Funding
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5 startups selected to vie for the $50k equity prize for the 2023 MEST Africa Challenge.
The MEST Africa Challenge (MAC), an Africa-wide pitch competition for early-stage technology startups, is proud to announce the top 5 Regional Winners who will compete for the grand prize of $50,000 in equity. These startups have emerged victorious after rigorous pitch sessions, beating out 40 competing startups from Ghana, Kenya, Nigeria, Senegal, and South Africa.…
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Degas extend its Series A by $7 million to scale its business.
Accra-based Degas Ltd., led by CEO Doga Makiura, has secured an additional $7 million in funding, bringing its total funding to $16 million. The equity and debt round saw participation from investors, including Animal Spirits, Global Catalyst Partners Japan, Hakuhodo DY Ventures, Nanto CVC (operated by Nanto Bank and Nanto Capital Partners), and Primal Capital.…
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Maka, the fashion and beauty e-commerce platform, raises $2.65 million to deepen its presence in Ghana and Nigeria.
Maka, the fashion and beauty e-commerce platform, has successfully raised $2.65 million in a pre-seed funding round led by Pan-African venture capital firms 4DX Ventures and Janngo Capital. Other notable investors include Palm Drive Capital, Jonathan Shipman (angel investor, EVP founder, and Twitch founding member), and executives from the delivery platform Wolt. Founded by Diana Owusu-Kyereko in…
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7 startups secure € 700,000 from the develoPPP Ventures programme to scale their operations.
Seven startups have secured € 100,000 each as part of the first Ghana cohort of the develoPPP Ventures funding programme. With startup funding in Ghana plummeting by 80% in 2023, such interventions are critical to filling the finance gap. Being implemented by Innohub, develoPPP Ventures is a growth funding program by the German Federal Ministry for Economic Cooperation…
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Koa secures $15 million Series B round to scale up cocoa upcycling.
The Swiss-Ghanaian startup has closed a series B round of $15 million to finance its growth. This comes on the back of the startup’s recent inauguration of the largest cocoa fruit factory in Africa. The equity financing enables Koa to scale its operations, develop new cocoa fruit products, and grow its marketing and distribution activities.…
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MedPharma secures $50,000 as a beneficiary of the Investing in Innovation Africa programme
The Ghana-based health-tech company, MedPharama, has been selected as a beneficiary of the pan-African business support initiative Investing in Innovation (i3). Founded by Stephen Yaw Asamoah in 2016, MedPharma is a tech-health social impact enterprise seeking to improve the health status of patients across Africa. Medpharma provides e-consultation, e-prescription, delivery of medicines and medical equipment,…
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$10.4 million to complete farmers in Africa.
Complete Farmer has closed a $10.4 million pre-Series A funding round to transform farming practices in Africa by developing critical technical and physical infrastructure. The funding round consists of $7 million in equity and $3.4 million in debt. The Acumen Resilient Agriculture Fund and Alitheia Capital (via its uMunthu II Fund in partnership with Goodwell…
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Richard Quaye Foundation supports 10 entrepreneurs with grant capital of GHS 250,000.
As part of his birthday celebration, the Chief Executive Officer of Quick Angels, Richard Nii Armah Quaye, supported ten entrepreneurs with a seed capital of GHS25,000 each to boost the growth of their businesses. The companies were selected from a pool of 1,200 applicants. The finalist comes from various industries, including technology, the Chief, recycling,…
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MEST Express Accelerator provides grants to 7 startups to further their growth and increase their impact
In partnership with the Mastercard Foundation, MEST has awarded grant funding to seven startups that participated in the MEST Express Accelerator program. Last year, the accelerator successfully ran three cohorts across Accra and Kumasi with 30 startups. From this batch, seven startups were awarded grant funding of $57,000 to support their growth plans. Source: MEST…
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Impact Investing Ghana to set up a fund-of-funds investment vehicle to unlock $75 million in local and international funding
Impact Investing Ghana has begun operationalising its innovative Ci-Gaba Fund of Funds, which seeks to unlock $75 million in local and international funding for local capital providers investing in Small and Medium Enterprises to advance Sustainable Development Goals. The private sector-led fund of funds, the first domiciled in Ghana, will invest locally and across West…