TeamApt Inc, a Lagos-based fintech company that offers a payment gateway and other financial services, has raised a fresh round of funding led by QED Ventures.
Novastar, Lightrock and British International Investment also took part in the round.
This marks the first Africa bet for QED Investors, which had hired former Wise and Microtraction executives for bets on the continent. The funding amount was not disclosed but TechCrunch said it was over $50 million.
Novastar had led the Series B funding round last year with participation from Dubai-based Global Ventures, development finance institutions FMO and CDC Group Plc (now BII), Soma Capital, Kepple Africa, Oui Capital and some African angel investors.
In February, Lightrock said it had invested in the firm.
TeamApt, which was founded in 2015 by Tosin Eniolorunda, had raised $5.5 million in its Series A round in early 2019.
The venture says it process payments for more than 400,000 merchants and some of these merchants also serve as ‘human ATMs’, helping more than 1 million customers across the home country pay in cash into their bank accounts or receive cash locally when needed.
The Women’s Economic Empowerment Fund (WE! Fund), a fund set up by FONSIS and UNCDF, is investing in Dialibatou Invest, a Senegalese company specializing in the roasting and production of ground coffee in sachets and capsules, marketed under the Dialibatou Café Touba brand.
The fund is investing CFA 250 million ($400,000) and will enable Dialibatou to expand its activities and carry out its development project through the construction of a new production unit within the industrial zone of Thiès.
South African metaverse startup SodaWorld has raised an undisclosed amount of funding from Swiss venture capital firm CV VC, which is anchored on blockchain-powered enterprises.
SodaWorld’s platform,, allows artists to engage an online audience.
Evolutics, a Nigerian insurtech startup that provides software solutions to insurers, has raised $250,000 in pre-seed funding round led by Mercurial Advisory and Dinku Transnational of Dubai.

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© The Capital Quest, 2021
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