Morocco-based tech startup ORA Technologies has announced a significant milestone in its journey toward becoming a household name with the securing of $1.5 million in seed funding from local entrepreneurs. Founded in 2023 by Omar Alami, ORA Technologies has quickly made waves in the tech scene with its all-encompassing superapp, offering a wide array of services tailored to the Moroccan market.
With the recent injection of capital, ORA Technologies aims to further solidify its position in the market by activating its e-wallet feature, enabling users to make instant peer-to-peer transactions. This move comes as a result of a strategic partnership with M2T, a subsidiary of Banque Centrale Populaire, ensuring the security and reliability of financial transactions within the app.
Since its inception, ORA Technologies has seen considerable growth, with over 300,000 downloads and counting. The app has quickly become an integral part of daily life for Moroccans, offering services ranging from e-commerce and on-demand services to social networking and chat functionality, all within a single platform.
The latest funding round follows a successful pre-seed round last November, where ORA Technologies secured $1 million from local private investors. This additional capital injection underscores the strong confidence in ORA’s potential for growth and impact within the Moroccan tech ecosystem.
Founder and CEO Omar Alami expressed gratitude for the support received from local entrepreneurs, emphasizing the company’s mission to provide e-commerce and digital payments to all Moroccans. Alami highlighted ORA’s role in bridging the gap between traditional and modern modes of commerce while ensuring accessibility and inclusivity in the digital economy.
Alami also credited ORA’s success to its dedicated team of tech professionals, including 25 software engineers, who have been instrumental in driving partnerships with key players in the industry, such as Retail Holding, Pharma 5, M2T, and Banque Centrale Populaire.
With the e-wallet feature set to launch soon, ORA Technologies is poised to revolutionize the digital financial landscape in Morocco, offering users a seamless and convenient way to manage their finances while contributing to the country’s ongoing digital transformation.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
Nigeria-based Youverify, a leading provider of identity verification and anti-money laundering (AML) solutions, has announced a significant investment milestone. The company secured a substantial $2.5 million investment from Elm, a prominent Saudi Arabian firm specializing in digital solutions for both public and private institutions.
This pre-Series A investment not only injects capital into Youverify but also initiates a strategic partnership aimed at enhancing AML compliance procedures for businesses. The collaboration seeks to fortify global risk intelligence and facilitate the expansion of Youverify’s product offerings into new markets.
Since its inception in 2018 by founder and CEO Gbenga Odegbami, Youverify has witnessed remarkable growth. The platform has expanded its real-time business verification coverage to an impressive 145 jurisdictions across 48 countries. Moreover, it offers coverage for real-time individual verification, including credit history and national identity numbers, in 46 countries.
According to Odegbami, Youverify has significantly surpassed its initial objectives set during its seed extension round in 2022. At present, the platform serves commercial customers in 12 countries, processing a staggering 4 million monthly applications for over 3,500 businesses with 800 active clients. This marks a substantial increase from the figures recorded in 2022, showcasing the company’s rapid expansion.
One of the notable advancements highlighted by Odegbami is the platform’s enhanced capacity to verify IDs, which has expanded from 400 million to 5 billion people and 600 million businesses. This expansion caters to various industries including gaming, travel, healthcare, and telecommunications.
Explaining Youverify’s approach, Odegbami emphasized the utilization of established mathematical models and AI algorithms to assess and analyze risks. The platform generates regulatory reports for submission to regulators across multiple countries, aiding businesses in complying with AML regulations.
The investment comes at a crucial time as the African financial services sector experiences significant growth, with digital payment transactions expected to reach $116 billion this year. This surge in financial activities underscores the importance of robust AML and Know Your Customer (KYC) procedures, driving the demand for regulatory technologies (regtech).
Odegbami stressed the importance of collaborating with regulators across diverse markets, which has honed Youverify’s proficiency in compliance and cultural sensitivity. This expertise enables the company to tailor its solutions to meet the varied requirements of enterprises across different regions.
“We are excited to partner with Youverify, a company that shares our vision for leveraging technology to solve critical challenges faced by businesses today,” said Fahad bin Issa Ibrahim Al-Shathry, VP of Elm Investment. “This collaboration is a testament to our dedication to collaborating with exceptional founders through investing in a budding technology ecosystem not only in the Kingdom of Saudi Arabia but also globally to drive efficiency, security, and trust.”
With this substantial investment and strategic partnership, Youverify is poised to further solidify its position as a leader in the identity verification and AML solutions space, while continuing its expansion into new markets and industries.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
Moroccan FinTech startup tookeez has announced a substantial fundraising achievement of 15 million dirhams (MAD) ($1.5M), signaling a pivotal moment in its mission to revolutionize loyalty programs across Africa and the MENA region. The funding round was successfully completed with the support of Azur Innovation Fund, a recognized public-private seed fund committed to fostering innovation and enhancing customer loyalty experiences.
Founded by Hicham Amadi and the entrepreneurial sisters Wiam and Siham Elmejjad, leaders with a track record in IT ventures, including the renowned Moroccan loyalty program specialist 2WLS, tookeez introduces a universal digital value unit for loyalty point conversion. This innovative platform allows for flexible utilization within an extensive network of merchant partners.
tookeez serves as a universal system, consolidating loyalty points from various brands into a single digital wallet. This wallet enables seamless transactions within a diverse network of businesses and brands, positioning the platform as an additional revenue stream for users.
Designed to meet the needs of brands, merchants, and end consumers alike, tookeez empowers brands to offer their customers a straightforward and instantaneous method to convert loyalty points across a broad and varied network while maintaining the integrity of their own loyalty programs.
For merchants, especially small businesses, tookeez provides an accessible loyalty tool, fostering customer retention. Additionally, the platform allows members of different loyalty programs to accumulate points and convert them as they see fit within the extensive partner network.
With the newly secured funding, tookeez is set to accelerate its expansion within Morocco, across the entire African continent, and throughout the MENA region. The company will also continue its strategic investments in technical development, particularly in blockchain technology, with plans to open a second African country by 2026.
Siham Elmejjad, CEO of tookeez, expressed gratitude for the investors’ trust, stating, “This fundraising marks a crucial milestone in our development. Our goal is to reach 4 million user members by 2028, making tookeez a genuine ecosystem for economic and financial inclusion on our continent.”
Adnane Filali, President of Azur Innovation Fund, emphasized the pride in partnering with tookeez, stating, “We are proud to collaborate with tookeez, a FinTech startup redefining the customer loyalty ecosystem. Our ambition is to support entrepreneurs making a significant impact on the world, and tookeez perfectly embodies that vision.”
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
MDaaS Global, a Nigerian health tech company dedicated to improving healthcare accessibility, has successfully raised $3 million in pre-Series A funding. This financial backing was led by Aruwa Capital and Newton Partners, with additional support from Ventures Platform, bringing MDaaS’s total investment to $6.8 million. The funding will be instrumental in launching BeaconOS, the proprietary technology platform introduced by the company last year, and expanding its healthcare network to cover all Nigerian states.
In a statement released by MDaaS, the company expressed its commitment to addressing the ongoing healthcare challenges in Nigeria and across Africa. The region faces obstacles in healthcare access, with a tendency for people to prioritize treatment over prevention. MDaaS aims to combat this by enhancing access to diagnostics and preventive care, an area where the company has already gained recognition.
MDaaS, founded in 2017 by CEO Oluwasoga Oni, Opeyemi Ologun, Genevieve Oni, and Joseph McCord, currently operates a network of 17 diagnostic centers across 10 states in Nigeria. The company plans to construct an additional 23 centers in the coming years. The diagnostic centers offer a range of services, including digital x-ray and ultrasound imaging, ECG and echo cardiac services, as well as various lab services such as chemistry analysis, immunoassay, and hematology.
Patients access MDaaS facilities through the SentinelX app, a personalized care program that allows them to pay a one-time fee for yearly access to a doctor. Originally designed as a customer-centric product, SentinelX has evolved to cater more to businesses, particularly in providing annual screenings for corporate employees.
CEO Oluwasoga Oni stated in an interview with TechCrunch, “While SentinelX didn’t perform as well as a B2C product, it has been highly successful as a B2B product. We now focus on serving corporates and conducting annual screenings for their employees.” The company has also incorporated pre-employment and government-mandated screenings, which have become significant sources of revenue.
The newly secured funding will support the launch of BeaconOS, MDaaS’s proprietary operating system for diagnostic facilities, providing visibility into day-to-day operations, patient visits, and clinical results. Additionally, MDaaS plans to expand its healthcare network to cover all Nigerian states through a combination of company-owned and affiliate clinics.
MDaaS’s integrated care network involves collaboration with over 1,300 referring clinicians across more than 1,000 organizations, including hospitals, pharmacies, health tech startups, corporate partners, and 34 Health Maintenance Organizations (HMOs). Since its inception, MDaaS has provided care to over 275,000 patients, with the past year alone serving 108,724 patients, where women constituted 60.8% of the total.
The company conducted over 240,000 diagnostic tests, with chest x-rays, urinalysis, and full blood count ranking among the top three procedures. CEO Oni highlighted the prevalence of lifestyle and non-infectious diseases like cancer, hypertension, and diabetes among the workforce and emphasized the importance of early detection and care.
With the new investment, MDaaS plans to develop new applications on the BeaconOS platform, including an affiliate clinic portal for real-time patient referrals and results management. The company also aims to integrate with HMOs to streamline authorization processes and develop a patient-facing app for appointment booking, result access, and health insurance management.
Adesuwa Okunbo Rhodes, founder and managing partner at Aruwa Capital, expressed excitement about partnering with MDaaS Global, stating, “We are thrilled to partner with MDaaS Global on their mission to revolutionize healthcare delivery in Africa. MDaaS’ track record of consistent and impressive growth, as well as their dedication to bringing high-quality diagnostics to high-need patients, resonated deeply with us.”
As MDaaS continues its mission to revolutionize healthcare delivery in Nigeria and beyond, the funding infusion provides a significant boost to the company’s efforts in addressing critical healthcare challenges and improving access to essential diagnostic services.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
Abu Dhabi’s Mubadala Investment Company and France’s national investment bank Bpifrance have joined forces to invest in Partech Africa II, the latest venture capital fund by global technology investment company Partech. This strategic move aims to strengthen their global asset portfolio, marking the inaugural investment through their €350 million Africa co-investment partnership, unveiled in June 2021.
The Partech Africa II fund, now capped at €280 million ($304.4 million), stands as the largest venture capital fund exclusively dedicated to supporting tech start-ups in Africa. This milestone was revealed in a joint statement by the entities on Wednesday.
Andres Rodenas de la Vega, head of Mubadala’s France Investment Programme, emphasized the burgeoning potential of Africa as one of the fastest-growing markets for venture capital. He expressed enthusiasm about the collaboration with Bpifrance and the prospect of further joint investments in the future.
The newly established fund intends to provide initial investments ranging from $1 million to $15 million for start-ups, covering the Seed to Series C rounds. As part of their Africa co-investment partnership, Mubadala and Bpifrance plan to deploy capital through fund and direct investments, focusing on high-growth African start-ups, small and medium enterprises, and mid-market companies.
Bpifrance, already an investor in Partech’s initial Africa fund that closed at €125 million in January 2019, underlines its commitment to addressing Africa’s technological challenges through this renewed collaboration. Partech Africa I, launched in 2018, boasts a portfolio operating in 27 countries across various sectors, including FinTech, HealthTech, logistics, and EdTech, attracting over 10% of VC investments in Africa in 2021 and 2022.
Isabelle Bebear, Bpifrance’s head of European and international affairs, expressed pride in partnering with Partech once again and collaborating with Mubadala, a historic ally.
Mubadala’s ongoing strategy involves investing across key locations and new economic sectors globally. Group Chief Executive Khaldoon Al Mubarak emphasized that their investment ventures are driven by opportunities rather than geopolitical considerations. The company anticipates deploying capital in artificial intelligence and space technology, following recent investments in India’s Manipal Health Enterprises and a $1 billion partnership with Goldman Sachs for private credit opportunities in the Asia-Pacific region.
In December, Mubadala, in collaboration with Abu Dhabi’s Aldar Properties and Ares Management, jointly invested $1 billion in a new European private property credit platform to capitalize on opportunities in key markets within the region.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
In a bid to nurture and create groundbreaking technologies across South Africa and the African continent, venture capitalist Clive Butkow, former CEO of Kalon Venture Partners, and Mitchan Adams, co-founder of South African fintech company Ozow, have unveiled their latest venture capital (VC) firm, Conducive Capital. The firm through the new fund, majority black-owned, seeks to invest in early and growth-stage disruptive African tech startups with a focus on post-revenue, capital efficiency, and robust unit economics.
Fostering Innovation and Growth
Conducive Capital, launched in Johannesburg today, plans to bridge the gap in quality capital for emerging businesses in South Africa. The founders, with a collective investment of more than R300 million in early-stage funding over the past seven years, have demonstrated an internal rate of return exceeding 30%. The firm aims to support technologies that are not only innovative but also ten times better than existing market solutions.
“We are looking for technologies with a strong management team, possessing both engineering and commercial skills,” said Clive Butkow at the launch. The founders aim to raise the initial close of $15 million (approximately R300 million) in July, with a target final close of $50 million (about R1 billion) within 24 months.
Blending Investment and Entrepreneurship
Conducive Capital’s approach involves blending investment and entrepreneurship. Butkow emphasized that the fund is committed to supporting business owners in scaling their ventures throughout Africa and beyond. The founders bring nearly 40 years of combined experience in building technology businesses, with Butkow having recently stepped down as the CEO of Kalon Venture Partners.
The fund’s previous investments through Kalon Venture Partners include various tech startups such as Sendmarc (cybersecurity), Mobiz (marketing), Ozow (payments), FinChatBot (fintech), and Flow (proptech).
Comprehensive Support and Diversity
Conducive Capital distinguishes itself by providing more than just monetary investments. The firm pledges comprehensive support, including strategic guidance, operational expertise, and mentorship to nurture startups, facilitating their growth into industry frontrunners. The founders are open to adding a third partner, provided they meet their stringent criteria.
Adams highlighted the importance of increasing diversity in the early and growth-stage investment sector, particularly the need for more black women in the tech industry. “Clive has been clear from the start that part of our reason for existence is to share knowledge and pass the baton to the next generation,” stated Adams.
Navigating the Funding Landscape
Despite funding challenges for startups in recent years, Adams remains optimistic about 2024, anticipating steady improvement. Conducive Capital is positioned to play a pivotal role in fostering ground-breaking technologies. Adams expressed confidence, stating, “We have identified major industries and technologies that we believe are building the foundation for empowering corporations and individuals in South Africa and Africa, creating meaningful and sustainable solutions, and improving millions of lives.”
Conducive Capital’s innovative approach and commitment to supporting diverse and impactful technologies position it as a key player in Africa’s evolving tech landscape. The founders believe their wealth of experience will contribute significantly to building a robust tech SME landscape across the continent. The new fund for African tech startups is expected to go a long way to achieve this.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
Ring Capital, the investment firm that introduced the “Generations” seed impact fund in collaboration with Edhec in 2023, is expanding its footprint in Africa. The firm is unveiling its impact investment vehicle in Francophone West Africa, named “Ring Africa.” With plans to establish an office in Abidjan alongside a dedicated investment team, the fund aims to raise €50 million to foster the burgeoning impact entrepreneurship in the region.
Ring Capital’s move into Africa with is strategically aligned with the continent’s potential, boasting a 5.2% growth rate in 2023. However, only 8% of funds raised on the continent find their way to Francophone Africa. Nicolas Celier, co-founder of Ring Capital, states, “By establishing a presence in Africa, Ring Capital aims to support start-ups by facilitating access to capital. The goal is to develop entrepreneurial projects that create transformative solutions for the continent’s future.”
The Ring Africa fund will focus on early-stage start-ups, investing in solutions addressing African challenges such as the formal economy, climate change adaptation, and sustainable development in agriculture and consumption. Additionally, the fund is committed to actively supporting the new generation of entrepreneurs and promoting gender diversity in entrepreneurship.
To seamlessly integrate into the African start-up ecosystem and identify high-impact projects, Ring Africa is partnering with the Francophone studio, Mstudio, which provides mentorship and funding to start-ups over an 18-month period.
Concurrently, Ring Capital announces the appointment of Elisabeth Moreno, former delegate minister for Gender Equality, Diversity, and Equal Opportunities, as the Chair of its board of directors. Moreno’s expertise in the African entrepreneurial ecosystem and her commitment to inclusion and impact make her a key asset for providing innovative insights to support Ring Capital’s growth and the development of Ring Africa.
“We are thrilled to have a prominent figure of engagement among us. With Elisabeth Moreno, we will accelerate our impact initiatives in line with our commitments to ecology, gender diversity, and inclusion,” enthuses Nicolas Celier, co-founder of Ring Capital.
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard.
Altree Capital has announced its third investment into Wahu Mobility, a West African e-mobility company committed to revolutionizing urban transportation through the design, manufacture, and sale of electric vehicles (EVs). The investment comes at a crucial time as the EV market in West Africa experiences rapid expansion, aligning with the ambitious goals set by the Ghanaian Government for a 10% EV penetration by 2030.
Wahu Mobility, originally founded as Mana Mobility in 2022 by Ghanaian entrepreneurs Valerie Labi and Toni Heigl in collaboration with German automotive expert Peter Schwarzenbauer, has rebranded in 2023 to reflect its broader vision of creating an open e-mobility platform connecting drivers, goods, and passengers.
The company’s flagship product, the Wahu bike, is an electric bike designed to provide sustainable and affordable urban mobility in Accra and beyond. Equipped with advanced features such as a dual-swappable battery, tracking device, battery management system, and a smart lock controllable via a mobile app, the Wahu bike can transport loads of up to 150 kilograms and offers multiple riding modes, making it suitable for both personal transport and the booming delivery sector.
The Ghanaian Government’s commitment to achieving a 10% EV penetration by 2030, coupled with escalating fuel costs, government incentives, and a growing environmental awareness, has created a fertile ground for the expansion of the EV market in West Africa. Wahu Mobility aims to capitalize on this trend by focusing on delivering affordable and eco-friendly mobility solutions.
Wahu Mobility’s CEO and Founder, a visionary female leader, actively promotes gender inclusivity and diversity within the company and the industry. The company aligns with Altree Capital’s climate mitigation strategy and gender lens filter, emphasizing the strong impact it has on climate, gender, and youth employment.
The innovative “ride-to-own” model employed by Wahu Mobility takes advantage of Ghana’s budding gig economy, allowing delivery riders to start working and earning immediately. Most riders opt to pay off their e-bikes over 18 or 24 months, making the vehicles accessible to a wider customer base while providing a revenue stream to support the riders and ensure repayment.
Altree Capital’s partnership with the U.S Government’s Prosper Africa initiative has played a pivotal role in realizing the Wahu Mobility investment, showcasing the power of collaboration in driving sustainable and impactful ventures within the evolving landscape of electric mobility solutions.
As Wahu Mobility localizes its knock-down assembly line and aims for 50–80% localisation of parts within 18 months, the company anticipates strong growth and a clear path to profitability. With a focus on providing clean, high-quality load-carrying transport, Wahu Mobility is well-poised to contribute significantly to the evolving landscape of the West African EV market.
In conclusion, Wahu Mobility’s innovative efforts and commitment to sustainable urban mobility in Africa, as exemplified by the Wahu e-bike, mark a significant step forward in the global shift toward electric vehicles and environmentally responsible transportation solutions.
Major cryptocurrency exchange Binance has announced its decision to suspend all services involving the Nigerian naira (NGN) following increased regulatory scrutiny in Nigeria. The move comes amidst allegations of illicit transactions and “suspicious flows” of funds at Binance, as pointed out by the governor of the Central Bank of Nigeria.
In an official statement released on March 5, Binance declared the discontinuation of all services in NGN, with NGN withdrawals set to be suspended after March 8. The remaining NGN balances in users’ accounts will be automatically converted to the Tether stablecoin from that date.
Binance has urged its users to withdraw NGN, trade their NGN assets, or convert them into cryptocurrencies before the cessation of NGN services. The conversion rate will be determined based on the average closing price of the USDT/NGN trading pair on Binance Spot over the past seven days.
NGN deposits have already been halted, with transactions not supported after 2:00 pm UTC on March 5. Furthermore, all trading pairs involving NGN are scheduled to be removed on March 7, and Binance Pay will no longer support NGN as a payment option from March 6.
The decision follows the delisting of all NGN trading pairs on Binance’s peer-to-peer platform in late February. The move is seen as a response to growing regulatory concerns in Nigeria, where the National Security Adviser reportedly confiscated the passports of two Binance executives, both citizens of the United States and the United Kingdom.
Regulatory challenges escalated on February 27 when the Central Bank of Nigeria governor accused crypto exchanges, including Binance, of facilitating illicit transactions. The Nigerian House of Representatives Committee on Financial Crimes issued an ultimatum to Binance CEO Richard Teng to appear before the committee before March 4.
Nigeria, previously recognized as a burgeoning crypto economy, faces increasing regulatory resistance. In September 2023, Chainalysis ranked Nigeria second globally in cryptocurrency adoption. However, an adviser to Nigeria’s president recently called for a ban on Binance, KuCoin, and other crypto trading platforms in the country.
This move by Binance echoes the stance taken by Nigeria’s central bank two years ago when it prohibited regulated financial institutions from offering services to crypto exchanges. As the regulatory landscape evolves, the fate of cryptocurrency adoption in Nigeria remains uncertain.
In a significant milestone for Ghana’s burgeoning agritech sector, Complete Farmer, a leading Ghanaian agritech company, has successfully concluded a substantial $300,000 crowdfunding campaign. The funds will play a crucial role in providing inputs finance for farmers, further cementing the company’s commitment to revolutionizing the agricultural landscape in the region.
Complete Farmer’s core objective is to transform farming practices in Africa by concentrating on the development of essential technical and physical infrastructure. This approach aims to enhance the efficiency of the agricultural value chain, offering farmers access to global markets, introducing them to new crops, and promoting sustainable farming practices.
The recent infusion of capital, building on their success in a pre-Series A funding round in September 2023 where they raised $10.4 million, will propel Complete Farmer towards consolidating its efforts in achieving these ambitious goals. The $10.4 million investment included $7 million in equity and $3.4 million in debt financing, with notable contributors such as the Acumen Resilient Agriculture Fund (ARAF), Alitheia Capital, in partnership with Goodwell Investments, and others.
Complete Farmer, founded in 2017 by CEO Desmond Koney, originally a mechanical engineer, has been at the forefront of innovative approaches to agriculture. Koney’s inspiration stemmed from inheriting his father’s farm and discovering widespread challenges throughout the agricultural value chain. This prompted him to digitize and modernize farming practices.
Initially operating as a contractor, cultivating farms on behalf of clients, the company transitioned to an aggregator and marketplace model in 2018. The platform has since grown rapidly, bringing together over 12,000 farmers across five key regions in Ghana and overseeing the cultivation of over 30,000 acres of land. Notably, it has successfully delivered commodities to global markets while reducing post-harvest losses.
Complete Farmer’s revenue has witnessed remarkable growth, surging from $2.8 million in 2021 to $5.3 million in 2022, with projections to reach $7.5 million in the current year. As part of its expansion strategy, the company plans to introduce new product lines, including an embedded finance product for direct remittances and a vendor platform for farmers to purchase essential resources.
The recent $300,000 crowdfunding success by Complete Farmer is anticipated to play a pivotal role in scaling these new products, forging strategic partnerships, expanding domestic operations, and financing infrastructure developments. This includes additional fulfillment centers in Ghana and expansion into new markets, such as Togo.
Complete Farmer’s journey from a contractor to a dynamic agritech platform showcases the resilience and adaptability necessary for success in Africa’s evolving agricultural landscape. As the company continues to grow, its impact on local farmers and the broader agritech sector is poised to be both transformative and enduring.
