INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 11

• TowerCo of Africa Uganda Secures $40M Investment for Rural Network Expansion
• Planet42 Secures $16M Funding from Standard Bank to Pay Off Loans
• Simera Sense Secures $14.75M to Enhance Satellite Earth Observations
• Youverify Raises $2.5M Pre-Series A for Identity Verification Solutions
• Rakeez Capital Secures $2M Seed Round Led by Core Vision
• ORA Technologies Secures $1.5M Seed Funding to Launch E-Wallet

TowerCo of Africa Uganda Secures $40M Investment for Rural Network Expansion

• TowerCo of Africa Uganda, a telecommunications infrastructure firm, has secured $40 million in long-term financing to enhance mobile network coverage in rural areas of Uganda.
• The investment, provided by a consortium of European development finance partners, including the European Investment Bank and others, will enable the installation of 506 new telecom towers in underserved regions.
• With only 65% of the country currently covered by mobile networks, this project aims to bridge the digital divide and move Uganda closer to its goal of achieving 95% nationwide coverage. The towers will prioritize sustainability, relying on renewable energy sources to minimize environmental impact.

Planet42 Secures $16M Funding from Standard Bank to Pay Off Loans

• South African car subscription startup Planet42 has raised $16 million (R300 million) in local currency debt and equity funding from Standard Bank. This funding adds to the $150 million raised to date, including $100 million secured in 2023.
• Founded in 2017, Planet42 employs data and algorithms for credit risk assessment, offering flexible car rental or purchase options. With over 12,000 vehicles delivered in South Africa and Mexico, the company aims to expand its operations.
• The investment will be utilized to settle expensive euro-denominated loans.

Simera Sense Secures $14.75M to Enhance Satellite Earth Observations

• South African startup Simera Sense has raised €13.5 million ($14.75 million) in funding, led by NewSpace Capital and Knife Capital.
• Specializing in optical payloads for small satellite Earth observations, Simera Sense offers high-resolution cameras for global clients.
• With the new funding, the company plans to scale up its production capacity, enhance processing capabilities, and establish a European facility, while also doubling its team. Additionally, Simera Sense aims to introduce advanced technologies, such as short-wave infrared cameras, to meet the growing demand for satellite imagery.

Youverify Raises $2.5M Pre-Series A for Identity Verification Solutions

• Lagos-based identity verification company, Youverify has secured $2.5 million in pre-Series A funding, led by Elm Investment, a Saudi-born investment firm focusing on technology ecosystems in the MENA region.
• Founded in 2018 by Gbenga Odegbami, Youverify specializes in identity verification and anti-money laundering solutions for banks and startups. Youverify's API for address and identity verification now operates in 145 jurisdictions across 48 countries, processing 4 million applications monthly for over 3,500 companies.
• The investment will fuel the expansion of its service coverage and verification capacity, strategic collaboration to streamline AML compliance, promote global risk intelligence and expand product offerings into new markets.

Rakeez Capital Secures $2M Seed Round Led by Core Vision

• Saudi Arabia-based B2B fintech firm Rakeez Capital has successfully closed a Seed investment round of $2 million led by Core Vision Investments.
• Founded in 2023, Rakeez Capital specializes in providing financing options for investors and companies through Sukuk issuance.
• The funding will fuel innovation and AI technology advancement, expanding its client base and market reach. CEO Saeed Al-Ahmari emphasizes their role in Saudi Vision 2030's financial sector development. Core Vision CEO, Faisal Al-Abdulsalam, highlights Rakeez's specialization and modernization of financial systems.

ORA Technologies Secures $1.5M Seed Funding to Launch E-Wallet

• Morocco-based startup ORA Technologies has raised $1.5 million in seed funding from local entrepreneurs. This comes less than four months after closing a $1 million pre-seed funding round from local private investors.
• Founded by CEO Omar Alami in 2023, the ORA app offers a comprehensive suite of apps, including P2P transactions, an e-commerce platform, on-demand services, chat functionality, social networking, and a forthcoming digital wallet.
• This capital infusion will fuel the activation of its e-wallet, enabling users to make instant money transfers through a partnership with M2T, a subsidiary of Banque Centrale Populaire. , ORA Technologies is poised for rapid expansion.

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