record over $4 billion in 2021, with the vast majority (estimated 62%) going to fintechs. Stitch serves these businesses, from wallet-based companies like Chipper Cash, Luno and Zapper, to financial services providers like ImaliPay, to subscription and e-commerce players like FlexClub, to PSPs and payment aggregators like Peach and Yoco.

Remedial Health

Nigerian health-tech startup Remedial Health said Monday it has raised $1 million in pre-seed funding to roll out its digital procurement and PMR (patient medication records) platforms.

Global Ventures and Ventures Platform led the round. Ingressive Capital and Voltron Capital pitched in, too.

The round included angel investment from Flutterwave’s Olugbenga “GB” Agboola and Jobberman co-founder Opeyemi Awoyemi’s Angel Syndicate Fund.

The startup, which seeks to make it easier for neighbourhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) to access medicines, is also part of the Winter 2022 cohort of Silicon Valley’s Y Combinator accelerator.

PPMVs are businesses without a trained pharmacist that sell pharmaceutical products on a retail basis for profit. They provide the main source of medicines for many common illnesses and account for more than 80% of all the drugs sold in Africa’s $45 billion pharmaceutical industry.

Remedial Health has operations in six states across Nigeria and is connected to more than 100 pharmaceutical manufacturers and suppliers, including GSK, Pfizer and Astrazeneca, as well as Nigeria’s Orange Drugs, Emzor and Fidson Healthcare.

Remedial Health was founded by Samuel Okwuada, a pharmacist and software engineer, and Victor Benjamin, a pharmaceutical field sales agent.

Nawy

Cairo-based proptech Nawy has closed a $5 million seed funding round, led by the Sawiris family office.

Nawy was founded in 2016 by Mohamed Abou Ghanima, Abdel-Azim Osman, Ahmed Rafea, Aly Rafea, and Mostafa El Beltagy. It provides its users with house browsing experiences with customisable criteria such as unit space, price and location.

Nawy employs over 200 people and says it has assisted over 60,000 individuals to locate their homes, and facilitated property deals worth over $200 million.

“We were one of the initial investors in Nawy because we saw the company’s potential and shared its ambition. We immediately increased our investment when we realised how quickly they were expanding and saw the company’s trajectory coming to life,” said Onsi Naguib Sawiris, who leads the family office.

Vivek Sinha

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