Investors update: Kenyan healthtech MyDawa receives $20m from Alta Semper

Kenyan healthtech MyDawa gets $20m from Alta Semper

Highlights

• MyDawa, a Kenyan health-tech known for its e-pharmacy platform has received a $20 million capital injection from private equity investor Alta Semper Capital. 
• Founded in 2016, the startup provides consumers across the region easy access to healthcare products and medical services, through a technology-based solution. The company controls and provides all its operations including logistics in-house. 
• The startup recently acquired Uganda’s Guardian Health as part of a planned international expansion. With the funding, it will continue seeking potential acquisitions, collaborations, and promising startups situated across Africa.

Source: TechTrendsKE

Our Takeaway

The healthcare sector in Africa is increasingly attracting investments, both foreign direct and venture capital, as part of efforts to solve the continent’s healthcare woes. As the African population continues to grow—at a faster rate than anywhere else in the world—and the need for improved healthcare delivery grows, there are strong indications investment numbers will continue to soar. To buttress this notion, the MyDawa investment marks Alta Semper’s entry into digital healthcare in Africa. The PE firm believes that the continent’s consumer spending projected to reach $2.1 trillion by 2025 represents a significant business opportunity.

---

Chari raises $1.5m from Verod-Kepple Africa Ventures

Highlights

• Morocco-based B2B e-commerce and fintech startup Chari has raised $1.5 million from Verof-Kepple Africa Ventures to expand its reach across Africa and scale its portfolio of financial services.
• Founded in 2020 by Ismael Belkhayat and Sophia Alj, Chari lets retailers purchase large quantities of inventory items directly from suppliers. Ryosuke Yamawaki, a partner at VKAV, was appointed as a strategic advisor to the startup.
• Adding this round, Chari has secured three fundraisings so far this year, including a seed round from Plug and Play and $1 million from Orange Ventures.

Source: Wamda

Our Takeaway

African markets, though diverse, have some common themes, one of which is the largely fragmented fast-moving consumer goods (FMCG) sector. Often, both local and multinational manufacturers do not have visibility and control over their own distribution channels while distributors have to deal with discrepancies in prices and inefficient logistics. For small informal retailers, much of their time is spent on fulfilling orders and struggling without sufficient capital. Like Chari, many startups in the B2B e-commerce space in Africa, such as Nigeria’s TradeDepot and Egypt’s Capiter, have built digital products to address these bottlenecks in the FMCG sector.

---

Zuvy raises $4.5m to scale invoice financing in Nigeria

Highlights

• Zuvy, a Nigeria-based invoice financing company, has raised $4.5 million in funding—a mix of debt and equity—from TLG Capital and a host of other investors.
• Founded in 2021, Zuvy, in addition to financing, offers free invoice and purchase order management software that enables large businesses to streamline their procurement processes.
• With the new funding, the startup aims to expand its reach in Nigeria first before entering into other African countries in the near future.

Source: BusinessDay

Our Takeaway

Small businesses, particularly in the FMCG sector that service large business chains, are often strewn with a lack of working capital to service their contract agreement as their cash is often tied up in receivables. Accessing loans can be arduous; in Nigeria, 95% of over 41.5 million SMEs do not have access to formal financing, and less than 1% of the total banking credit is given to small businesses. This transmission failure is a key part of Africa’s $300 billion SME financing gap, which startups like Zuvy are looking to fill through technology.