La Reina raises equity funding led by Algebra Ventures and 500 Startups



La Reina, an Egyptian based startup has raised equity funding from Algebra and 500 Startups and other angel investors. La Reina is an online fashion platform that has recently launched a subscription service called “The Box” which allows customers to receive a box of clothes in fashion every week for a fixed monthly fee. The startup has been attracting investor funding since the US$1-million previously raised in 2018 and has partnered with fashion brands such as Mango and Zara. The amount invested or the equity stake acquired in La Reina was undisclosed.

Algebra Ventures is a well-known technology venture capital firm in Egypt that invests in core technology, e-commerce, fintech, industry marketplaces, business software and consumer internet companies. The firm has invested in companies such as Larena, Elmenus, Eventtus, Holidayme and Orcas amongst others.

500 Startups is a venture capital firm that backs the world’s most talented entrepreneurs and is one of the most active venture capital firms in the world. Since its inception in Silicon Valley, 500 Startups has invested in over 2,400 companies via its 5 global funds and 17 thematic funds dedicated to either specific geographic markets or verticals. Its 100+ team members are located in 20 countries around the world in order to support the 500 Startups global portfolio of investments in more than 75 countries. Notable investments in the portfolio include Credit Karma, Twilio, Canva, Grab, Bukalapak, The RealReal, Talkdesk, Knotel, Udemy, and Ipsy.

OkHi has raised US$1.78-million from the London based Angel Investment Network

Kenyan based OkHi has raised US$1.78-million from the London based Angel Investment Network. OkHi is a digital addressing system for emerging markets that is able to verify addresses and therefore enable any business to collect an accurate address from their customer. The company was founded in 2014 by Timbo Drayson, who previously led the launch of Google Maps and has reputable ties to the technology sector in Silicon Valley. The funding sourced will be allocated to the expansion of operations in Africa as OkHi recently launched in the Nigerian market.

The UK Angel Investment Network was formed in 2004 to assist startups with sourcing seed funding and now has a network of 30 branches in 80 different countries. The Angel Investment Network has 1,472,175 registered members with 252,393 investors and 1,219,815 entrepreneurs and has raised £200-million for startups in the UK and across the world.

Platform Capital provides equity funding to Big Cabal Media

Platform Capital has invested in Big Cabal Media, which is an African digital media publisher based in Nigeria. The company creates high-value publications, original content and technology products for African audiences with reach of over 3-million people every month. Big Cabal Media currently publishes TechCabal and Zikoko which serves a global audience of business professionals, investors, entrepreneurs, and other stakeholders. Big Cabal Media works with local and international brands such as Coca-Cola, Google, DSTV, Access Bank, Flutterwave, MainOne and Nestle through its Cabal Creative Studio.

Platform Capital is a growth markets focused, sector agnostic, principal investment and advisory firm. The firm deploys patient, value accretive capital alongside international and local value investors to create champion businesses with the potential for regional or global scale. Platform Capital also provides end-to-end bespoke corporate finance and capital markets advisory services. The amount invested or stake acquired in Big Cabal Media was not disclosed. The venture capital firm is based in Nigeria,

Egyptian healthtech company, Rology, raises US$860,000 in funding led by HIMangel

Rology, the Egyptian based healthtech company has raised $860,000 in equity funding from investors led by HIMangel joined by Dubai Angel Investors (based in UAE), Asia Africa Investment & Consulting (based in Japan) and Athaal Group (based in Saudi Arabia). Rology is an on-demand health platform that connects healthcare providers with remote and readily available radiologists and is able to deliver reports within 12-hours and emergency cases in 90-minutes. Rology was established in 2017 by Amr Abodraiaa, Moaaz Hossam, Bassam Khallaf, and Mahmoud Eldefrawy.

HIMangel provides financing and investments to startups and early-stage companies together with networks and direct connection with stakeholders. The firm has invested in BDM, Bermoda, Biomax, Freshsource, Chitosun Energy, Gbarena, Nozol, Sheziong, Smart Medical Services and Cubii among many others. The funding provided to Rology will serve to solve the shortage of radiologists in Egypt’s healthcare sector.

The Swedfund, IFC, FMO and the Belgian Investment Company invest US$10-million in the African Rivers Fund

The Swedfund, IFC, FMO and the Belgian Investment Company will invest US$10-million in African Rivers Fund. The limited partner amount allocated will be used to provide loan financing to small and medium enterprises (SME) in the DRC, Uganda and Angola. African Rivers Fund is an SME mezzanine fund active in Central Africa with a specific focus on the DRC. It is managed by the Netherlands based fund manager XSML and intends to build on its prior experience with the Central African SME Fund.

The Swedfund is a development finance institution that is wholly-owned by the Swedish state. The organization was founded in 1979 to fight poverty by investing in sustainable businesses in developing countries. Capital injected in the Swedfund is SEK3-billion Swedish krona and 58% of Swedfund’s portfolio is in Sub-Saharan Africa.

Solarise Africa raises US$10-million from Energy Access Ventures, ElectriFI and Proparco

Solarise Africa has raised US$10-million from its existing investors known as Energy Access Ventures, ElectriFI and Proparco. Solarise Africa is a provider of lease finance products for the installation of solar photovoltaic systems on commercial and industrial companies in Kenya, South Africa and Rwanda (typically roof-top solar energy). The company was established in 2017 by Patrik Huber, Jan Albert Valk, Patrik Huber and Sakkie van Wijk and has strong industry partners such as Rubicon Renewables, Premier Solar Group and Sinetech. The additional funding will further expand operations to an estimated 150MW of solar energy to commercial and industrial companies.

Solarise Africa has secured additional funding from existing investors Energy Access Ventures, ElectriFI which is funded by the EU and Proparco which is a wholly owned subsidiary of the French Development Agency. Energy Access Ventures is an investor in next generation smart infrastructure companies in Sub-Saharan Africa with its €75-million fund. The fund has invested in SolarX, Manoc Energy, Mawingu, Zonful Energy, d.light, SunCulture and Paygo Energy among many others. The limited partners of the fund are CDC Group, FMO, European Investment Bank and Schneider Electric amongst others.

Actis invests in the Nile University of Nigeria through Honoris United Universities

Actis has invested in the Nile University of Nigeria through its subsidiary known as Honoris United Universities. The Nile University of Nigeria is a fully accredited university that offers undergraduate and postgraduate programmes in Engineering, Health Sciences, Arts, Law, Management Sciences, Natural and Applied Sciences. The Honoris United Universities has a network of 11 institutions in 10 countries and 32 cities in Africa.

Actis is a large private equity investor in growth markets across Africa, Asia and Latin America. The firm was established in 2004 and has over the period raised US$15-billion. Actis employs over 200 people working across 16 offices globally.  Actis has deployed capital to over 70 companies around the world and contributes to the employment of over 116,500 people. The stake acquired and the amount invested was not disclosed.

CDC invests US$12-million in Miro Forestry based in Ghana and Sierra Leone

CDC Group has invested US$12-million in Miro Forestry, a sustainable forestry and timber business with plantations in Ghana and Sierra Leone. The funding raised is further to the original amount of US$48-million that was provided by other funders to support the planting of an estimated 17,000 hectares (ha) of eucalyptus, teak and acacia plantations across Ghana and Sierra Leone. The additional funding will be used to expand tree plantations to an estimated 25,000ha, making Miro Forestry the largest forestry business in West Africa.

CDC Group is a development finance institution that invests in Africa and South Asia in sectors such as financial services, infrastructure, health, manufacturing, food and agriculture, construction and real estate and education. CDC Group is wholly-owned by the UK Government through the Department for International Development (DFID).

Africa E&P Virtual Summit Bulletin

The Africa E&P Virtual Summit is taking shape and announces that since the last pre-event bulletin, Standard Bank, DMT and Eco (Atlantic) Oil & Gas have joined the sponsorship and exhibitor line-up. The new additions to Africa E&P Virtual Summit’s supporting partners will sit alongside Tullow Oil, Africa Oil Corp., Liberia Petroleum Development Authority (LPRA), National Oil Company of Liberia (NOCOL), ExxonMobil, Core Laboratories, TGS, Preng & Associates, Zenith Energy and Petroleum Agency SA. Exciting additions to the agenda for the Africa E&P Virtual Summit include developments to the roundtable discussions. To enjoy all of this at the largest oil and gas online gathering of 2020, you need to buy your tickets in order to:

  • Meet industry partners & progress opportunities
  • schedule meetings & build relationships
  • profile raising through speaking opportunities & networking
  • increase visibility of your company

Join the Africa E&P Virtual Summit on the 16th and 17th of September 2020.

Paymob raises US$3.5-million from Global Ventures and FMO

Paymob has raised US$3.5-million form Global Ventures and the Dutch Development Bank known as FMO, to expand its network of merchants and meet the increasing demand for digital payments. Paymob is an Egyptian digital payment provider that runs millions of transactions for medium businesses in Africa and the Middle East. The solutions allow businesses to accept and send payments to support their online offering to customers since Paymob’s establishment in 2013 by Islam Shawky, Alain El Hajj, and Mostafa Menessy.

Paymob intends to expand its product offering and invest in product development and leverage off its strong partnership with the likes of Mastercard, Vodafone, Bank Audi, Saib and the Egyptian CIB among others.

Global Ventures is a venture capital fund with a focus on artificial intelligence, machine learning, fintech, IoT, health tech, mobility and sustainable energy. Global Ventures has invested in tech start-ups such as Modum, ETHLend, Bankera, Vetri, Bee Cargo Coin,, Hive and Trustwire. The fund is led by Dr Christoph Lymbersky and Benjamin Scherer. The stake acquired by Global Ventures and FMO was not disclosed.