Africa’s Chari, TradeDepot, Homzmart seal M&As; Mumerz, Susu get funding

 Africa’s Chari, TradeDepot, Homzmart seal M&As; Mumerz, Susu get funding

Moroccan B2B e-commerce platform Chari, which recently secured bridge funding to get a $100-million tag, has struck a deal to acquire Axa Credit, the credit line of Axa Assurance in Morocco, for $22 million.

The deal value largely includes debt, Chari said Thursday.

This is the second deal within six months by Chari, which had bought bookkeeping venture last October.

The first deal gave Chari data insights on SMEs. The new transaction will put it in the right spot for offering loans to both existing B2B clients and on-lend to their customers, thereby providing it an entry into the buy-now-pay-later (BNPL) segment.

This would also allow it to go with a bigger asking valuation as it moves to pick up a large Series A cheque likely over the next few months.


Lagos-based FMCG distribution platform TradeDepot, which bagged a large Series B cheque three months back, has acquired Ghanaian competitor Green Lion for an undisclosed amount.

Green Lion was founded by Jorge de Rojas, Enrique Moreno de la Cova and Miguel de Rojas around four years ago. It claims it has done business with over 4,000 clients and is aiming to nearly quadruple it by December.


Egyptian online furniture marketplace Homzmart, has announced the acquisition of German technology company MockUp Studio for an unknown amount. The deal will allow Homzmart to offers its consumers a visualisation of their furnished home and explore different layouts digitising the interior design process.

Founded in 2020 by Mahmoud Ibrahim and Ibrahim Mohamed, Homzmart expanded to Saudi Arabia last November after raising $15 million in a Series A round. The firm counts MSA Capital, Nuwa Capital, Rise Capital, Impact46, EQ2 Ventures and Outliers Ventures among its backers.


Egyptian community management software Milango has acquired proptech startup Circle for an undisclosed amount, helping it add over 100,000 residential units to its client base.

Founded last year by Amr Mostafa, Milango is backed by A15.

Circle, founded by Nancy Kamal and Essam Maged in 2020, enables real estate developers as well as property owners to connect easily to tenants and had previously attracted funding from 500 Startups MENA.


Egyptian e-commerce platform Mumerz, which offers products for mothers, soon-to-be mothers and children, has raised $2.2 million in a pre-seed round led by Disruptech.

The venture was founded a few months ago by Amir Shenouda and Nadia Gamal El Din, who had previously also started a community-based peer support group for mothers in Egypt named Rahet Bally.


Emtech, a Ghana-anchored emerging markets digital infrastructure provider for central banks, has secured $4 million in a seed funding round from Noemis Venture, Octerra Capital, Consonance Invest, XFactor ventures, 500 Global, Canaan Partners and Andrew Lundsten, a former Stripe executive.

Founded and led by former IBM executive Carmelle Cadet, Emtech offers a digital regulatory platform that aids fintech ventures to do the groundwork with multiple regulators, test regulatory reporting APIs and more.

The firm had a test pilot in Ghana last year and is aiming to work with close to a dozen central banks by December with an eye on digital currencies.


Ivory Coast- and France-based health-tech startup Susu, which has operations in Ivory Coast, Senegal and Cameroon, has raised $1 million in pre-seed funding from a set of angel investors. It has also secured $1.2 million in debt and grant from French public investment bank BPI France.

Cofounded by Bola Bardet, Laurent Leconte (CTO) and Sandrine Egron (COO) in 2019, Susu brings chronic disease care bundles that are offered as a package of consultations and related healthcare services.

The startup claims to have served 5,000 patients. It is now aiming to enter half a dozen other countries, including Nigeria and Ghana.

Vivek Sinha

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