Here is what we have for you today in the African tech community:
- Revo raises $5.2 million in seed funding
- 10 African startups to attend Techstar summer cohort
- Incentrio Africa files a lawsuit against Twiga Foods
Revo raises $5.2 million in seed funding
The South African fintech startup Revio, which specializes in payment orchestration, has successfully raised $5.2 million in seed funding, with notable assistance from QED Investors and Partech, among others. This investment represents a critical turning point for Revio as it advances in tackling the complex payment environment in Africa. With access to more than 70 payment options, the organization, which is now active in 25 African nations, offers a complete solution for merchants.
The foundation of Revio's service is a platform and API that is PCI-compliant, allowing both national and international companies to expedite their payment procedures. Their offerings include automated failover and retries, real-time customer engagement workflows, and intelligent transaction routing, all of which are geared at streamlining end-to-end payment operations.
With a 100% increase in sales over the previous year, Revio is now focusing on additional growth throughout the African continent. The money raised will be used to improve the capabilities of the company's routing logic and its ability to better serve its expanding customer base. The company specifically targets high-value clients with complex payment requirements, such as significant insurers and telecoms providers throughout Africa.
This funding round, which was co-led by QED Investors and Partech, demonstrates Revio's dedication to maximizing e-commerce and digital payment opportunities in Africa, where these opportunities have not yet been completely realized.
The company's goal is to offer a platform that not only simplifies the payment landscape but also offers significant value to firms doing business in the continent.
10 African startups to attend Techstar summer cohort
Reputable accelerator Techstars Toronto has made its 100th direct investment, with 40% of those investments going to African startups. The program's emphasis on supporting innovation in both Canada and emerging economies, especially Africa, demonstrates its dedication to the concept. There are 24 firms in the 2023 summer cohort, including ten African startups. These firms, which include CatalyzU, MPOST, Seso, Ladder, Payfi, Cutstruct, Chimoney, Reeple.ai, Oval, and Hulugram, provide a variety of solutions to important problems in a range of industries.
Sunil Sharma, managing director of Techstars Toronto, stressed the program's commitment to fostering innovation and entrepreneurship. The program runs more than 40 accelerators worldwide, and more African entrepreneurs are being accepted into its Toronto program.
Furthermore, Techstars Toronto has invested in other African startups, including TalentQL, Healthtracka, Payday, RentSmallSmall, Ourpass, Fleri, Lenco, Kyshi, Emergency Response Africa, Gigmile, Glade, Mycoverai, Blackcopper, Bongalow, and truQ, mostly in the fintech sector.
The summer 2023 cohort demonstrates Techstars Toronto's dedication to developing tech talent in developing markets.
Incentrio Africa files a lawsuit against Twiga Foods
"Kenyan Google Premier partner Incentrio Africa has filed a lawsuit against Twiga Foods, a company in the agritech sector, for an unpaid debt of KES 39 million ($263,691) for Google Cloud Services and Partner Service Funds. Incentro Africa filed for insolvency and issued a warning that Twiga Foods could face liquidation if the debt was not paid.
Twiga Foods strongly contests these demands, calling them premature and making accusations of hidden agendas. The decision now rests with the court, which is anticipated to make a determination regarding whether Incentro Africa may move through with liquidation.
Twiga Foods continues to struggle as a result of this legal fight, which comes after the company recently made strategic changes and laid off 283 people as a result of economic volatility. Peter Njonjo, the CEO and co-founder, has disputed rumors that operations would be discontinued in Uganda.
Twiga Foods has raised around $157 million through a number of fundraising rounds, including a $50 million Series C in November 2021.
The company's future will be shaped by its financial status as well as the results of the legal processes.