Qme Secures $3M Seed Funding💰️
Qme raises $3M 💰 | EIB invests $13M 💰 | Jumia stocks down 28% 📉 |
In partnership with
Jambo
Hope you had a great week!
Welcome to this week’s edition of The Startups Chronicle, proudly presented by Startup Hub Africa 🚀—your gateway to the African startup ecosystem.
We may encounter many defeats but we must not be defeated.- Maya Angelou
Here are the latest developments shaping the African startup ecosystem this penultimate week of February 2025:
- 📈 Egypt’s Qme secures $3M seed funding, expanding its AI-driven B2B SaaS platform to optimize booking and payments in healthcare, banking, and government services.
- 🌍 The European Investment Bank (EIB) invests $15.8M in West Africa and Madagascar to support high-growth SMEs in agriculture, energy, and health.
🏆 The Africa Tech Summit Awards recognized 13 top startups, including Flutterwave, Cassava Technologies, and My Pregnancy Journey.
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- 🚗 Ebee Mobility loses tax appeal in Kenya, facing higher import duties—raising concerns for e-mobility startups.
- 📉 Jumia’s stock plunges 28% after posting a $65M loss in 2024, despite aggressive cost-cutting measures.
- 💰 DCG scales up investments in Africa, closing 12 deals in 2024 across fintech, AI, and blockchain.
The African startup ecosystem remains resilient, fast-evolving, and full of opportunity—from VC investments to fintech expansion and market shifts.
⟹ 🚀 STARTUPS WATCH 🚀 ⟸
Here are the 5 top startups in the African eco-system we think you need to know:
 | 🌟 Name ➜ Money Africa 🏭️ Industry ➜ Financial Services 📆 Founded ➜ 2018 📍 Location ➜ Lagos, Nigeria 🇳🇬 💰️ Funding Raised ➜ Undisclosed 🧑🤝🧑 No. Of Employees ➜ 11-50 👥 Founders
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Money Africa is Nigeria’s leading financial literacy platform, empowering individuals and businesses with the knowledge and tools to make smarter financial decisions. 💰📚
Founded in 2018, Money Africa provides expert-led courses, real-time investment insights, and advisory services, covering everything from treasury bills and stock investing to asset allocation and financial planning. Through a community-driven approach, users gain access to personalized guidance, financial health assessments, and curated resources to build wealth and achieve financial freedom.
With a mission to simplify finance for everyday people, Money Africa is reshaping how Africans learn about and manage money—one lesson at a time. 🚀
 | 🌟 Name ➜ QShop 🏭️ Industry ➜ SaaS 📆 Founded ➜ 2021 📍 Location ➜ Lagos, Nigeria 🇳🇬 💰️ Funding Raised ➜ Undisclosed 🧑🤝🧑 No. Of Employees ➜ 2-10 👥 Founders
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QShop is Nigeria’s leading DIY e-commerce platform, enabling SMEs to create, manage, and grow their online stores in minutes. 🛍️✨
Founded in 2021, QShop empowers over 25,000 businesses with seamless store creation, automated shipping, secure payments, and powerful analytics—all without coding knowledge. Whether you're a startup or an established business, QShop provides the tools needed to scale efficiently.
With its user-friendly interface, built-in marketing features, and robust customer support, QShop is revolutionizing e-commerce in Africa—one store at a time. 🚀
 | 🌟 Name ➜ MaxAB 🏭️ Industry ➜ E-Commerce 📆 Founded ➜ 2018 📍 Location ➜ Al Qahirah, Egypt 🇪🇬 💰️ Funding Raised ➜ $95M 🧑🤝🧑 No. Of Employees ➜ 11-50 👥 Founders
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MaxAB is Egypt’s leading B2B e-commerce marketplace, revolutionizing how food and grocery retailers connect with suppliers in underserved geographies. 🍏📦
Founded in 2018, MaxAB leverages technology-driven supply chains, embedded finance, and real-time data analytics to streamline inventory management, optimize logistics, and offer transparent pricing. With over 3,000 SKUs and a presence in Egypt, Morocco, Kenya, Rwanda, and Tanzania, MaxAB is empowering retailers with efficient sourcing, on-demand delivery, and tailored financial solutions.
By digitizing payments, enhancing supply chain visibility, and providing business intelligence tools, MaxAB is shaping the future of retail in Africa—one store at a time. 🚀
 | 🌟 Name ➜ Shecluded 🏭️ Industry ➜ Financial Services 📆 Founded ➜ 2019 📍 Location ➜ Lagos, Nigeria 🇳🇬 💰️ Funding Raised ➜ Undisclosed 🧑🤝🧑 No. Of Employees ➜ 11 - 50 👥 Founders
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Shecluded is Nigeria’s first female-focused financial services platform, empowering women with access to credit, business resources, and financial education. 💰💡
Founded in 2019, Shecluded is more than just a lender—it’s a community-driven ecosystem designed to help women entrepreneurs grow their businesses, access funding, and scale their impact. Through loans, mentorship, and business support, Shecluded is breaking financial barriers and driving economic inclusion for women across Africa.
With a dedicated co-working hub, accelerator programs, and tailored financial solutions, Shecluded is reshaping the future for women-led businesses. 🚀
 | 🌟 Name ➜ FastJet 🏭️ Industry ➜ Air Transportation 📆 Founded ➜ 2012 📍 Location ➜ Dar Es Salaam, Tz 🇹🇿 💰️ Funding Raised ➜ $28M 🧑🤝🧑 No. Of Employees ➜ 51 - 200 👥 Founders
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Fastjet is Africa’s leading low-cost airline, providing affordable, reliable, and on-time air travel across the continent. ✈️🌍
Since launching in 2012, Fastjet has carried over 3.5 million passengers, connecting Tanzania, Zimbabwe, Zambia, Mozambique, and South Africa with budget-friendly fares and a 90% on-time performance record. The airline simplifies air travel for millions, offering seamless domestic and international routes to key business and tourism hubs.
With multiple industry awards, including the Skytrax Best Value Airline in Africa, Fastjet continues to transform African aviation, making air travel accessible to all. 🚀
⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸
Here’s what happened this week in the VC Space:
👉 DCG ramps up African investments, closing 12 deals in 2024 across fintech, AI, and blockchain. The US-based Digital Currency Group has now invested $4M+ across 23 African startups, including Djamo, Stitch, and NALA—with fintech leading the charge in driving financial inclusion.
👉 Egypt’s Qme secures $3M seed funding to scale its AI-powered B2B SaaS platform for booking, queuing, and payments. The funding, led by AHOY and GCC angel investors, will support expansion across healthcare, banking, and government services.
👉 The European Investment Bank (EIB) commits $15.8M to the IPAE 3 fund, boosting SME financing in West Africa and Madagascar. The fund, managed by Investisseurs & Partenaires (I&P), will support high-impact startups in agriculture, health, energy, and services, with a focus on female entrepreneurship.
👉 Startup Graveyard Africa is documenting failed startups amid the funding winter, offering founders and investors insights into what went wrong. As capital remains scarce, understanding past failures is key to building more resilient African ventures.
👀 This Week’s Featured Investor: Quona Capital 👀
Quona Capital is a global venture capital firm investing in financial technology companies across emerging markets, with a strong presence in Africa, MENA, and cross-border fintech. 🌍💰
With a mission to build a more financially inclusive world, Quona backs startups that leverage technology to expand access to payments, lending, and digital financial services for underserved consumers and businesses.
Why Quona Capital Stands Out?
📌 $4.5B+ in payment transactions enabled across its portfolio in 2022.
📌 Hands-on investors—working closely with fintech disruptors to scale impact.
📌 Backed leading African fintechs, including:
- Yoco – Empowering African SMEs with digital payments.
- Wasoko – Revolutionizing B2B commerce and supply chains.
- Cowrywise – Driving financial inclusion through digital savings & investments.
- Khazna – Offering accessible financial services for Egypt’s underserved.
- Verto – Simplifying cross-border payments for African businesses.
Quona’s exits and success stories, including Paystack, DPO, and Flutterwave’s $1B+ valuation, highlight its role in shaping Africa’s fintech boom. 🚀
👉 Learn more about Quona Capital and its transformative portfolio on SHA!
⟹ 📺️ MEDIA WATCH 📺️ ⟸
Here are the 5 key things in the news this week that you need to know:
- Egyptian B2B SaaS Qme closes $3m seed round - Disrupt Africa
- Jumia’s share price falls 28% after tepid 2024 performance - Techcabal
- EIB invests $15.8m in new IPAE 3 fund to support entrepreneurship in West Africa, Madagascar - Disrupt Africa
- US-based VC firm DCG scales up African activity with 12 deals in 2024 - Disrupt Africa
- 13 winners announced at Africa Tech Summit Awards in Nairobi - Disrupt Africa
And that’s your weekly dosage of the African startup ecosystem!
If you have any comments or feedback, just respond to this email. I’m looking to engage more founders and investors in the ecosystem this year.
Thanks for reading. Have a great week ahead!
Gitonga, the Stoic Founder at StartupHub.Africa 🚀
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