INFOGRAPHIC: Startup Funding in Africa and the Middle East — Week 35
Here are the venture funding activities we tracked in the Middle East and African region this week – including, UTel, Fido, myco, RepAI, Omniscient, Verofax, and Sukhiba Connect.
- Uganda's telecom provider UTel secures $225M Investment to boost its operational capabilities
- Ghanaian fintech Fido secures $10M in Series B funding to expand digital lending in Africa
- UAE Web3 streaming startup myco raises $10M in Series A round to expand blockchain operations
- Israel AI sales concierge RepAI closes $8.2M in funding to improve conversion rates
- South African fintech Omniscient, secures $7.5M to grow financial inclusion
- UAE Web3 service company Verofax lands $3M in Bridge funding to deploy AI and AR
- Kenya's social commerce startup Sukhiba Connect raises $1.55M seed round for expansion
Uganda's telecom provider UTel secures $225M Investment to boost its operational capabilities
UTel, once Uganda’s national telecom provider, lands a $225 million investment fund from Rowad Capital Commercial (RCC) LLC, a global engineering and construction contractor–in an agreement to cede 60% of its shares.
This follows after its placement under a court-appointed administration due to financial struggles, resulting in relinquishing all its assets and business operations in November 2022.
Founded in 2021 on April 8, UTeL is a leading total communications provider headquartered in Kampala with a broad range of services in Uganda, which includes fixed voice, mobile voice, and dedicated circuits for data and internet (xDSL, FTTx, leased lines).
With the new fund, UTel aims to boost its operational capabilities and enhance its market competitive advantage in Uganda's telecom sector. This will also help revamp the industry, inviting foreign investment that aligns with the country's regulatory mainstay.
