Browsing: Investing in Kenyan startups

• Kwara has raised a US$3 million seed extension and signed an agreement to acquire a subsidiary of the Kenyan Union Of Savings and Credit Cooperatives (Kuscco)
• Kwara also announced the acquisition of IRNET, a software provider owned Kuscco
• Investors in the round include existing backers DOB Equity, Globivest and One Day Yes and Base Capital

Kenyan startup Kwara has raised a US$3 million seed extension and signed an agreement to acquire a subsidiary of the Kenyan Union Of Savings and Credit Cooperatives (Kuscco).

On January 13, 2022, Kwara announced the acquisition of IRNET, a software provider owned by the national body of credit unions in Kenya – Kuscco.

Investors in the round include existing backers DOB Equity, Globivest and the founder of Kobalt Music. New investors, mainly African VCs, participated as well. They include One Day Yes and Base Capital and fintech executives including Mikko Salovaara, CFO of Revolut.

Kwara …

• Moringa has received an undisclosed amount of investment from Proparco to support its expansion outside Kenya
• The tech-based learning institution said it has already begun training Software Engineers in Ghana and soon Nigeria with a plan to scale to other African countries in the next 12 months
• Moringa said the investment from Proparco will help them in preparing for Series A funding in 2023

Multi-disciplinary learning accelerator Moringa has received an undisclosed amount of investment from Proparco to support its expansion outside Kenya.

In a statement seen by The Exchange Africa, the tech-based learning institution said it has already begun training Software Engineers in Ghana and soon Nigeria with a plan to scale to other African countries in the next 12 months.

The career accelerator for Tech professionals in Africa has been training High School/University Graduates to be Software Engineers and Data Scientists for the past seven years in Kenya …

Start-ups in Africa have raised over KShs. 100 billion in the first quarter of 2022, breaking the record established in the third quarter of 2021 by just a few million. Compared to last year, there’s been 2.5x more funding raised in Q1-22 than in Q1-21.

However, despite the huge growth, funding flowing to African start-ups is still a drop in the ocean of global venture funding representing just one per cent of global venture funding.

“Governments in Africa must invest in this space through reducing the burden of regulation, embedding incentives within legislation and investing in science and technology skills,” Mumo added.

The 7th edition of Digital and Technology Week (DTW) 2022 formally Social Media Week attracted over 600 participants in Africa.…