Issue #138: Khazna and Others Kick Off February with Impressive Fundraising Wins

As we enter February, the African startup ecosystem continues to gain momentum, with multiple startups securing investments to scale their operations and drive innovation. This week’s funding activities featured notable names such as fintech company Khazna and CNC manufacturing startup Simplex. We also recorded a venture capital expansion round this week with Foundation Ventures, which further highlights the diverse opportunities in Africa’s tech and business landscape.

Let’s dive into the latest funding details:

Cauridor

Funding Round: Seed ($3.5 million)

Investors: Oui Capital, Rally Cap, BKR Capital

Founded: 2022, Guinea

Founders: Oumar Rafiou Barry and Abdoulaye Bah

About the Company: Cauridor is a fintech company focused on revolutionizing digital payments and financial services in Africa. The startup which evolved from BNB CashApp, a Canada-to-Africa remittance platform operator is developing innovative solutions to enhance financial inclusion, cross-border transactions, and digital banking experiences for businesses and individuals.

What’s Next?: With its seed funding, Cauridor plans to expand its technology infrastructure, scale its services across key African markets, and address inefficiencies in financial technologies across francophone Africa

Foundation Ventures

Funding Round: $25 million (Venture Fund)

Investors: Egyptian American Enterprise Fund (EAEF), the Micro, Small, and Medium Enterprise Development Agency (MSMEDA), and Onsi Sawiris

Founded: 2019, Egypt

Founders: Mazen Nadim, Omar Barakat, and Ziyad Hamdy

About the Company: Foundation Ventures is a venture capital firm focused on early-stage and growth-stage startups in the MENA region. The firm backs high-potential startups in fintech, health tech, logistics, and e-commerce industries, providing them with capital and strategic support.

What’s Next?: With its new fund, Foundation Ventures aims to invest in high-growth startups across Africa and the Middle East, supporting entrepreneurs solving critical economic and social challenges.

Hakki Africa

Funding Round: Undisclosed

Investors: Global Brain’s Flagship Fund IX and the Norinchukin Innovation Fund L.P.

Founded: 2018, Kenya

Founders: Reiji Kobayashi

About the Company: Hakki Africa is a mobility fintech providing microfinance solutions for taxi drivers in East Africa. Headquartered in the capital of Kenya and with roots in Japan, the company aims to address significant challenges in public transportation networks by empowering taxi drivers with secure loans.

What’s Next?: The investment which reflects investors' trust in Hakki’s ability to serve clients in underserved markets will further support the company’s expansion in Kenya and other African markets as well as help it refine its technology and explore other opportunities.

Simplex

Funding Round: $13 million

Investors: Saudi Arabia’s National Industrial Development Centre.

Founded: 2013, Egypt

Founders: Ahmed Shaaban, Mohamed Mansour, and Amr Mahmoud

About the Company: Simplex specializes in the design and manufacturing of CNC machines used in industries like woodworking, metalworking, and signage production. The company focuses on high-quality, locally manufactured CNC technology, reducing reliance on imports and boosting Egypt’s industrial capabilities.

What’s Next??The investment is part of Saudi Arabia’s initiative to localise advanced industries. With the funding, Simplex plans to scale its production capacity, develop new CNC technologies, and expand its market reach across Africa and the Middle East.

Khazna

Funding Round: Pre-Series B ($16 million)

Investors: Quona, Speedinvest, Aljazira Capital, anb Seed Fund, DisrupTECH, ICU Ventures, Khwarizmi Ventures, and SANAD Fund

Founded: 2019, Egypt

Founders: Omar Saleh

About the Company: Khazna is a fintech startup providing financial services for underbanked workers in Egypt. The company’s solution is aimed at driving financial inclusion through features like salary advances, digital payments, and micro-loans for low-middle income earners. The company uses a mobile-first approach to ensure that its financial services are accessible and affordable for as many people as possible.

What’s Next?: Khazna aims to utilize the funding to enhance its digital banking services and develop new financial products while also increasing its customer base. Additionally, the company aims to secure a deposit-taking license which will give it the right to operate as a digital bank in Egypt.

Iwomi

Funding Round: Undisclosed

Investors: Baobab Network

Founded: 2015, Cameroon

Founders: Collins Fomba

About the Company: Iwomi is a fintech startup offering a suite of technical and regulatory complaince solutions to financial services providers in Africa. The company’s solutions cover core banking, cash management, loan processing, risk monitoring, and payment services. In essence, it provides mobile money, digital banking, and financial infrastructure to improve financial access and inclusion for users.

What’s Next?: With Baobab Network’s backing, Iwomi aims to expand its fintech solutions, helping banks to transition from legacy systems to modern effective technology. The company will achieve this by enhancing its technology infrastructure and expanding its reach across Central and West Africa.

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