African ventures WafR, Contro, Newman Foods & Stable Foods raise funding

 African ventures WafR, Contro, Newman Foods & Stable Foods raise funding

Moroccan fintech startup WafR has raised $120,000 from First Circle Capital, bringing the company’s post-funding valuation to over $10 million. First Circle Capital, a venture capital fund that invests in the next generation of fintech in Africa, had already injected capital into WafR in a previous round of funding last June.

This marks the startup’s fourth round of funding in 2022, having collectively raised $1.22 million.

Co-founded by Ismail Bargach and Reda Sallak in 2018, WafR digitises cashback and in-store rewards, enabling FMCG brands as well as retailers to improve customer loyalty.

WafR will be able to expand its network of clients and FMCG brands on the back of the recent fundraise.

This investment will enable WafR to expand its network of grocers and reach 50,000 active partner grocers within six months.

Stable Foods

Kenyan agri-tech startup Stable Foods has secured $600,000 from Acumen Resilient Agriculture Fund (ARAF) and Mercy Corps Ventures. The money will be utilised for scaling up its proof of concept to 500 farmers by the end of next year.

Stable Foods has developed an integrated solution incorporating Irrigation-as-a-service (IaaS), provision of inputs and offtake contracts, and training. The venture is part of venture studio Pyramidia Ventures.


South African telehealth startup focusing on sexual health, Contro, has raised ZAR10.1 million ($585,000) via an oversubscribed pre-seed funding round from Plug & Play, iCubed Capital, WZ Capital and the Jozi Angels Network besides angel investors.

Founded by Alex Schmid, Contro has also received grant funding from the i3 fund, backed by the Bill & Melinda Gates Foundation.

Launched in May 2021, Contro offers subscription services for birth control, erectile dysfunction treatment and hair loss treatment among other treatments. It claims to have facilitated treatment for over 2,000 individuals till now.

Newman Foods

Kampala-based Newman Foods, an agro-processing company whose primary business is the production and marketing of branded consumer foods sold through retail stores in the local and the regional market, as well as aggregation and export of fresh fruits and vegetables to the European market, has raised funding from The Yield Uganda Investment Fund (Yield Fund) via a blend of equity and quasi-equity.

This marks the impact fund’s 14th investment into the Ugandan agricultural sector. Newman Foods was incorporated in 2013, initially focusing on procuring, packaging, and exporting fresh fruits and vegetables, and later diversified its strategy in 2017 through the introduction of the consumer foods/snacks product category.

The investment will be used to fund the construction of a new processing facility and the acquisition of a larger modern equipment to improve the production throughput, support the company to improve packaging, branding and increased marketing of Newman products, as well as to augment its supply network for the consumer foods segment.

Vivek Sinha

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