Raenest & Taager Funded💰️
Raenest Secures $11M 💰 | Taager gets $6.75M 💰 | MAX lays off 150 staff 📉
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Hello and happy weekend!
Welcome to this week’s edition of The Startups Chronicle, proudly presented by Startup Hub Africa 🚀—your go-to resource for all things African startups.
Nations whose nationalism is destroyed are subject to ruin!- Muammar al-Gaddafi
As we hit the midpoint of February, let’s dive into some of the biggest developments shaping the African startup ecosystem this week.
- 💰 Ghana’s Affinity Africa has secured $8M in seed funding to expand its branchless banking model, providing affordable financial services to SMEs and individuals.
- 💸 Raenest, the Nigerian cross-border payments startup, closed an $11M Series A, boosting its multi-currency banking solutions across Africa.
- 🛍️ Egyptian social commerce platform Taager has raised $6.75M in pre-Series B funding, fueling its MENA expansion and AI-driven seller tools.
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- 🌱 Madica has invested $800K in four North African startups, marking a key milestone in its mission to back early-stage African ventures
- 🚗 MAX, the mobility financing startup, laid off 150 employees as it pivots to financing 120,000 electric vehicles across West Africa.
- 📊 Alex Angels, one of Egypt’s leading angel networks, has launched the Investor Value Tracker, offering real-time portfolio insights for its members.
Africa’s startup scene continues to grow, evolve, and disrupt industries, from fintech to e-commerce to mobility.
Let’s keep building the future of Africa, together! 🚀
⟹ 🚀 STARTUPS WATCH 🚀 ⟸
Here are the 5 top startups in the African eco-system we think you need to know:
 | 🌟 Name ➜ CloudFret 🏭️ Industry ➜ Logistics 📆 Founded ➜ 2021 📍 Location ➜ Casablanca, Morocco 🇲🇦 💰️ Funding Raised ➜ $1M 🧑🤝🧑 No. Of Employees ➜ 11-50 👥 Founders
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CloudFret is transforming logistics with a smart digital marketplace that connects shippers and carriers, optimizing empty truck returns across Europe and Africa. With 6,000+ trucks in its network, CloudFret offers seamless, AI-powered freight matching, ensuring cost efficiency, faster payments, and reduced CO₂ emissions.
By digitizing the entire shipping process, CloudFret eliminates manual operations—0 calls, 0 emails—allowing businesses to book, track, and manage shipments effortlessly. With secure deliveries (99%+ service rate) and minimum insurance of $500,000, CloudFret is redefining cross-border freight. 🚛📦
 | 🌟 Name ➜ CoFundie 🏭️ Industry ➜ Financial Services 📆 Founded ➜ 2019 📍 Location ➜ Accra, Ghana 🇬🇭 💰️ Funding Raised ➜ $100K 🧑🤝🧑 No. Of Employees ➜ 1-10 👥 Founders
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CoFundie is revolutionizing real estate investment by providing institutional-grade opportunities to individuals traditionally excluded from high-yield property deals. The platform focuses on eco-friendly, sustainable materials that lower construction costs while maximizing returns.
With expertise spanning real estate investment, development, and software engineering, CoFundie enables investors to sponsor home construction, crowdfund property deals, and monetize unused units. By bringing greater transparency and sustainability to Africa’s housing sector, CoFundie is shaping the future of real estate investment. 🏗️📈
 | 🌟 Name ➜ Hashgreed 🏭️ Industry ➜ Blockchain 📆 Founded ➜ 2021 📍 Location ➜ Lagos, Nigeria 🇳🇬 💰️ Funding Raised ➜ $1M 🧑🤝🧑 No. Of Employees ➜ 11-50 👥 Founders
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Hashgreed is a Web3-powered marketplace enabling creators, businesses, and investors to buy, sell, and tokenize assets with confidence. As Africa’s first NFT platform, Hashgreed bridges creative, commerce, and asset tokenization, while also offering DeFi and WorkFi solutions.
With seamless transactions via HASH and Cert credits, users can shop, trade, and invest in digital assets securely. Whether you're an artist, freelancer, or crypto-native, Hashgreed provides a trusted Web3 ecosystem for the future of digital ownership. 🚀🔗
 | 🌟 Name ➜ Energy+ 🏭️ Industry ➜ Solar 📆 Founded ➜ 2017 📍 Location ➜ Bamako, Mali 🇲🇱 💰️ Funding Raised ➜ $1M 🧑🤝🧑 No. Of Employees ➜ 11 - 50 👥 Founders
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Energy+ is tackling energy access challenges in Mali by providing affordable and reliable off-grid solar solutions. With 81% of the population lacking electricity, Energy+ is bridging the gap through modern, safe, and clean solar lighting and energy services.
Leveraging Omnium Mali’s vast distribution network of 10,000+ points of sale, Energy+ ensures broad accessibility. Its PAYGO model makes solar solutions affordable and scalable, enabling off-grid households to power their homes without upfront costs. 🔋 Powering the future, one solar home at a time! 🌍💡
 | 🌟 Name ➜ Pravica 🏭️ Industry ➜ Blockchain 📆 Founded ➜ 2019 📍 Location ➜ Al Qahirah, Egypt 🇪🇬 💰️ Funding Raised ➜ $500K 🧑🤝🧑 No. Of Employees ➜ 2 - 10 👥 Founders
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Pravica is transforming the digital landscape with secure, efficient, and innovative blockchain solutions. From stablecoin and CBDC payments to privacy-focused communication tools, Pravica is building the next generation of decentralized technology for businesses, governments, and individuals.
With cutting-edge products like Klubz (community communication), Walletify (stablecoin/CBDC payments), and S3 (operations hub), Pravica ensures confidential, fast, and reliable transactions. Backed by leading investors and blockchain pioneers, the company is driving adoption across industries.
⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸
Africa’s VC ecosystem continues to attract investor confidence, with new funding rounds and initiatives driving growth across key sectors.
🔹 Ghana’s Affinity Africa raised $8M in seed funding to expand its branchless banking model, enhancing financial inclusion and scaling across new markets. The round was led by Grazia Equity and BACKED VC, with participation from Enza Capital, Launch Africa, and Renew Capital.
🔹 Alex Angels, one of Egypt’s leading angel networks, launched the Investor Value Tracker, a platform providing real-time insights into startup valuations and investor returns. With a portfolio exceeding 30 companies, the network has recorded 4X to 8X ROI through successful exits.
🔹 Egypt’s Taager, a social commerce platform, secured $6.75M in pre-Series B funding to accelerate expansion in MENA. The round was led by Norrsken22, with backing from Endeavor Catalyst, Beltone VC, and 4DX Ventures.
🔹 Madica, an early-stage investor, deployed $800K in pre-seed funding across four North African startups, expanding into healthtech, AI, and e-mobility. The fund aims to invest $6M in 30 African startups by 2025.
🔹 Raenest, a Nigerian cross-border payments startup, closed an $11M Series A, scaling its multi-currency banking solutions. Investors include QED Investors, Norrsken22, Ventures Platform, and Seedstars.
💡 “Success speaks louder than stereotypes.” Norrsken22’s Lexi Novitske and Precious John-Adeyemi discuss bridging the funding gap for female founders. With female-led startups raising just $48M in 2024, they emphasize the need for strong networks, scalable business models, and bold ambition to attract investment.
As capital flows into high-growth startups, Africa’s venture ecosystem continues to evolve, proving its potential as a global investment hotspot. 🚀
👀 This Week’s Featured Investor: Afri Mobility 👀
Afri Mobility is a Casablanca-based venture capital and private equity firm, dedicated to backing innovative startups shaping the future of mobility and technology. A subsidiary of Akwa Group, Afri Mobility invests in early-stage startups tackling transportation, logistics, and digital transformation challenges across Africa and beyond.
With a diverse portfolio spanning 20+ startups across Morocco, France, Senegal, Nigeria, India, the USA, and Egypt, Afri Mobility provides more than just funding—it accelerates growth through strategic partnerships and mentorship. Through Afriquia 50 Sprints, one of Morocco’s largest startup acceleration programs, the firm supports pre-seed to pre-Series A startups with investments ranging from €100K to €500K, alongside a three-month acceleration program at HEC Paris’ Station F incubator.
Explore their portfolio, including Chari, Kifal Auto, CloudFret, and Coin Afrique, to learn more about their impact on mobility and digital innovation. 🌍💼
📌 Visit Afri Mobility’s profile on SHA.
⟹ 📺️ MEDIA WATCH 📺️ ⟸
Here are the 5 key things in the news this week that you need to know:
- Egyptian social e-commerce startup Taager raises $6.75m pre-Series B round to fuel growth in MENA - Disrupt Africa
- Raenest raises $11 million in Series A to expand cross-border payment solutions to new markets - Techcabal
- Ghana’s Affinity Africa raises $8m seed funding to provide affordable banking services - Disrupt Africa
- MAX laid off 150 employees in January amid EV push - Techcabal
- Madica invests $800,000 in four startups, expands footprint into North Africa - Techcabal
And that’s your weekly dosage of the African startup ecosystem! If you have any comments or feedback, just respond to this email. We are always looking to hear from our community. Thanks for reading. Enjoy the rest of your weekend!
Gitonga, the Stoic Founder at StartupHub.Africa 🚀
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