FrontEdge Raises $10M Equity and Debt from TLG Capital and Other African Funding Stories

Below are the venture funding activities we are tracking in the African region today — Wednesday, November 22, 2023.

FrontEdge Raises $10M Equity and Debt from TLG Capital

• In a bid to address the financing gap prevalent in African international trade, Lagos-based fintech, FrontEdge, has successfully raised $10 million in a debt (70%) and equity seed round led by lead investor TLG Capital.
• Founded in 2021 by Moni Alli, FrontEdge focuses on providing working capital and software tools to SME exporters and importers, facilitating their cross-border and international transactions. To complement its financial offerings, it also provides software tools, including logistics management, cargo insurance and document management, to exporters.
• The company which lists JP Morgan and Providus Bank as partners, plans to use the capital to hire more talent, scale its financing product across Nigeria, Ghana, Ivory Coast, and Kenya, and launch additional products to diversify its revenue streams beyond financing.

Ed Partners Africa Secures $10 Million

• Ed Partners Africa, a Kenyan non-banking financial institution has secured a $10 million loan guarantee from the United States Development Finance Corporation (DFC) to further its mission of expanding access to affordable education.
• Founded in 2018 by CEO Amos Mwangi, the edtech provides affordable loans covering crucial elements of the education system, including infrastructure, technology, and transport. The startup has made a significant impact, reaching over 100,000 students across 350 schools.
• The round follow a $1.5 million debt funding from Oiko Credit back in August.
• Upon disbursement, the loan will enable the expansion of accessible, high-quality education opportunities in Kenya, offering crucial financial support to schools.

WayUp Sports Secures Undisclosed Seed Funding

• Egyptian e-commerce platform WayUp Sports, specializing in performance-based sports gear, has successfully secured funding in a seed round.
• Founded in 2021, WayUp Sports has experienced significant growth since its pre-seed funding round last year, growing nine-fold. It also formed partnerships with over 70 local and international brands and serves more than 15 sports with a range of 10,000 products.
• The undisclosed seed funding was led by Beltone Venture Capital, Index Sports Fund, and strategic angel investors.
• The funds will be utilized for regional expansion, launching a private brand, and further enhancing user experience on its application and website.

Waspito Secures $2.5 Million

• To address the challenges of healthcare accessibility in Africa, particularly in regions with limited doctors per capita, Cameroonian healthtech Waspito has raised a $2.5 million seed extension following last year’s $2.7 million seed.
• The round saw participation from investors including DP World, Newtown Partners, Saviu Ventures, AAIC Investment, Axian Ventures, and CFAO’s Health54.
• Founded in 2020, the health-focused social network facilitates video call consultations with verified doctors. Additionally, it facilitates home sample collection and medication delivery.
• Waspito plans to expand its services in the Francophone region, building on its success in Cameroon and Ivory Coast. It will also use it to support its hybrid model including mini-clinics for offline patients, which was piloted in Ivory Coast and set to expand to Cameroon and Senegal in 2023.

Chari Secures Investment from UM6P Ventures

• With an aim to digitise the entire value chain of FMCG distribution in the Francophone region, Morocco-based B2B e-commerce and fintech startup Chari has raised an undisclosed investment amount from UM6P Ventures, the investment fund of Mohammed VI Polytechnic University.
• Founded in 2020 by Ismael and Sophia Belkhayat, Chari offers embedded financing for the fast-moving consumer goods (FMCG) sector, allowing retailers to purchase large quantities of inventory items directly from suppliers through its platform. So far, Chari has expanded its services to Tunisia and Ivory Coast and has onboarded over 20,000 food businesses.
• The investment from UM6P Ventures will support Chari in becoming a leader in B2B e-commerce with embedded finance, aiming to provide local businesses with various financial services and boost digital transformation in Africa.

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