Knife Capital has secured a $50 million African series B expansion fund
Published
on
By
Knife Capital, a South African venture capital investment firm that accelerates the international expansion of African innovation-driven businesses, has secured a $50 million African series B expansion fund.
Major South African Bank Standard Bank and the SA SME recently joined other investors, such as Mineworkers Investment Company, IFC, international development funders, and prominent family offices, to enable Knife Capital to complete the second close of its new $50 million African Series B expansion fund, Knife Fund III.
This round brings provisional commitments to just over $40 million and Knife Capital is finalizing the due diligence and legal process of a few remaining funders to close out on the $50 million target raise. 
With the fund raised, Knife Capital aims to invest in the expansion of African innovation-driven companies and fill a critical follow-on funding gap.
Executive Equity Finance and Investments at Standard Bank Corporate and Investment Banking Akash Maharaj, Speaking on the commitment, stated that the bank believes in the positive impact that investment into early-stage, high-growth businesses can have on innovation, job creation, and economic development of South Africa.
 His words, “We have partnered with a number of the leading investors in this space and are excited to add Knife Capital to our venture capital portfolio.
“With Standard Bank’s expansive African footprint, our suite of bespoke banking products, and extensive client base, we can facilitate the growth journey of businesses that scale internationally”.
Also commenting on Knife’s Capital recent funds raised, SA SME Fund CEO Ketso Gordhan said: “We nurture South Africa’s vast entrepreneurial spirit through long-term partnerships and are delighted to follow on into Fund III to continue supporting Knife Capital.”
Founded in 2010, Knife Capital started as the incarnation of the South African venture capital division of ‘Here Be Dragons’, a privately owned emerging market investment group.
The venture capital investment firm provides market access and accelerates invested traction by leveraging a dynamic partner network to provide solutions to the myriad of problems confronting sub-Saharan high-growth businesses.

Talk360 Seed Round Reaches $7M After New Funding
Online Home Service Company SweepSouth Secures $11 Million in New Funding Round

Breaking: President Buhari Signed Startup Bill into Law
Egyptian Digital Bank Nexta Raises $3 Million Investment, Set to Offer Outstanding Experience to Users
Ed-tech Startup AltSchool Expands Catalog Due to Response in Growing Demand For Tech Skills
Ed-Tech Startup Foondamate Expands Operations in Nigeria to Give Students Access to Online Learning
India’s Unicorn Byju Raises $250 Million in Fresh Funding, Prepares For Its IPO
Revenue-Based Financing Solution Startup Flapkap Secures $3.6 Million in Latest Seed Round
Moove, has raised £15 million fund from Emso Asset Management as it plans to scale up its operation in the U.K.
Published
on
By
Global mobility firm that provides revenue-based vehicle financing and financial services to mobility entrepreneurs Moove, has raised £15 million fund from Emso Asset Management as it plans to scale up its operation in the U.K.
The African startup which has a growing global customer base of mobility entrepreneurs recently launched in U.K. Its first expansion in Europe. The startup is now set to debut a 100% EV rent-to-buy model that provides access to brand new, zero-emissions vehicles for a flat weekly fee.
The new fund will enable the mobility startup which seeks to be the largest EV partner on Uber’s platform in London to scale to up to 10,000 vehicles by the end of 2025 as it had earlier disclosed.
Speaking on the recent financing received, co-founder and co-CEO at Moove Ladi Delano said, “This financing comes at a really exciting time for Moove. With our international expansion underway in the UK and India, we’ve already shown that affordable and accessible vehicle financing for mobility entrepreneurs is a global challenge and one we’re committed to solving at Moove.
“We’re looking forward to scaling up our operations in the UK to enable drivers to transition to electric vehicles to drive forward the electrification of mobility.”
Founded in 2019 by British-born Nigerians Ladi Delano and Jide Odunsi, Moove is democratizing vehicle ownership in Africa by providing revenue-based vehicle financing to mobility entrepreneurs and has so far amassed more than 50% month-over-month growth since its launch.
The startup has also partnered with CFAO Motors, a department of CFAO Automotive, Africa’s largest automotive distribution network with a presence in 36 countries, with a purchase of over 5,000 brand-new fuel-efficient Suzuki vehicles for its mobility entrepreneurs across Ghana and Nigeria.
The mobility startup has recorded over three million rides that have been completed in its Moove-financed vehicles across six markets in Africa which are Lagos, Accra, Johannesburg, Cape Town, Nairobi, and Ibadan, with three product categories such as cars, trucks, and motorbikes.

Nexta, an Egypt-based fintech and next-generation banking platform that focuses on simplifying money management for users has secured a $3 million investment.
Published
on
By
Nexta, an Egypt-based fintech and next-generation banking platform that focuses on simplifying money management for users has secured a $3 million investment.
The investment round was led by e-finance, Egypt’s leading provider of digital payments solutions, and the backbone of the Egyptian government’s digital transformation strategy.
This new investment comes after the startup raised a $2 million pre-seed round in March, which was led by DisrupTech, Egypt’s leading fintech venture capital firm that focuses on investing in early-stage fintech & fintech-enabled startups.
With a goal to disrupt the fintech scene in Egypt and across Africa, Nexta is creating a ‘Next generation banking experience’ that will redefine the way digital natives and their households handle money.
By introducing ‘next generation banking’, Nexta promises better everyday lives by providing what is known as lifestyle banking. It will also launch a Nexta card that will allow for instant, easy, and reliable money transfer, budgeting, tracking spending, and a multitude of other features to come. The digital bank is looking to get its final license in a few weeks, after satisfying all CBEs regulations.
Speaking on Nexta’s recent investment, lead investor in the funding round, e-finance’s Chairman and CEO, Ibrahim Sarhan said “Nexta is among the promising companies financed by the Group within several targeted investments.
“It’s worth noting that the Group took part in establishing Nclude an investment fund to invest in emerging fintech companies, thus improving the current and future direction of fintech in Egypt.”
Also commenting on its funding round led by e-finance, the CEO of Nexta Ahmed Hisham said, “I wouldn’t call it a funding round. It is more of a strategic partnership.
“e-finance has cemented itself as an integral partner in the Egyptian government’s push for digitization by developing integrated platforms that are leading Egypt’s digital revolution. We are very glad to have them on board. We are already part of that nationwide digital transformation.
“The demand for digital financial services is increasing day by day, we believe that there exists a huge opportunity for us to offer a differentiated and outstanding experience to different users in such a promising market.”
Born out of a desire to redefine payments and money management in Egypt, Nexta continuously evolves its suite of tools as well as constantly upgrading and introducing new features to simplify money management for users.

Nigerian digital e-commerce platform for African sellers Bumpa, has recently secured $4 million in its seed round.
Published
on
By
Nigerian digital e-commerce platform for African sellers Bumpa, has recently secured $4 million in its seed round.
The seed round was led by Base 10 partners with participation from Magic find, Plug & Play Ventures, DFS Labs, SHL Capital, Jedar Capital, FirstCheck Africa Angel Program, E62 Ventures, Club 14, and Fast Forward Ventures.
The startup disclosed that for its seed round, it chose investors who are interested in e-commerce and retail automation in Africa, as it intends to use the $4 million seed secured to solve the inefficiencies small businesses face.
Speaking on the recent seed secured, co-founder and CEO of Bumpa Kelvin Umechukwu said, “With Bumpa, we’re helping business owners organize all the commerce that’s happening on their social media. They can see their top customers.
“They can see how much they’re making on each of these social media platforms, like Instagram. They can collect all the records, and they can sell faster through direct messaging (DMs) and requests for payments because we brought all of the commerce tools right there for them in their DMS while chatting with a customer. Bumpa currently estimates that it can help its users save 25 hours each week”
With the social commerce space in Nigeria highly competitive, Bumpa disclosed that its competitive advantage over all other startups stems from its emphasis on retail automation and optimization of data and inventory for its clients which is not evident in most of these startups.
Since its launch in 2021, the startup disclosed that it has so far onboarded over 7,000 merchants on its platform including retail businesses like The Ajala Store and Lash Ng, which it also claims to have recorded a 50% Month-on-Month (MoM) growth rate.
Bumpa seems not to be resting on its oars as it strategically plans to attract more small business owners to make use of its platform, providing them with tools to grow their businesses.

Investors King understands that with Bumpa’s gradual elimination of problems faced by small businesses, Nigeria’s economy will witness a positive impact, due to the role that these SMEs play in the development of a nation’s economy.





Npower News: Npower Batch C Stream 1 Beneficiaries to Receive August Stipend
Npower: How to Check and Print Deployment Letter For Npower Batch C, Stream 2
Npower News: Npower Pays July Stipend, Promised to Clear All Backlogs Soon
How Much is iPhone 14: Price of iPhone 14 in Konga, Slot, Others in Nigerian Naira
Hackers Receive $2 Million in Cryptocurrency for Discovering Flaws in Aurora Platform
MTN Plans to Acquire Telkom Impeded Following A Rival Proposal From Another Telecom Company
Glo Targets 100,000 Agents as MoneyMaster Payment Service Takes Off
Npower Payment: Npower Commence July Payment For Batch C, Stream 1
COPYRIGHT 2022 | INVESTORS KING LTD | NIGERIA

source