AFRICAN STARTUPS MORNING WIRE
ISSUE OF
The overnight wire, every weekday morning — the raises, launches and exits the desk judged in.
Flourish Ventures commits $6 million to Madica, Circle backs CrissCross, NoorNation raises $1.05 million, and Nigerian funding falls 96.9%.
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eBay founder Pierre Omidyar-backed Flourish commits $6 million to as many as 30 African startups
Flourish Ventures, the US investment firm funded by eBay founder Pierre Omidyar, has committed an additional $6 million to Madica to finance as many as 30 African startups. The new commitment will extend Madica’s early-stage investment programme for another three years.
Why it matters: The three-year extension of Madica’s programme provides early-stage capital to up to 30 African startups, sustaining pipeline growth despite market contraction.
africa.businessinsider.com · 28 October
$20 billion US fintech Circle backs South African payments firm operating in 30 African markets
The investment signals US stablecoin group Circle’s expansion into Africa’s cross-border payments market via South African firm CrissCross.
africa.businessinsider.com · 28 October
Egypt’s NoorNation Raises $1.05M to Scale Solar-Powered Irrigation and Water Systems
The seed funding enables NoorNation to scale its solar-powered irrigation and water solutions across Egypt.
techbuild.africa · 28 October