Venture Markets: VC and PE Deal Update
Every month we select a fund manager, active in the African continent, to share his thoughts on the performance of African listed markets (equities or bonds). If you want to be featured in this section, get in touch via editor “at” africaglobalfunds.com
By Imara Asset Management
African startups had a record-breaking month in July 2024. They raised a whopping $420 million, the most in over a year. A total of 47 ventures secured at least $100,000 in funding last month. This makes July the second-best month of the year for the amount of deals closed.
Telecom Ticketmaster, the world’s leading ticket marketplace, has acquired 11-year-old South African startup Quicket to expand its reach in Africa. Quicket's platform will be used to offer ticketing solutions for events of all sizes across the continent.
Risevest, a Nigerian fintech startup, is in talks to acquire Hisa, a Kenyan startup that provides access to US stocks, as part of its expansion strategy into Kenya. If successful, this acquisition would mark Risevest's second purchase following its acquisition of Chaka in 2023.
Egyptian fintech company MNT-Halan has raised $157.5 million in capital, with $40 million coming from the International Finance Corporation (IFC). The startup connects customers, vendors, and micro-enterprises, offering services like ride-hailing and logistics.
Flutterwave has secured a Payment Service Provider (PSP) license in Ghana. Flutterwave can now offer money transfers and support businesses with various payment solutions in Ghana.
OurPass, a former Nigerian e-commerce startup, has secured a microfinance banking licence to offer business banking services to large corporates. It wants to combine traditional banking stability with fintech-driven efficiency and customer experience.
Egyptian AI startup Synapse Analytics has raised $2 million to expand its AI technologies for financial decision-making across Africa and the GCC region. The company wants to address financial inclusion issues by providing AI software for credit scoring, cross-selling, and other financial processes.
Lucky ONE, an Egyptian fintech, has raised $3 million to grow its business. They plan to use the money to help more people get loans and expand to other countries. The consumer credit company wants to make it easier for people to borrow money, especially those without bank accounts.