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Almentor, The Leading Video Based e-learning Platform In MENA Region Raises $14.5 million

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almentor Founders, Dr. Ihab Fikry and Ibrahim Mostafa Kamel (Press Release and Image source: Reem Jenkiz)

almentor.net, the leading video e-learning platform in the MENA region, has announced raising $6.5 million in series B Funding. Partech led this financing round, with the participation of Sawari Ventures, Egypt Ventures and Sango Capital, thus bringing the total financing that the company has garnered since its inception to $14.5 million.

Speaking about the company’s goals and endeavors, Dr. Ihab Fikry, CEO and co-founder of almentor, stated: “ We are now leading the continuous video learning industry in the Arab region, and we have a responsibility that goes beyond our ambitions for Almentor Company. Our responsibility now is to work unceasingly to improve the industry as a whole in the Arab region, and this can only be achieved through gaining the confidence of the Arab learners in the value, professionalism and impartiality of the content provided by the platform, and working in line with the global learning trends.” He added, “almentor.net library has an abundance of courses and talks that are capable of nurturing Arab youth, enhancing their personal experiences, and serving their career paths by providing them with what they deserve to advance their careers on all fronts.”

The platform was launched in 2016 to compensate for the lack of online learning content for Arabic speakers. With over 2 million successful learning experiences, and 80+ Enterprise partnerships in the MENA region, the platform offers a wide range of exclusive training courses and talks by distinguished experts who have succeeded in their personal lives and professional careers. Through its rich content, the platform supplies learners with unique solutions across a diversity of disciplines including health, technology, humanities, entrepreneurship, business administration, and many more.

“We are very proud to lead this latest round of financing” stated Cyril Collon, General Partner at Partech. “Since our first interaction, we have been very impressed by Ihab & Ibrahim, two fantastic mission-driven entrepreneurs who have been executing on a bold vision since 2016, and who built the leading Arabic self-learning go-to content provider in the Middle East and Africa. We are looking forward to supporting the company in its next phase of growth to serve the 430 million Arabic-speaking population and expand access to on-demand cutting-edge personal
learning & developments options.”

From his side, Wael Amin, Partner at Sawari Ventures said: “We have supported almentor’s mission from its beginning and are pleased to participate in this latest round. Almentor has achieved notable traction in a space where there has been limited success for regional players, and have managed to efficiently deliver during the pandemic. We are impressed by what the team has achieved and are excited to be part of the journey,” he added.

 

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Chaka secures $1.5M pre-seed round to power digital investments and wealth management opportunities across Africa

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Chaka CEO, Tosin Osibodu at a press briefing (Image & Press Release: Chaka)

Chaka is thrilled to announce its $1.5M pre-seed funding round led by Breyer Capital, a global venture firm focused on catalyzing growth in high-impact companies like Spotify, Facebook, and now, Chaka. Other participants in the round are 4DX Ventures, Golden Palm Investments, Future Africa, Seedstars, and Musha Ventures.

Chaka is a technology solutions company on a mission to enable every business and person in Africa to access borderless digital investment and wealth management opportunities. The team combines investment expertise and best-in-class technology to provide reliable digital Investing, trading and wealth management solutions that are easy-to-use and easy-to-integrate.

Their mission is to enable digital border-less investing for African businesses and individuals. They’re powering the digital investment landscape in Africa through partnerships with asset managers, financial technology firms, and regulators with whom we have a shared mission. We achieve this by providing trading solutions that are easy to use and easy to integrate.

With this capital, they will focus on the goals to build a roster of formidable partners and accelerate expansion to other markets within West Africa. This investment also enables them to hire top talent and integrate more advanced functionalities into our investment and wealth management solutions.

Jim Breyer, CEO of Breyer Capital, shared his view on this investment and it illustrates their shared vision: “We are proud to align ourselves with a company that is leveling the investment playing field for Nigerians (and Africans at large). We’re confident in the value Chaka provides through its digital tools, and we look forward to playing our part in supporting Tosin, Bo, Olaolu, and the Chaka team.”

This is a significant milestone for Chaka and could not have come this far without their users, partners, early investors, and a talented, achieving team of Champions.

They see digital investments as a means to boost economic transformation in Africa, and we’re very keen to bring this vision to life.

 

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elmenus, Egypt’s Leading Food App Secures $10M Pre-Series C from Fawry, Luxor Capital and Marakez

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Co-Founders (Image: elmenus)

elmenus and Fawry to co-develop innovative solutions for restaurants and customers

Luxor Capital’s first investment in the MENA region, previous investments include the biggest food ordering platforms globally, such as Zomato, Deliveryhero and Glovo

elmenus, Egypt’s biggest food discovery and ordering platform, has secured new funding from three new investors, based in the MENA region and North America. Fawry Group, the renowned digital transformation and e-payment platform is leading the investment from Egypt. The investment follows Fawry’s new strategy to take minority stakes in fast-growing, Egyptian, technology businesses. As well as investing, Fawry will work closely with elmenus to develop innovative solutions to benefit restaurants and consumers. Also investing is Marakez, a leading Egyptian real estate developer.

Ashraf Sabry, CEO of Fawry, said: “Fawry is looking forward to its journey with elmenus, working closely with the executive team and entering many ventures together.  By this investment, we show our desire to not only be a payment catalyst but to be a strategic partner to elmenus, its customers, restaurants and their riders. The Egyptian food space has high growth potential, with technology disrupting the status quo, as customers’ needs in food service provision rapidly change.”

From North America, investment has also been received from New York-based hedge fund, Luxor Capital Group, which has $11 billion of assets under management. elmenus is its first investment in the MENA region testament to its’ growth track record and market opportunity in Egypt. Luxor has a long history of successfully investing in food technology companies around the world.

Amir Allam, CEO of elmenus, commented: “Attracting new investment from Fawry, Luxor Capital and Marakez – following the endorsement of industry veteran, David Buttress, earlier this year – validates elmenus’ unique strategy. We are accelerating the adoption of online ordering by users, while enabling restaurants with new verticals – to help them scale. This funding demonstrates the investors’ strong belief in our position in Egypt, and our capability to dominate the market.”

elmenus, which now has over 1.5 million monthly users, is the most comprehensive platform for restaurant information and food discovery in Egypt, and its aim is to personalize food recommendations at a dish level. elmenus continues to expand rapidly, and today’s announcement follows the investment and board appointment of David Buttress – the former CEO of global food ordering firm, JustEat – announced earlier this year.

By the end of 2021, elmenus expects to empower 12,000 restaurants with new data and tool offerings to help them scale their businesses, across 20 Egyptian cities. Its cutting-edge digital solutions will also drive its existing database of several million users, to switch to online ordering.

 

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MarketForce secures $2M Pre-Series A round, plans to launch in Nigeria and scale up RejaReja in East Africa

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MarketForce Co-founders, Tesh Mbaabu (Left) and Mesongo Sibuti (Right) (Image & Release: MarketForce)

Kenyan-based MarketForce, a B2B platform for retail distribution of consumer goods and digital financial services in Africa, announces a $2 million Pre-Series A round, bringing total funding to-date to $2.5 million. With this fresh round of funding, MarketForce has brought on V8 Capital, Future Africa, Greenhouse Capital, Launch Africa, Rebel Fund, Remapped Ventures, and a couple of strategic angel investors as new investors. They joined Y Combinator and existing investor P1 Ventures, who also participated in the oversubscribed round.

In sub-Saharan Africa, approximately 90% of household retail transactions are in cash, and delivered through a network of about 100 million MSMEs, with 42 million in Nigeria alone. Retail payments on the continent are expected to top $2.1 trillion by 2025, and MarketForce aims to digitize a large portion of these offline transactions.

Co-founded in 2018 by Tesh Mbaabu and Mesongo Sibuti, MarketForce uniquely combines a field sales automation SaaS solution with it’s “RejaReja” B2B marketplace to digitize how informal retail merchants buy and sell FMCGs and digital financial services. RejaReja helps these corner shops, commonly referred to as ‘dukas’ in Kenya, get better service, assortment, and access to new revenue opportunities, outfitting them with the technology and support they need to transform themselves from simple FMCG outlets to comprehensive financial service hubs for the continent’s last-mile communities. Currently available in Kenya, RejaReja offers informal retailers next-day delivery for hundreds of SKUs from the leading FMCG brands.

Last month, MarketForce announced the strategic acquisition of Digiduka, which was formed and funded during the inaugural cohort of the Antler programme in Nairobi. This was a huge fintech step forward as RejaReja now provides a wallet that allows retailers to collect mobile money and bank payments via mobile app, WhatsApp bot or USSD shortcode, eliminating the high mobile money transaction fees and enabling merchants accept digital payments, access working credit and earn more by acting as distribution agents for popular financial services such as airtime, bills, utilities, and even insurance.

With this round of funding, MarketForce plans to launch in Nigeria and to scale up RejaReja to more towns in East Africa.

“We are seeing significant demand for our radically improved way for companies to distribute their goods and services in Africa, and we’re thrilled to get a boost from returning and new investors at this crucial time,” said Tesh Mbaabu, Co-founder and CEO of MarketForce. “The combination of our technology with the offline distribution network that we are building is essential to creating maximum output and impact in African retail distribution. Our goal is to create income growth opportunities for a million retailers and independent sales agents across Africa within the next five years.” 

“Our clients and partners understand MarketForce’s power to increase sales performance and productivity across markets and industries,” said Co-founder and CTO Mesongo. “We are building the operating system for retail distribution in Africa, and we have the right combination of technology and team to make our Pan-African vision a reality.” 

Today, MarketForce clients are able to gain access to both our software and the RejaReja marketplace, which has garnered over 15,000 retail customers, processing thousands of orders daily, and we are experiencing double digit revenue growth month over month. The MarketForce SaaS product on the other hand has garnered over 10,000 monthly active users, with over 300,000 transactions worth over 500 Million USD processed to date through the platform in 3 key markets; Kenya, Uganda and Tanzania. Clients and partners include Safaricom, Pepsi, Grain Industries, Fort Beverages, Madison Insurance, Platinum Credit, Momentum Credit, Letshego, Pezesha and Lami.

A happy RejaReja customer in Nairobi (MarketForce)

“We are glad to be backing MarketForce in this round of funding, given their ability to build a differentiated, powerful and all-inclusive digital commerce platform for informal retailers in Africa. Similar to Paystack, another successful African YC company who targets merchants selling online, RejaReja targets the millions of underserved informal merchants who are still offline when it comes to business automation and payments,” said Tobi Oke, Managing Partner at V8 Capital Partners. 

“We are proud to back MarketForce to build the future of retail in Africa and help catalyze the digitization of the African retail market, which is highly informal, fragmented and undigitized, but holds a lot of untapped potential to improve incomes and enable millions of African retailers to grow their businesses. MarketForce sits in a place that enables them to generate a lot of value and empower every single participant in the massive retail industry,” said Adenike Sheriff, Principal at Future Africa. 

“We are excited to strengthen our partnership with MarketForce,” said Mikael Hajjar, Managing Partner at P1 Ventures. “MarketForce is one of the fastest-growing African leaders in sales and distribution automation technology. We’ve witnessed the pain point that MarketForce’s product addresses and how its customers realize major productivity gains over substitutes.” 

“I have known Mesongo and Tesh for over two years and MarketForce has proven that they know how to leverage the entire retail supply chain as a gateway for digital payments. Their organic as well as acquisition-driven growth & expansion strategy thus far has proven that their understanding of unit economics and marginal customer acquisition costs is solid. As a pan-African fintech company, they are very well positioned to tap into the $700 billion that gets transacted in this space every year,” said Zachariah George, Managing Partner at Launch Africa. 

 

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