INFOGRAPHIC: Startup Funding in Africa and the Middle East

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.