Below are the venture funding activities we are tracking in the African region today — Thursday, November 16, 2023.
SA insurtech startup Pineapple secures $21.3M Series B funding
- South African insurtech startup Pineapple announced the conclusion of a $21.3 million (~ZAR400 million) Series B funding round, led by new investors Futuregrowth, Talent10 and MIC.
- The round which brings the startup's total funding to about $29.1 million also saw additional participation from existing investors including Old Mutual ESD, Lireas Holdings, ASISA ESD Fund and E4E Africa.
- Founded in 2017 by Marnus van Heerden, Pineapple has emerged as a disruptor in the insurance sector by introducing a customer-centric model that services customers at only 20% of the cost of traditional insurance providers, allowing for significant premium savings.
- The infusion of funds comes at a strategic juncture for Pineapple, enabling the insurtech to further solidify its position in the market. Pineapple's commitment to delivering cost-effective insurance solutions has resonated with consumers, and the latest funding will fuel its expansion initiatives.
Egyptian ed-tech startup Akhdar secures 6-figure funding
- Egyptian ed-tech startup Akhdar has secured a six-figure US dollar funding round from Saudi Arabia-based venture studio Value Maker Studio (VMS) to expand its presence in the Kingdom.
- Founded in 2016 by Mohamed Osama, Akhdar offers more than 2,500 Arabic-language educational content in the form of audio and written books, book reviews, and podcasts, among others. Its app boasts a user base of 1.5 million users in 174 countries across the world.
- The investment in Akhdar is part of VMS's strategy to actively empower entrepreneurs, foster technological innovation, generate employment opportunities, and solidify its strategic position in the Saudi market.
Bio-Logical Raises $1M in Seed Funding
- Nairobi-based climate tech firm Bio-Logical has successfully secured $1 million in Seed funding, marking a crucial step in its mission to foster climate-resilient communities among smallholder farmers globally.
- Led by CEO Rory Buckworth, Bio-Logical's strategic plan involves establishing a biochar production facility capable of transforming over 30,000 tonnes of agricultural waste into biochar annually, effectively sequestering 25,000 tonnes of CO2. The resulting carbon credits will generate revenue, which, in turn, will subsidize the production of resilience-building fertilizer for smallholder farmers.
- The funding round, spearheaded by Steyn Group and backed by angel investors Rob Konterman, Luke Calcott-Stevens, and Jochem Wieringa, is earmarked for the development of Bio-Logical's first biochar production site in Kenya.
- This investment will also catalyze the company's expansion across the region, aiming to support one million smallholders and offset one million tonnes of CO2 annually by 2030.
Follow our full coverage of the African startup and technology scene and get up to date with what's happening in the key markets within the region.