The funding round was led by QED Investors, a fintech venture capital firm, with participation from Norrsken22, Ventures Platform, P1 Ventures, and Seedstars. This latest investment brings Raenest’s total funding to $14.3 million.

Gbenga Ajayi, partner and head of Africa and the Middle East at QED Investors, spoke about the firm’s assertiveness in Raenest’s vision, stating, “We firmly believe that by bridging the gap between local and global markets, Raenest will unlock new opportunities for African entrepreneurs, freelancers, and businesses, ultimately driving greater economic empowerment across the continent.”

Founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest initially launched as an Employer of Record (EOR) to help foreign companies legally hire and pay African employees. However, the founders soon realised that the greater challenge was not just facilitating payments for companies but ensuring that individuals could receive their earnings seamlessly.

This led to the creation of Geegpay, a platform designed for freelancers and remote workers, allowing them to open virtual USD, GBP, and EUR accounts to receive international payments with ease. The platform quickly gained traction among African freelancers working with global clients through platforms such as Upwork, Fiverr, and Gusto.

Recognising a growing demand from businesses, Raenest expanded its services in 2023 by launching Raenest for Business, enabling companies to manage cross-border transactions efficiently. Today, more than 700,000 individuals and over 300 businesses rely on the platform for global payments, invoicing, and multi-currency management.

Raenest operates in a highly competitive fintech space, with rivals like Afriex, Cleva, Grey, Verto, and Leatherback offering similar multi-currency solutions. However, CEO Victor Alade believes Raenest’s dual approach—attending to both individuals and businesses—gives it a unique advantage.

“A U.S. company might not care if a payment is delayed by five days. But for someone in Nigeria or Kenya, that’s a big deal—especially when converting to local currency becomes another hurdle,” Alade explained.

Since its inception, Raenest has processed over $1 billion in transaction volume, a 160% growth between 2023 and 2024. Companies like Moniepoint, Helium Health, Fez Delivery, and Matta use Raenest to facilitate international transactions, raising capital, and paying global suppliers.

Currently operating in Nigeria with a money transfer license, Raenest plans to expand into Egypt, Ghana, Kenya, and the United States as part of its next growth phase. The company is also strengthening its banking partnerships in the U.S. and U.K. to provide better financial services for Africans at home and in the diaspora.

Beyond cross-border payments, Raenest aims to create a broader financial ecosystem that helps Africans earn, invest and grow their wealth globally. As part of this vision, the company is working on new product offerings and consolidating its services under a single brand, Raenest.

The post Raenest Secures $11 Million Series A Funding to Expand Cross-Border Payments in Africa appeared first on Tech | Business | Economy.

Apply here.  

INFUSE, short for Innovation for Uptake, Scale, and Equity in Immunisation, is a Gavi-led initiative designed to scale up groundbreaking global health solutions by connecting high-impact, proven innovations where countries need them most.

This year’s INFUSE initiative underscores the urgency of addressing health challenges exacerbated by climate change, including increased vulnerability to diseases like malaria and the potential for more frequent and severe outbreaks due to extreme weather.

The program aims to select and scale innovations that contribute to low-carbon and sustainable resilient healthcare systems, enhance frontline health workers’ capacity to manage climate-related health threats and ensure efficient vaccine distribution under challenging climate conditions. Examples of projects supported by INFUSE in past calls include:

• To prevent vaccine damage from excessive heat or cold, Nexleaf Analytics and Parsyl are deploying state-of-the-art sensor technology. 
• To help Pakistan and Mozambique reach under-immunised children, Zenysis Technologies is harnessing big data analytics to sharpen the accuracy of vaccine planning. 
• To ensure that every child is registered in the health system and receives critical vaccines, Simprints is pioneering biometrics in Bangladesh, Ghana and Tanzania.

Augustin Flory, managing director, Innovative Partnerships and Development Finance at Gavi said:

“The climate crisis has significant implications for vaccine preventable diseases and immunisation programmes. INFUSE is a great platform to mobilise the latest innovations in support of the health community to drive adaptive and mitigative actions against climate change.”

Sheilla Atieno, Seedstars program manager Africa, highlighted the importance of this initiative:

“Our collaboration with Gavi for INFUSE 2024 is crucial in our fight against the health impacts of climate change. We are calling on innovators globally to come forward with solutions that can make a tangible difference in building climate-resilient health systems.”

The open call for INFUSE 2024 invites applications that demonstrate innovative approaches to tackle challenges faced by Gavi countries and their partners, focusing on climate mitigation and resilience.

The criteria for participation include scalability and potential impact in vulnerable regions, cost-effectiveness with a sustainable financial model, evidence of, or potential for success, adaptability for implementation in diverse environments, especially in low-income countries, and the strength and experience of the team behind the solution.

Innovators and startups across the globe, particularly from lower-income countries, are encouraged to apply for this opportunity.

Selected innovations will be part of the INFUSE community, receiving focused support to scale their solutions globally.

The post APPLY: Gavi and Seedstars Launch INFUSE 2024 appeared first on Tech | Business | Economy.

This event reaffirms the Bank’s commitment to identifying, supporting, and mentoring Nigerian MVP-stage startups, aimed at shaping the future of business in Africa. 

The Zecathon 3.0 pitch competition features a prize pool of N59 million on top of business support for its participants through training, mentorship, and investor networking opportunities, further enabling startups to achieve their growth trajectories.

Temitope Fasoranti, Executive Director, Zenith Bank PLC, expressed, “After witnessing the unparalleled impact and success of our previous collaboration with Seedstars, we’re thrilled to introduce Zecathon 3.0. Zenith remains steadfast in its commitment to fostering technological advancements in Nigeria. Our goal is to spotlight and uplift innovative startups that use technology to address modern-day challenges, steering us towards a brighter tomorrow.”

Benefits

Winning participants will not only receive the cash prizes but will also gain invaluable pitch training, be part of a follow-on program, and access to Seedstars’ global network. The top prizes are as follows:

• 1st Prize: N20 million – plus an opportunity to pitch investors and access the Seedstars Mentorship Hub.
• 2nd Prize: N15 million – inclusive of a scholarship into the Seedstars mentorship hub.
• 3rd Prize: N10 million – complemented by a scholarship into the Seedstars mentorship hub.
• The subsequent 10 startups (4th – 10th) will each be granted a participatory prize of N2 million.

Rolake Rosijuli, Director for Partnership and Programs, Africa at Seedstars, shared, “Zenith Bank’s dedication mirrors our own ambition for change. With Zecathon 3.0, we’re not just recognizing talent, we’re investing in Nigeria’s tech-driven future.”

Eligibility

Startups looking to participate in the program should be at the MVP stage with a full team and have raised no more than $75,000 in funding. Additionally, they must operate within the following domains:

• Future of Retail
• Future of eCommerce
• Future of Payments
• Future of Lending
• Future of Wellness
• Future of Cybersecurity
• Future of EdTech
• Future of Energy
• Future of AgriTech
• Future of Entertainment
• Future of Transport and Logistics
• Future of SMEs

How to Apply

Startups eager to shape the future of business in Africa can apply for Zenith Bank Zecathon 3.0 before Tuesday, November 14, 2023, via the link. 

The post Zenith Bank Launches Zecathon 3.0 Startup Pitch Competition appeared first on Tech | Business | Economy.

The global program seeks innovative tech startups, especially those in proximity to Europe, Northern Africa, the Middle East, Central and Eastern Europe, with a mission to revolutionize regular migration processes. 

These innovations should benefit migrants, businesses, and governments, including addressing climate-induced migration challenges and supporting green transitions with migrant workforces.

The Migration Challenge aims to bridge the gap between the tech startup ecosystem and the Global Forum on Migration and Development (GFMD) stakeholders. This initiative has a track record of discovering sustainable and scalable solutions to migration governance challenges while providing promising startups with a platform to accelerate their growth.

Benefits

The Migration Challenge will select 20 innovative solutions, with 10 finalists having the opportunity to pitch their ideas at the GFMD Summit in Geneva on January 23-25, 2024. 

The winner and two runners-up will receive mentorship from the Seedstars Mentorship Hub, helping them overcome core business challenges, enhance fundraising efforts, and scale their processes. Additionally, the Challenge winner will be awarded a prize of 5,000 Swiss Francs from IOE.

“We are eager to see the transformative solutions this edition will bring. Our collaboration with IOE in the past editions has always paved the way for groundbreaking innovations in the migration sector,” remarks Elizabeth Jones, the Head of Programs at Seedstars.

IOE Secretary General Roberto Suarez-Santos remarks, “Migration is a multifaceted international challenge and with Seedstars, we are steadfast in our commitment to leverage technology for transformative impact that will catalyse positive change for labour migrants, business communities and governments. We look forward to the impactful solutions the fourth edition will unveil.” 

Eligibility

To participate in this fourth edition, startups must meet the following criteria:

1. Focus on Mobility and Services: Startups should concentrate on mobility and services tailored for businesses or governments in the realm of labor migration.
2. Minimum Viable Product: Participants must have a tested minimum viable product with initial traction, showcasing the viability and potential impact of their solution.
3. Business or Government Target: Solutions should be designed for businesses or governments, which means they can be B2B (Business to Business) or B2G (Business to Government).

How to Apply

Startups interested in being part of this transformative challenge can submit their applications until October 6, 2023, by visiting the website. Grab the chance to shape the future of migration processes and be recognized for your innovation.

The post IOE, Seedstars Launch Fourth Migration Challenge appeared first on Tech | Business | Economy.

Five dynamic startups, with fresh ideas for overhauling intercity and last-mile transport services for people and goods, were born out of this process.

Funded by BMZ and implemented by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, the program brought together 23 participants from 23 different companies. These industry pioneers collaborated to create innovative solutions to improve intercity and last-mile transport services for people and goods in Nigeria, using digital trade as their launchpad.

LoT 17 focused on Nigeria, where the booming e-commerce and logistics sectors are poised for technological innovation. However, challenges remain, especially in terms of transportation quality and the sector’s largely informal nature. The program, thus, targeted these specific issues, aiming to bring about real change.

The LoT 17 program collaborated with Seedstars to provide its participants with workshop sessions, mentorship meetings, and check-in sessions. These steps led to the development of five innovative business solutions that were presented during the Demo Day. 

The Demo Day marked the culmination of the incubation program, showcasing the top transformative ideas to a panel of seasoned investors and industry experts. Each startup introduced unique, scalable, and impactful solutions, demonstrating the transformative power of technology in the transport sector.

The 5 startups of LoT 17 are the following:

1. CargoLink – A digital platform that connects nationwide logistics operators for more efficient shipments.
2. Efotainer – A mobile solar-powered refrigeration device for transporting perishable goods.
3. MonieMove – A B2B marketplace that increases purchasing power for small and medium-sized logistics service providers.
4. SHAPP –  A delivery management platform that enhances communication between e-commerce vendors, delivery companies, and riders.
5. Trade Tracka – A review and rating platform that uses AI to build trust between online shoppers and businesses.

“Investment in innovation is crucial for growth. We are incredibly proud of the dedication, resilience, and innovative thinking demonstrated by these startups,” said Sheilla Atieno of Seedstars. “Their solutions could truly revolutionize Nigeria’s transportation sector.”

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH echoed these sentiments. “The Lab of Tomorrow program underscores the vital role the private sector plays in driving sustainable development,” Sina Uti-Waziri of GIZ stated. “The solutions presented during this Demo Day embody the spirit of innovation we strive to foster through our program.”

To meet the teams behind these innovative solutions, watch their pitch videos, and book 1on1 meetings.   ​​

The post Five African Transport & E-commerce Startups Emerge from GIZ LOT 17 Program appeared first on Tech | Business | Economy.

Recognizing this issue, Seedstars, a global startup community and investment platform, has launched the Financial Innovations for Women Affected by Migration (FIWAM) Growth Program. 

This initiative aims to identify and support fintech companies that are dedicated to promoting financial inclusion for women migrants and women affected by migration across Asia, MENA, and Sub-Saharan Africa.

The program is funded by the Impact-Linked Fund for Gender Inclusive FinTech (ILF for GIF), managed by the Impact-Linked Finance Fund (ILFF) and supported by the Swiss Agency for Development and Cooperation, as well as the Austrian Development Agency, the operational unit of Austrian Development Cooperation. 

The ILF for GIF has partnered with Seedstars to foster improved access and utilization of financial products and services for women affected by migration.

The recent report by Village Capital, “Catalyzing Financial Inclusion: Gender-Inclusive Fintech Solutions for Migrants,”  cites that there are over 281 million international migrants and over 55 million internally displaced persons globally. These numbers continue to rise with protracted conflict, the effects of climate change, and increasing poverty levels worldwide.  

There is a growing need to improve the financial inclusion of migrants, especially women migrants who face even more barriers in accessing financial services such as legislative constraints, documentation deficiencies, language barriers, cultural differences, and limited mobility. 

Benefits 

The FIWAM Growth Program offers numerous benefits for selected fintech startups. These include:

• Enhancing financial inclusion for migrant women and their families in Asia, MENA, and Sub-Saharan Africa
• Technical assistance to help fintech startups attain investment potential and scale their impact.
• Direct support from experts in residence (EIR) and mentors, who bring regional expertise and guidance.
• Three months of dedicated support, allowing fintech startups to refine their solutions and strategies.  
• Each cohort of 10-15 fintechs per region will also receive direct support from experts in residence (EIR) and mentors drawn from their respective regions, over a period of three months. 

Eligibility 

The FIWAM Growth Program is accepting applications from startups that meet the following criteria:

• Must be a for-profit entity and have operations in a Sub-Saharan African / MENA / Asian country
• Provide a fintech solution that already serves or has the potential to serve women migrants or women affected by migration
• Have product market fit, be at growth stage, and generating monthly revenue of ±$10K
• Woman-led companies as well as founders who are women migrants are highly encouraged to apply

Susanne Thiard-Laforet, Program Manager Private Sector & Development, Austrian Development Agency stated, “We’re eager to collaborate with Seedstars in this pivotal initiative to enhance access and utilization of financial services for women impacted by migration, encompassing not only migrants themselves but also their families and host communities. 

This program transcends mere acceleration; it is a catalyst for meaningful change, dismantling barriers and biases in order to recognize migrant groups, especially women, as a viable market segment. We are looking forward to supporting and learning from the innovative solutions that will be developed through this program, and the impactful strides they will make in fostering financial inclusion.”

Commenting on the launch of the program, Elizabeth Jones, Global Lead Program Operations of Seedstars said, “We’re thrilled to launch the Financial Innovations for Women Affected by Migration (FIWAM) Growth Program, as it has the potential to create a lasting impact on the lives of women migrants and women affected by migration. We’re eager to witness the transformative financial inclusion these innovative solutions will bring about in their communities.”

How to apply

Interested fintech startups are encouraged to apply before July 30, 2023 by visiting the FIWAM Growth Program website. For more information about the program, its benefits, and selection criteria, please visit the website. 

The post JUST IN: Seedstars Launches FIWAM Program for Women Migrants appeared first on Tech | Business | Economy.

The goal is to invest $20 million in early-stage, purpose-driven companies aiming to improve the wellbeing of young people in low- and middle-income countries across the continent.

Seedstars Capital is an alternative investment platform focused on supporting emerging fund managers as well as investing in technology companies in emerging and frontier markets. On the other hand, Fondation Botnar is a Swiss philanthropic foundation dedicated to improving the health and wellbeing of young people living in urban areas worldwide. The partnership reflects their shared commitment to fostering positive impact through strategic investment.

The mandate will target pre-seed to Series A companies in sectors such as health services, environmental sustainability, local food security, water and sanitation, waste management, digital technologies, quality education, access to employment, financial services, safe transportation, and affordable housing.

Seedstars Youth Wellbeing Ventures will act as a catalyst for additional capital into the continent and is expected to co-invest alongside like-minded investors. Investments will be made across Africa, with a strong focus on companies active in, or expanding to Tanzania, Ghana, Senegal, Morocco, and Egypt.

“Our partnership with Fondation Botnar will combine our strengths and resources to drive meaningful impact in emerging markets,” said Benjamin Langer, Partner at Seedstars Capital. “Together and with the added strength of our co-investor network, we will identify, invest and scale innovative companies with the potential to transform the lives of young people across our key markets.”

Antoine Veyrassat, Venture Philanthropy Lead at Fondation Botnar said, “Fondation Botnar is excited to join Seedstars in supporting companies that are making a difference. Our shared commitment to improving the health and wellbeing of young people aligns strongly with our investment strategy that takes a market-based approach to philanthropy in addition to our other philanthropic funding, especially as rapid urbanization and the increasing number of young people living in cities present both unique challenges and opportunities.”

The partnership between Seedstars and Fondation Botnar has already begun making strides in Africa, with one of their first joint investments being Chargel, a Senegal-based logistics technology company. 

The venture, which uses technology to streamline operations in the fragmented logistics sector, has successfully raised $2.5 million in seed funding. This move exemplifies the partners’ commitment to backing companies that contribute to youth wellbeing by improving the working conditions of young Senegalese truck drivers.

To further support the mandate and drive its mission, Cyrine Ben Fadhel is joining Seedstars as an Investment Manager. Bringing years of hands-on experience in venture capital, with past roles at Lateral Frontiers Capital and Global Ventures, Cyrine will act as the main point of contact for the mandate, and her knowledge will be instrumental in identifying and scaling innovative companies across the African continent.

The post Seedstars, Fondation Botnar Launch Seedstars Youth Wellbeing Ventures with $20M Investment in Africa appeared first on Tech | Business | Economy.

The funding, which would enable Suplyd to scale its technology and expand within and beyond Cairo, while exploring other growth opportunities in Middle-East and North Africa (MENA) region soon, included investors such as Endure Capital, Seedstars, Camel Ventures, Falak Startups, and several angel investors.

Operating in the Middle East which is one of the world’s fastest-growing and highest-margin F&B markets, Suplyd is tackling the backward technology advancement in the region, which is making its supply chain and procurement to become inefficient, unsustainable and prone to error.

The company was founded in January 2022 to optimize the supply chain of Egypt’s rapidly growing F&B sector through the provision of a comprehensive digital solution that bridges the gap between restaurant operators and their suppliers in order to disrupt an untouched market with extreme fragmentation and resolve the problem end-to-end.

Co-founded by Gohar Said, Karim Selima and Ahmed ElMahdy, Suplyd affirms to currently serve 500 customers in greater Cairo, having grown by almost 50% month over month since launch. The startup, which is stepping up competition for players like OneOrder, expects greater growth over the next one year sustained by its expansion plans geared towards serving Egypt’s vast HoReCa industry, which is supported by over 400,000 restaurants.

Its network of tech-enabled fulfilment centres offers the Suplyd insights on demand patterns and trends that inform stocking, to ensure restaurants supplies needs are fulfilled on demand, and avoid waste on suppliers end too.

The post Enhancing the Leverage of Technology in Restaurants’ Supply Chain, Egypt’s Suplyd Raises $1.6M appeared first on Tech | Business | Economy.

The platform partners with emerging and diverse managers with local expertise and unique strategies and provides the necessary resources to launch new funds and develop their investment firms. At the same time, it becomes the catalyst for investments into these early-stage firms by providing investors a diversified allocation solution to the asset class within emerging markets.

Seedstars is fully committed to the achievement of the UN’s SDGs and integrates ESG and impact considerations into its manager selection process to drive positive changes. With the platform, Seedstars expects to drive over $500m of new funding into emerging and diverse managers, who will create more than 10,000 new jobs and generate over $20bn of additional GDP across emerging markets in the next 10 years. 

Despite the exponential growth of the VC industry across emerging markets in recent years, most early-stage VC funds raised are small in size (i.e. below $50m AUM) and raised by an increasing number of new and diverse teams with limited track record and resources, which reduces the amount of capital limited partners can deploy to these skillful and highly talented managers.

Seedstars seeks to bridge those market inefficiencies by working alongside new and diverse managers in the development of their strategies, providing the resources of its large community of limited partners, mentors, experts, physical locations and the tech and administrative infrastructure. By bringing these teams and assets together, Seedstars is building a global platform of high-performing and impactful strategies across emerging markets.

Benjamin Langer, Partner of Seedstars Capital comments, “We believe the venture capital industry needs to be more open and inclusive and we find highly talented managers across emerging markets. Unfortunately, most lack the scale and resources to attract institutional limited partners and depend on local funding to deploy their strategies and create the impact they long for. For limited partners,, the growing number of new managers makes it difficult to identify the best performing and most impactful strategies. By pooling their assets and bringing them under our community, we can accelerate the growth of rising managers while offering limited partners the visibility and investment vehicles they need to increase their allocation to the asset class.”

Vivek Chandaria, Managing Partner at xMultiplied shares, “We partnered with Seedstars given our common vision of creating wealth with positive impact across emerging markets. Providing outstanding new and diverse managers the possibility to execute on their strategies will fuel economic growth while achieving market investment returns”.

The first fund launched by the platform is Seedstars International Ventures, an industry agnostic pre-seed & seed stage emerging & frontier market fund. Recently, the fund announced its first close, which garnered support and commitments from notable limited partners such as IFC, Visa Foundation, Rockefeller Foundation and Symbiotics. 

The platform also works with Seedstars Africa Ventures, a regional-focused fund to back companies in the African continent. The fund has partnered with French private equity and asset manager LBO France to address the investment gap existing in the region.

Moreover, Seedstars is currently working towards launching funds focused on EdTech, supply chain, ClimateTech and other impact sectors with outstanding rising managers in emerging markets to be announced soon.

Seedstars is set to collaborate with a number of additional sector specific technology funds, active from Pre-Seed to Series A, in emerging and frontier markets.

Seedstars invites interested partners to connect at capital@seedstars.com. 

The post Seedstars Launches Platform to Empower Emerging, Diverse VC Managers appeared first on Tech | Business | Economy.

In a public-private partnership between Seedstars and the Peace and Human Rights Division of the Swiss Federal Department of Foreign Affairs (FDFA), the initiative aims to strengthen and support areas prone to strong migration movements such as the Middle East and Africa by addressing the root causes of irregular migration and strengthening the socio-economic rights of migrants.

After the success of its first cohort, where 20 startups were selected for solutions that range from financial services, education, health, and more, the Migration Entrepreneurship Prize launched its second cohort to scout for socially-driven businesses on a mission to enhance the socio-economic inclusion of migrants.

“We look forward to seeing how the winning startups will offer migrants an opportunity to work and earn a living. Entrepreneurship by, with and for migrants has a strong potential to improve lives in countries of origin, transit and destination,” shared Jana Röthlisberger, Program Manager at the FDFA.

The full list of 20 startup winners of the Migration Entrepreneurship Prize 2022 second cohort can be found here. The global winners are set to take part in the Seedstars Investment Readiness Program and have access to the Seedstars network of partners, mentors, and investors.

About Seedstars

Seedstars is a Swiss-based private company with a mission to impact people’s lives in emerging markets through technology and entrepreneurship. 

The group’s activities cover over 90 emerging ecosystems through a variety of initiatives such as the Online Seedstars World Competition, acceleration programs, physical hubs called Seedspace, venture capital investments and company-building activities. 

Seedstars The Documentary is a feature film featuring the company’s vision to give a voice to the game changers of the developing world.

“They tried to bury us, they didn’t know we were seeds.” – Mexican proverb

About the FDFA’s Peace and Human Rights Division (PHRD)

The FDFA’s Peace and Human Rights Division (PHRD) is responsible for the promotion of peace and human rights as set out in the Federal Council’s foreign policy strategy. 

It focuses on the security of the individual and protecting people against violence, war and acts of arbitrary treatment. The PHRD is part of the Swiss State Secretariat.

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