African startups Vendease, SweepSouth, Mazaya & others raise venture funding

 African startups Vendease, SweepSouth, Mazaya & others raise venture funding

Vendease, an online B2B marketplace for restaurants and other food businesses, that raised a Seed round last October, has raised $30 million in an equity and debt funding round to consolidate its growth and operations in Nigeria and Ghana, and to support its expansion across the continent.

The Lagos-based, Y Combinator-backed digital platform that allows restaurants in Africa to buy supplies, access financial services and power their business operations, said the Series A equity round of $20 million was co-led by TLcom and Partech, in a rare joint investment by two of the biggest Africa-focused funds.

The equity round also included VentureSouq, Hustle fund, Hack VC, GFR Fund, Kube VC, Magic Fund and Kairos Angels, who re-invested after participating in the previous round. The $10 million debt round was raised from the local finance market.

Vendease says it digital procurement engine makes it easier for restaurants in eight cities across Nigeria and Ghana to buy food supplies at considerably cheaper rates than open market prices, with guaranteed 12-hour delivery. Restaurant owners can also access working capital through Vendease’s Buy-Now-Pay-Later offering.

The firm claimed that over the last 12 months, Vendease has moved more than 400,000 metric tonnes of food through its platform and has seen 3x growth in the number of users on its platform and 5x growth in its revenue over the last 12 months. Users have also accessed more than $12 million worth of inventory via its embedded finance product.

The new funding will support the delivery of these services to more restaurants and food businesses across Africa, as well as the development of new solutions and services to drive growth across the food value chain.

Last year it had scooped $3.2 million in a seed round led by Global Founders Capital. The funding round had also seen participation from Y Combinator, Hustle Fund, Liquid 2 Ventures, Hack VC and Soma Capital, besides some angel investors.

The under three-year-old startup was founded by Tunde Kara, Olumide Fayankin, Gatumi Aliyu and Wale Oyepeju.

SweepSouth

Naspers Foundry-backed SweepSouth, an online home and business cleaning services platform in South Africa, has raised a $11 million investment round led by Alitheia IDF (AIF) a gender-lens private equity fund.

Existing investors Naspers Foundry, The Michael and Susan Dell Foundation, and Futuregrowth Asset Management also committed to participate in this new round, along with new investors Endeavor Catalyst, Endeavor’s Harvest Fund II, Caruso Ventures and E4E Africa.

Started eight years ago by Aisha Pandor and Alen Ribic, SweepSouth is present in Africa’s four key tech centric economies-South Africa, Kenya, Nigeria and Egypt. The new funding will help the venture to hire people in South Africa, add new services in existing markets and acquire other firms.

It had acquired Egypt’s FilKhedma last year for an undisclosed amount.

Mazaya

Egyptian B2B ecommerce marketplace that focuses on electronics, Mazaya, has completed a $5 million pre-Seed funding round led by Raya Trade & Distribution, a subsidiary of Raya Holding for Financial Investments.

This round will enable Mazaya to scale its operations in Egypt and expand into new markets and potentially into other verticals.

Launched last year, Mazaya says it has worked with over 6,000 retailers, fulfilled 30,000 orders achieving a gross merchandise value of $15 million to date, and currently has over 1,000 SKUs on the platform.

Amir Aboul Fotouh, Mazaya co-founder & head of operations, said: “The funds raised will allow us to quickly scale our operations and expand to other markets beyond Egypt, we have plans to launch our services in Nigeria before this year-end.”

It also plans to offer financial services and support retailers to help them scale their business by offering various credit facilities and flexible payment terms based on their payment history.

ComiBlock

ComiBlock has raised an undisclosed financing round from Expert Dojo, a California-based growth accelerator that has invested in over 200 companies around the globe, to expand operations and invest in product development.

The startup that is building a retail crypto investment management platform aimed at the new generation, was founded by Dennis Mary, Juliet Oyeniyi and Joshua Abolade.

Early this month, it launched a public beta.

InGame Sports

Egyptian gaming startup InGame Sports has secured over $1 million in a pre-Seed round that includes grants and support resources, led by Openner, with participation from Sports Radar and angel investors.

Founded in 2021, InGame is led by Mohab El Tawila and runs a football mobile game. It intends to use the money to expand into multiple countries, introduce add-ons to the existing product under Web3 tech stack and incorporate blockchain technology as part of the offering.

LocumBase

South African online medical booking platform, LocumBase, has raised an undisclosed amount from Grindstone Ventures as it prepares to expand internationally over the next 12-15 months.

Founded in 2016 by Zulé Vuuren, LocumBase is a Grindstone Accelerator alumnus.

Vivek Sinha

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