INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 13

David Adubiina -
  • Ethiopia's Dodai raises $4 million Series A funding
  • BasiGo secures $3 million in Equity funding to boost bus production
  • Ahlan App lands $3 million in funding to increase market share
  • Egypt’s Sprints secures $3 million in bridge round led by Disruptech Ventures
  • Clusterlab secured $600,000 pre-seed to boost its research and development
  • Agritech Garbaliser raised $436,000 investment to  expand its operations

Ethiopia's Dodai raises $4 million Series A funding

  • Dodai, an electric vehicle manufacturer based in Addis Ababa, Ethiopia, has raised $4 million in Series A funding from Nissay Capital, Musashi Seimitsu, and Inclusion Japan to expand its operations. 
  • The company plans to use 80% of these funds to import electric motorcycle parts and lithium batteries, while the remaining 20% will be allocated to operational expenses and software development. Dodai aims to introduce a battery-swapping system by the end of 2024. 
  • The announcement comes as the Ethiopian government intensifies its green initiatives, including a plan to prohibit gasoline-powered vehicles in the country.

BasiGo secures $3 million in Equity funding to boost bus production

  • BasiGo, a Kenyan electric mobility startup, has recently received KSh396 million ($3 million) in equity funding from CFAO Group. This investment will be used to expand the production of electric buses in Kenya and Rwanda. 
  • Mobility54, CFAO's corporate venture capital subsidiary, and CFAO Kenya have provided the capital injection to help the company manufacture and distribute electric buses in both East African countries. 
  • With reservations for 600 buses, the new funding round will enable the company to expedite part delivery.

Ahlan App lands $3 million in funding to increase market share

  • Ahlan App, a loyalty program based in Bahrain, has raised $3 million in investment at a valuation of $15 million. Hope Ventures, Al Rajhi Holdings, and other angel investors led this investment round. 
  • Ahlan is a loyalty program and delivery platform founded by Faisal Rashed in 2021 to reward customers for their loyalty through cashback on the platform for dine-in, pick-up, and home delivery services. 
  • The funds raised will be utilized by Ahlan to expand its market share.

Egypt’s Sprints secures $3 million in bridge round led by Disruptech Ventures

  • Sprints.ai, an ed-tech company based in Egypt, has recently completed a $3 million bridge funding round led by Disruptech Ventures, with participation from EdVentures and CFYE, among other investors. 
  • Founded in 2020 by Ayman Bazaraa and Bassam Sharkawy, Sprints aims to bridge the talent gap in the MEA region by providing qualified professionals with a guaranteed hiring program. 
  • This new funding will enable Sprints to expand its services into 10 new markets.

Clusterlab secured $600,000 pre-seed to boost its research and development

  • ClusterLab, a Tunisian AI startup, has secured $600,000 in a pre-seed funding round. Investors in the funding round include Karim Beguir, early backers of InstaDeep, and regional angel investors. 
  • Founded in 2020 the company specializes in providing AI and natural language processing (NLP) technologies. 
  • The fresh funding will fuel ClusterLab's research and development efforts.

Agritech Garbaliser raised $436,000 investment to expand its operations

  • Garbaliser, an agritech startup based in Lebanon, has recently secured a $436,000 investment from Shark Tank Dubai. This investment has granted the Dubai-based investor a 12% stake in the company. 
  • Founded in 2020 by Hanan Ismail and Zeinab Ismail,  Garbaliser aims to eliminate pollution by converting organic waste into liquid, eco-friendly fertilizer. 
  • The startup plans to use the newly acquired funds to expand its operations to the United Arab Emirates in 2024 including Jordan and the Gulf Cooperation Council (GCC).

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