For a startup that once promised to rewire fast-moving consumer goods distribution across southwest Nigeria, the footage has drawn renewed attention to mounting questions about the company’s viability.
In early 2024, Ciwara Capital made its first direct investment outside Mali, backing LafricaMobile (LAM), a Senegal-based multi-channel digital communications platform.
Non-profits backing African startups have predominantly focused on energy, agritech, and fintech, though other sectors are increasingly gaining attention.
Through its business units, including Liquid Intelligent Technologies, Africa Data Centres, and Sasai Fintech, the company delivers digital infrastructure and services across Africa, the Middle East, and beyond.
Acting as an anchor investor, VCTF’s participation helps de-risk the fund for private investors and sets the stage for additional capital inflows from institutional and impact-driven investors.
The funding round attracted global heavyweights, including a $150 million investment from Nu Holdings Ltd., Latin America’s largest financial institution.
For a startup that once promised to rewire fast-moving consumer goods distribution across southwest Nigeria, the footage has drawn renewed attention to mounting questions about the company’s viability.
Across 29 disclosed deals, African startups and growth-stage companies raised at least $340.5m in February. The number tells one story. How the money moved tells a different one.
