what’s inside?

• Norrsken & TLcom announce big fund closes • Egypt’s Brimore raises $25M USD Series A funding round • InvestTech startup, Bamboo, raises $15M USD to build Africa’s Robinhood • Nestcoin raises $6.45M USD to democratize access to crypto and Web3 AND MORE!

making the news

Norrsken & TLcom make big announcements about new African tech-focused venture funds Norrsken announced the first close ($110M USD) of its new $200M USD Norrsken22 Africa Tech Growth Fund with LP’s including 30 unicorn founders. TLcom also announced the first close ($70M USD) of a $150M USD fund with participation from Allianz and IFC. 

Startup & Investment Activity

 Egypt – Social commerce startup, Brimore, raises $25M USD Series A funding round to enable SME’s in the FMCG market to sell to consumers 

   Egypt – Logistics startup, Yalla Fel Sekka (YFS), raises $7M USD Series A round to expand the company’s penetration in the Egyptian market and expand across MENA

 Kenya – Digital logistics startup, Amitruck, raises $4M USD seed funding to accelerate Pan-African expansion 

 Nigeria – InsurTech startup, Casava, raises $4M USD pre-seed funding to expand  affordable and accessible insurance products to Nigerians  

 Nigeria – Cryptocurrency startup, Nestcoin, raises $6.45M USD pre-seed funding to expand its global operations 

 Nigeria – InvestTech startup, Bamboo, raises $15M USD funding round to help scale the company’s digital infrastructure and add a variety of new services 

 Nigeria – Mobility fintech, Moove, secures $10M USD financing from NBK Capital Partners to strengthen their mission to democratize vehicle ownership across Africa 

 South Africa – Fintechs Stitch & Paystack prepare for inaugural Startup Showcase to support pan-African entrepreneurship 

 Tanzania – Fintech startup, NALA, raises $10M USD seed funding to continue developing transfers between East Africa and the United Kingdom 

Featured Article : In Africa’s booming startup hubs, the founders have become the funders – Yinka Adegoke in Rest of World  “[I]nsiders said the real energy is found in early stage ventures, where more local angel investors than ever are taking chances on a new generation of entrepreneurs. Increasingly, those investors are themselves former founders and startup executives.” Continue reading, here. 

AFTS partners in the headlines

Updates from the AFTS team

#AFTSCairo2021 #throwback 

The Fintech & Sustainability Roundtable at AFTSCairo tackled a new emerging conversation in the global fintech ecosystem about how financial technology can enable and assist with achieving a more sustainable world. Fintech stakeholders at AFTS Cairo explored the best ways to deploy technology-backed financial solutions to ensure a largescale impact on improving lives and no adverse effects on the environment.

• Aaron Fu – Head of Growth, Catalyst Fund
• Ruben Walker – Founder & CEO, African Clean Energy
• Ahmed Ashour – Founder & CEO, Pylon
• Moderator: Leland Rice – Co-founder & CEO, Dedalus Global & AFTS