Fido snags $30 mn as eight other Africa startups bag early-stage funding

 Fido snags $30 mn as eight other Africa startups bag early-stage funding

Fido Solutions Ltd, a fintech startup founded by Israeli entrepreneurs which is building a neobank for Sub-Saharan Africa, has raised $30 million equity investment and an undisclosed amount in debt funding in a Series A round.

Israeli investment firm Fortissimo Capital led the round. Yard Ventures pitched in, too.

Fido was founded by Tomer Edry, Nadav Topolski, Nir Zepkowitz and Alon Eitan in 2015. Its operations are currently anchored on Ghana.

Fido’s announcement comes five months after The Capital Quest reported in January that the company was raising a Series A round. It was looking to bring in International Finance Corp and TLCom among other investors.

Fido has positioned itself as a consumer fintech operating in Ghana. Since 2019, Fido has lent via 1.5 million loans to around 340,000 customers. Over 22% of the company’s borrowers are micro, small and medium enterprises (MSMEs) that use the loan proceeds for working capital purposes. The remaining 78% are individual consumers.

The company intends to expand to six new markets by 2025 starting with Uganda, as well as to launch additional products targeting financial inclusion. Fido says it has built a credit risk platform that makes instant credit decisions without requiring the customer’s credit history.

Jodop

Morocco-based temporary staffing HR tech startup Jodop has raised a $1 million seed round, led by Azur Innovation Fund, with participation from Plug and Play and some unnamed angel investors. The round was closed two months back but is being disclosed now.

Founded in 2020 by Adil Zghaoui and Salim El Merrassi, Jodop deploys AI technologies to match temporary workers to prospective employers.

With the newly acquired capital, the startup will be able to improve its product technology and expand to new markets, with plans to launch in Egypt by the end of this year.

Jobop was launched last year and matches companies with blue collar temporary workers through its proprietary algorithm, in sectors such as hospitality, construction, logistics and manufacturing.

Kibo

Kibo School, an online school aimed at students in Africa that raised $0.4 million in a pre-seed funding last year, has scooped up $2 million in seed funding led by Neo. Other investors who participated were Future Africa, Pledges, Brooklyn Bridge Ventures, Transcend Network and angel investors.

Cofounded by Ope Bukola, Keno Omu and Rob Cobb, Kibo School is looking to offer several STEM degree programs. The one-year-old venture had been offering short courses till now but is going to focus on degree courses in the future.

Healthtracka

Nigerian healthtech startup Healthtracka, which offers at-home lab tests, has raised $1.5 million in pre-seed funding led by Ingressive Capital and Hustle Fund, with participation from angel investors.

Founded a year back by Ifeoluwa Dare-Johnson and Victor Amusan in Lagos, Healthtracka partners with other medical laboratories who go collect the samples, analyse them and give the results.

Thepeer

Nigerian fintech enabler Thepeer, which helps in wallet transfers between businesses, has raised a $2.1 million seed round led by The Raba Partnership.

Rali_Cap Ventures, BYLD Ventures, Timon Capital, Musha Ventures, Sunu and Uncovered Fund, besides African fintechs Chipper Cash and Stitch, also took part in the round.

Founded in August 2021 by Kosisochukwu Chike Ononye (CEO) and Michael Okoh (CTO), Thepeer is an API-based company that plays on the lack of digital wallet interoperability in the continent.

Afropolitan

Afropolitan, a startup that wants to build a digital nation for Africans, has raised pre-seed funding of $2.1 million from a bunch of angel investors including former Coinbase CTO Balaji Srinivasan among many others along with Hashed, Atlantica Ventures, Rali_Cap Ventures, Microtraction and Cultur3 Capital.

Founded six years ago by Eche Emole and Chika Uwazie, Afropolitan began as an organiser of parties, events and festivals for the African diaspora. The pandemic affected its events business and it pivoted to media building a community on the audio platform, Clubhouse.

Greenage

Shell-funded impact investment company All On has invested $500,000 in Greenage Technologies Power Systems to fund the construction and expansion of its charge controllers and inverters manufacturing facility in Enugu State in Nigeria. The investment is via a mix of equity and convertible debt.

Started three years ago, Greenage is into manufacturing and distribution of solar energy equipment. Its product range includes inverters (2kva to 20kva), charge controllers, power managers and automatic transfer switches.

Tugende

East African fintech platform Tugende, which offers asset financing and digital services to small businesses and had last year topped up its Series A round with $3.6 million more, has raised a pre-Series B investment round led by current shareholder Partech Africa.

Existing investors including Mobility 54, Enza and Global Partnerships also chipped in. They were joined by new partners including global financial inclusion fund Women’s World Banking Capital Partners II.

Synapse

Egyptian AI tech startup Synapse Analytics has raised $2 million in a pre-Series A funding round led by Egypt Ventures, with participation from Cloudera founder Amr Awadallah and Africa Platforms founder Simon Rowlands.

The venture was founded in 2018 by Ahmed Abaza and Galal ElBeshbishy. Synapse’s key offering is its machine learning operations automation platform, Konan.

Vivek Sinha

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