Author: Samuel Suru

The logistics sector in Nigeria, much like other informal economies, is challenged by inadequate infrastructure and operational inefficiencies, making the storage and movement of goods difficult for businesses of all sizes. Many new ventures have focused on solving the middle- and last-mile delivery issues, but a crucial gap remains in providing a truly comprehensive, end-to-end fulfillment solution. Renda, a three-year-old startup, is actively filling this vacuum by streamlining both order fulfillment and retail distribution for enterprises across Africa. The company has successfully closed a $1.9 million pre-seed funding round, which it will deploy to improve its technology, broaden its operations…

The San Francisco-based HR technology firm Deel is on a rapid acquisition trajectory, announcing on Tuesday that it is acquiring the African-based payroll and HR software and services company PaySpace. This transaction marks Deel’s largest acquisition to date, significantly enhancing its global capabilities. The move comes swiftly after Deel’s announcement last week that it had picked up Munich-based Zavvy, an AI-powered “people development” startup that builds tools for personalized career progression, training, and advanced performance management. The exact financial terms related to the PaySpace acquisition were not disclosed by either company. Africa-based PaySpace serves over 14,000 customers using its specialized…

Partech has successfully closed its second Africa fund, Partech Africa II, at €280 million ($300 million+), just one year after reaching its initial first close. At this final size, Partech Africa II solidifies its position as the largest fund specifically dedicated to African startups. The fund had initially targeted a smaller size of €230 million before its fundraising campaign began. This fund closure is particularly significant against the current backdrop of global venture capital firms and institutional investors reducing their exposure to Africa. The continent experienced a notable decline in overall investor activity in 2023, with a 50% decrease in…

Seedstars Africa Ventures has successfully secured a significant capital injection of $30 million from EIB Global, the specialized development finance branch of the European Investment Bank. This contribution represents the first major institutional commitment to Seedstars Africa Ventures’ debut pan-African venture capital fund. This new financing follows an initial $8 million investment from the fund’s anchor investor, the French private equity firm LBO France. The fund has set a target for its final close at between $80 million and $100 million. The capital is designated to back Seed and Series A startups, with the flexibility to provide follow-on funding…

At a recent meeting with its limited partners (LPs), the early-stage African investment firm Oui Capital announced a significant milestone: it has successfully returned its entire $4 million debut fund following the partial sale of its equity in the Nigerian business banking platform, Moniepoint. This Nigerian fintech unicorn has proven to be an exceptional investment for the five-year-old Oui Capital. When the firm launched its first fund, it invested just $150,000 in the Nigeria-based company, an early bet that has since generated an $8 million return. This single exit was enough capital to repay the entire debut fund to…

The investment environment for expansion-stage companies in Africa is receiving a major boost as the Pan-African venture capital entity, Norrsken22, announces the definitive closing of its first fund. The firm successfully raised a total of $205 million, significantly surpassing its original fundraising target. This accomplishment clearly signals sustained strong interest from institutional financial backers in providing crucial support to African startups as they enter key phases of their operational journey. Norrsken22 was co-founded by five individuals with deep backgrounds in both venture capital and private equity. The team includes founding partners Niklas Adalberth and Hans Otterling, along with managing partner…