TopUp Mama, TooMuchWifi, Teegara raise venture funding; Algeria gets a startup fund

 TopUp Mama, TooMuchWifi, Teegara raise venture funding; Algeria gets a startup fund

Kenyan startup TopUp Mama has secured $1.7 million seed funding round led by Ventures Platform and JAM Fund with participation of Next Billion Ventures, Future Africa, Jedar Capital, HoaQ Fund, First Check Africa and DFS Lab.to accelerate its growth.

Founded by Njavwa Mutambo, Emilie Blauwhoff and Andrew Kibe last year, TopUp Mama provides African restaurants with supplies, financial services and business management tools.

TooMuchWifi

The BLOC Smart Africa fund (BLOC SA), initiated by the Smart Africa Alliance and managed by Bamboo Capital Partners, has led a $1 million pre-Series A round in South African internet service provider TooMuchWifi.

BLOC SA pitched in with $585,000 with the rest coming from Connectivity Capital, Atreyu Investments and a European family office besides existing investors who made follow-on investments.

The proceeds of the funding will go toward scaling operations to increase presence in the existing markets and expand into new communities. TooMuchWifi seeks to bridge the connectivity gap by bringing fibre-backed Internet to under-serviced, densely populated areas of South Africa.

Teegara

Egyptian e-commerce Teegara that snagged pre-seed funding last year has now raised an undisclosed bridge round, led by existing backer Alexandria Angel Network with the participation of investors from Saudi Arabia, Egypt, and Jordan.

Founded three years ago by Ahmad Kayyali and Nader Ibrahim alongside the first investor Ahmed Samir, the B2B marketplace provides merchants with household and FMCG products.

Ahmad Kayyali, founder and CEO of Teegara.com, said the company is preparing for its seed round in the next 5-7 months with VCs from the region.

A-Venture, AIF

Algerian public startup accelerator Algeria Venture (A-Venture) and the Algeria Investment Fund (AIF) are joining hands to launch a VC fund with the aim of raising $10 million to make early-stage startup bets.

AIF, which was established last year by the National Bank of Algeria (BNA) and the External Bank of Algeria (BEA), has a capital of 11 billion dinars.

Vivek Sinha

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