🪙 Yellow Card $33m Series C raise | 🛒Jumia exits South Africa, Tunisia

Today’s Menu ☕️

🪙 Yellow Card Raises US$33 Million in Series C to Fuel Global Expansion and Strategic Growth
🛒 Jumia withdraws from South Africa and Tunisia to concentrate on markets with higher growth potential
🔋 Kenya’s Sistema.bio secures $15 million to expand clean energy solutions in Africa and beyond
🌤️ Kenyan startup Octavia Carbon secures $5 million in seed funding for direct air capture technology
👓 African eyewear startup Lapaire secures investment for expansion into Senegal and Tanzania

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🪙 CRYPTOCURRENCY

Yellow Card Raises US$33 Million in Series C to Fuel Global Expansion and Strategic Growth

Yellow Card, one of the continent’s leading stablecoin on/off-ramp platform, announced that it has successfully closed a US$33 million Series C funding round, propelling the company’s mission of driving digital asset adoption across Africa. Led by Blockchain Capital, this latest equity financing marks Yellow Card’s total funding to date at US$85 million, positioning the company as a frontrunner in Africa’s rapidly evolving financial ecosystem.

Since its inception in 2019 in Nigeria, Yellow Card has grown to become the first licensed stablecoin service on the continent. The company now operates in 20 countries and has facilitated more than US$3 billion in transactions, signaling a strong demand for stablecoin solutions in a region where traditional banking infrastructure can often be inaccessible or unreliable.........continue reading

🛒 E-COMMERCE

Jumia withdraws from South Africa and Tunisia to concentrate on markets with higher growth potential

Jumia Technologies AG, a prominent African eCommerce platform, has made a strategic decision to discontinue its operations in South Africa and Tunisia as part of a company-wide resource optimization initiative. The planned shutdown by the end of 2024 is aimed at redirecting the company’s focus towards regions with higher growth prospects.

This move comes after an extensive review of Jumia’s performance by CEO Francis Dufay. The company’s South African division, which operates under the Zando brand, and its Tunisian branch have been underperforming, contributing merely 3.5% and 2.7% to total orders and 4.5% and 3% to the gross merchandise value (GMV) respectively in 2023. These figures saw a further decline in the first half of 2024, leading to the decision to exit these markets due to their minimal impact on the company’s overall business.......continue reading

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🎙️ INTERVIEW CORNER

Innovation Village had an interview with Peter Bunor Jnr., Co-founder Field Intelligence, a healthtech company that focuses on improving pharmaceutical supply chains across Africa.

They provide innovative solutions to make the supply of pharmaceuticals more reliable, affordable, and accessible, particularly in underserved regions. Click the link to continue reading

🔋 CLEAN ENERGY

Kenya’s Sistema.bio secures $15 million to expand clean energy solutions in Africa and beyond

Sistema.bio, a biogas technology firm headquartered in Nairobi, has successfully secured $15 million in new funding to enhance its global reach in providing sustainable energy solutions. This financial boost will enable the company to broaden its operations, venture into new markets, and further develop its regenerative agricultural offerings, aiming to supply clean energy and sustainable farming solutions to smallholder farmers around the world.

The investment round was spearheaded by ElectriFI, an initiative managed by EDFI Management Company, and saw participation from previous investors such as Chroma Impact Investment, KawiSafi Ventures, and AXA IM Alts. Sistema.bio’s innovative biogas systems, which transform animal waste into renewable energy and organic fertilizer, have already been adopted by over 12,000 farms in 31 countries, demonstrating significant support for smallholder farmers..........continue reading

🌤️ CLIMATE CHANGE

Kenyan startup Octavia Carbon secures $5 million in seed funding for direct air capture technology

The Kenyan-based company Octavia Carbon, specializing in direct air capture (DAC) technology, has successfully secured a seed investment of US$5 million. This funding will bolster the company’s innovative efforts to harness geothermal energy, particularly the utilization of waste heat, to effectively extract carbon dioxide (CO2) from the atmosphere and achieve permanent sequestration.

Established in 2022, Octavia Carbon is actively engaged in constructing and operating DAC units within Kenya. The company’s ambitious goal is to position Kenya as the most economical global hub for atmospheric CO2 removal by the year 2025. A key component of their strategy is the development of Project Hummingbird, a pioneering DAC+Storage initiative scheduled to commence operations by the end of 2024........continue reading

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👓 HEALTHCARE

African eyewear startup Lapaire secures investment for expansion into Senegal and Tanzania

Lapaire, a pioneering eyewear startup based in Africa, has recently garnered significant investment from AfricInvest and Proparco to bolster its expansion efforts across the continent. AfricInvest is set to infuse $2.5 million into the venture, while Proparco will augment this with a contribution of EUR 450,000 (approximately $490,278) through its Bridge by Digital Africa initiative.

The fresh funds will empower Lapaire to not only strengthen its operations in existing markets but also to venture into new territories, specifically Senegal, the Democratic Republic of Congo, and Tanzania. This move marks a significant stride forward for the startup, which had previously raised $3 million just nine months earlier to facilitate its continental growth.......continue reading

OTHER STORIES

• Uber-supported Moove launches in Mexico, advancing its international expansion….read more

• Terra Firma announces $73.8 million solar initiative to counteract Eskom’s rising electricity costs.……read more

• MaxAB co-founder Mohamed Ben Halim departs following merger with Kenyan firm Wasoko…….read more

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