Tech54 – July funding report

This July on Tech54, the bi-monthly newsletter from the African Business magazine and Briter Bridges, which covers all the major startup stories and giving unparalleled industry insight on Africa’s budding tech scene, we bring you the Tech54 selection of the latest stories on the VC4A blog. Let’s take a look at the most exciting deals from July.

Kenyan ad-tech startup AIfluence has raised $1m in seed funding to accelerate the expansion of its AI-powered marketing platform. It leverages advanced machine learning algorithms to match influencers with a target demographic through its audience-first strategy. The round was led by the Dubai-based EQ2 Ventures and joined by Antler East Africa, Nigerian VC Oui CapitalArabyAds and a European family office. AIfluence was part of Antler’s inaugural Nairobi cohort in 2020.

Ivory Coast-based fintech startup Julaya, which provides businesses and institutions with an online platform to disburse payments to mobile money and mobile banking wallets, has received $2m in pre-Series A funding to grow and expand its product in West Africa. The startup previously raised $250,000 in 2018 and $550,000 in 2019. Investors include corporate venture capital firms Orange Ventures and MFS Africa Frontiers, VC firms Saviu VenturesLaunch Africa Ventures and 50 Partners Capital, and business angels from Europe and Africa.

South African payments and software platform, Yoco, has secured $83m in Series C funding, bringing the total funds raised to date by the startup to $107m. The company plans to deploy the funds to develop more tools that enable small micro and medium businesses (SMMEs) to thrive in the digital economy. It also plans to expand beyond South Africa as the demand for digital payments among African small businesses grows.

MaxAB, a startup based out of Cairo that serves a network of traditional food and grocery retailers across Egypt, has raised $40m in Series A financing. The company, which claims to have launched in a new city every month this year, will be expanding its physical footprint across the Middle East and North Africa. Impact investor RMBV led the round with participation from the IFC, Flourish Ventures, Crystal Stream Capital, Rise Capital, and Endeavour Catalyst. Existing investors, Beco Capital and 4DX Ventures also took part.

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July's selection of deals Briter Bridges

July's selection of deals tech 54 (2)