INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 14

• African Janngo Capital raises €4 million ($4.3 million) in equity investment
• BURN secures $12M fund to produce clean cooking solutions across Africa
• Ghanaian Zeepay lands a $3 million fund to drive growth
• Omani Adtech Mubashir secures investment to expand to new markets
• Roam secures deal with Mogo to grow electric motorcycle adoption

AfricanJanngo Capital raises €4M ($4.3M) in equity investment

• Africa-focused Janngo Capital Startup Fund (JCSF) has received €4 million ($4.3 million) in equity investments from Tunisia's fund of funds, "ANAVA," to invest in francophone African startups and female-founded businesses.
• The infusion of investment will bolster funding for cutting-edge tech startups in Africa, with a particular focus on Francophone countries and women-led enterprises in expanding their market reach and presence in Africa.
• Known for leveraging technology and capital to leapfrog development in Africa, it aims to channel the funds into supporting successful early-stage startups that have the potential to grow and have a positive impact on the economy, society, and environment.
  

BURN secures $12M fund to produce clean cooking solutions across Africa

• Kenyan-based clean cookstove maker, BURN Manufacturing has secured over $12 million to expand its clean cooking solutions across Africa. The fund is led by Key Carbon Ltd., in a recent deal with Cartesian
• This funding will enable BURN to stay true to its mission of creating the next generation of biomass cookstoves for Sub-Saharan Africa by distributing electric cookstoves in Kenya, Tanzania, Uganda, and Zambia as well as Nigeria, DRC, Tanzania, and Mozambique in the next few years.
• It aims to reach an additional 1.5 million people with the new investment by providing clean, safe, and affordable cooking solutions. This effort will also help reduce carbon emissions by 12 tonnes over the next seven years.

Ghanaian Zeepay lands a $3 million fund to drive growth

• Zeepay, a Ghana-based fintech that provides mobile money and remittance services, has recently announced raising an equity investment of $3 million from Verdant Capital Hybrid Fund. 
• This marks Verdant's fourth investment in Zeepay over the past two years. The company is focused on remittance termination into mobile wallets and is open to all networks and partners. It has licenses in several African countries including Ghana, Zambia, Ivory Coast, Sierra Leone, Gambia, and Barbados. 
• Having raised over $23 million since its launch in ten years, Zeepay plans to use the new capital injection to strengthen its financial position to prepare for expected high growth in 2024.

Omani Adtech Mubashir secures investment to expand to new markets

• Mubashir, an Oman-based Adtech company, has recently secured an undisclosed investment from ITHCA Group. 
• The company was founded in 2015 by Ali Al Raisi, Khalid Al Khalifa, Khalid Alawad, and Raif Al Harthy, and provides comprehensive advertising solutions for out-of-home (DOOH) networks in Oman and the wider region. 
• This investment from ITHCA will help Mubashir in its growth plans to expand into new markets and enhance its technological advancements.

Roam secures deal with Mogo to grow electric motorcycle adoption

• Roam, an electric mobility company in Kenya, has teamed up with Mogo, a startup providing financial solutions, to promote electric motorbikes in the country. Following its mission to provide the best and most affordable electric motorcycle to the market
• The partnership will offer a financing plan for potential buyers of Roam's electric motorcycles, which will help them reduce costs and increase their daily income by up to 30%, at a financing rate of KES 25,000 deposit, and a daily repayment of KES 682 for 24 months. 
• This collaboration was announced only ten days after the opening of Roam's first electric motorbike shop in Nairobi, which was made possible by Ridewell's partnership to increase the sales of electric motorbikes.

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