African startups are making significant progress. In this context, the digital economy platform FollowICT highlights the top startup news across Africa over the past week. UfarmX Facilitates $6.8 Million in Agricultural Commerce Across Africa, Plans Kenya Expansion Nigerian agritech startup UfarmX has facilitated more than $6.8 million in agricultural commerce across Nigeria, Senegal, and Liberia, while preparing to expand into Kenya in the fourth quarter of this year. The company uses blockchain technology to empower smallholder farmers, particularly those who are unbanked or underserved by traditional financial institutions, by improving access to agricultural inputs, credit, markets, and operational data. The…
Author: Mohamed Fathy
Synergy Capital, through its regulated asset-management arm Misr for Financial Investments (MFIC), and Nawy Now, the mortgage-financing arm of Nawy, have closed the second issuance of MFIC’s Shariah-compliant, Ijarah-based fixed-income fund at EGP 633 million. The close takes total capital raised under the programme past EGP 1 billion in under a year. Lease-to-Own The programme is structured around an Ijarah (lease-to-own) model, the first of its kind for a fixed-income securities fund in Egypt and the Middle East, offering investors a Shariah-compliant, fixed-income return backed by real-estate mortgage receivables. The fund targets returns above the market average for fixed-income instruments…
3C Coding School, a premier platform specializing in coding, technology, and artificial intelligence education for children and youth, has officially closed its $3 million Seed funding round. The direct equity investment was spearheaded by MRG Economic Group, led by Egyptian business leader Mahmoud Ramadan, with participation from prominent investor Amr Saad alongside a group of strategic angel investors. Major Milestone This capital injection marks a major milestone in 3C Coding School’s trajectory. It comes on the heels of impressive operational momentum, with the company expanding its user base to over 120,000 students and delivering a 230% surge in revenue. These…
Nawah Scientific, a multidisciplinary scientific research, analytical, and drug development platform, and Pauling.AI, a US-based company specializing in AI-powered computational drug discovery, have announced a strategic partnership to provide pharmaceutical and biotechnology companies worldwide with an integrated drug discovery offering combining computational research with experimental laboratory validation. Challenges The partnership aims to address one of the long-standing challenges in drug discovery: the gap between computational predictions and experimental evidence. Under the partnership, Pauling.AI will use its autonomous computational drug discovery platform to transform biological targets and research hypotheses into prioritized molecular candidates through workflows covering virtual screening, molecular docking, molecular…
Saudi-based platform Fitting has begun implementing its plans for the next phase of growth following the closing of its second Seed funding round, valued at $1.1 million, with the participation of a strategic investor operating across the construction materials, contracting, and real estate development sectors. The company is directing the funding toward technology development, expanding its operational capabilities, building its team, and supporting its growth in the Saudi market. At the same time, Fitting is working to introduce new services, including enhanced shipment-tracking capabilities, the integration of artificial intelligence technologies, and the launch of a smart construction materials catalogue. Fitting…
RcrutAI announced the launch of Panther, an AI engine specialized in the real estate development stage, which shortens the process of studying and analyzing the market from weeks or months to approximately one minute, while providing a dedicated consultant who works directly with the client’s team. It is the first tool launched by the company specifically for the real estate development sector, but it will not be the last, as RcrutAI designs tools that leverage artificial intelligence to serve institutions. Leveraging Artificial Intelligence RcrutAI was founded with the aim of leveraging artificial intelligence to serve institutions in general and establishing…
Off Brief Media has officially launched as an independent media company, introducing a new portfolio-led approach to building digital media brands across Egypt and the wider MENA region. Founded by Ahmed Aboud, Founder & CEO, and Fayrouz Khaled Salah, Co-Founder & Head of Content, the company launches with two owned platforms: Lemonade, focused on culture and entertainment, and Traction, focused on business, markets and entrepreneurship. The launch follows the evolution of Off Brief from a podcast into a wider media business. What began as conversations around media, brands and changing audience behaviour developed into a platform, before growing into the…
African startups are making significant progress. In this context, the digital economy platform FollowICT highlights the top startup news across Africa over the past week. Edge Growth Raises $21.9M in First Close of Venture Debt Fund for African Scale-ups Edge Growth Ventures, the investment arm of South Africa-based Edge Growth, has announced the first close of its Edge Impact Fund (EIF) at R350 million (US$21.9 million). The fund aims to provide growth capital to tech-enabled companies that need additional funding without giving up more equity. The fund took more than three years to establish and was anchored by two South…
Swvl Holdings Corp (Nasdaq: SWVL), a technology-driven mobility solutions provider for enterprises and governments, has entered into a definitive agreement with Sofico Holdings Limited for a $1.5 million private placement in Swvl’s ordinary shares at a purchase price of $1.46 per share. The transaction is expected to close on August 28, 2026, subject to the satisfaction of customary closing conditions. Under the agreement, Sofico has committed to a six-month lock-up period for the securities purchased, followed by additional restrictions on the volume and timing of subsequent sales. Swvl said it plans to use the net proceeds from the private placement…
African startups are making significant progress. In this context, the digital economy platform FollowICT highlights the top startup news across Africa over the past week. Nigeria’s Terra Industries Raises $18 Million, Bringing Extended Seed Round to $52 Million Nigerian defense technology startup Terra Industries has raised an additional $18 million, bringing the total value of its extended seed round to $52 million. The company plans to use the new capital to expand its manufacturing capabilities and accelerate its international expansion beyond the African market. The latest funding follows $11.7 million raised in January 2026 and another $22 million secured in…
Tech Source GDS and THOTH Consulting and Business Development have signed a cooperation protocol aimed at supporting the growth of Egyptian companies, strengthening their managerial and operational capabilities, and helping them expand and export their services to international markets, with a particular focus on the Gulf region and the Kingdom of Saudi Arabia. The protocol was signed by Dr. Shima El-Shinawy, Deputy CEO of Tech Source GDS, and Eng. Haitham Mansour, CEO of THOTH Consulting and Business Development, in the presence of representatives from both companies. Integrated Support Ecosystem The agreement reflects the two companies’ shared commitment to building an…
Exits MENA, the region’s first investment platform and advisory firm focusing on startups and SMEs, today announced the signing of a multi-seven-figure transaction in partnership with ACE’s existing local management to acquire Avanz Capital Egypt (ACE), a private equity and asset management firm. Integrated Financial Group With initial approval from Egypt’s Financial Regulatory Authority (FRA), the transaction represents an important milestone in Exits MENA’s strategy to build an integrated financial group serving investors, startups, SMEs, and financial institutions across Egypt and the wider MENA region. Under the agreement, ACE’s existing management team, led by CEO and Managing Director Haytham Wagih,…
African startups are making significant progress. In this context, the digital economy platform FollowICT highlights the top startup news across Africa over the past week. Africa’s Business Heroes Names 20 Entrepreneurs From 12 Countries for 2026 Semi-Finals Africa’s Business Heroes (ABH) has selected 20 entrepreneurs from 12 African countries for the 2026 semi-final stage, moving the founders closer to competing for a share of the competition’s $1.5 million prize pool. The cohort spans a wide range of sectors, including agritech, healthcare, fintech, manufacturing, climate technology, education, biotechnology and digital services. Egypt has the largest representation with four entrepreneurs: Ahmed Shaaban,…
GEEKS STORE has announced the signing of a strategic partnership agreement with iFLYTEK, one of China’s leading artificial intelligence companies, under which GEEKS STORE becomes the sole and exclusive national distributor of iFLYTEK products in Egypt, as well as the brand’s official and exclusive representative in the Egyptian market. Strategic Step The agreement marks a strategic step in Geeks’ expansion into advanced technology, particularly artificial intelligence, with the partnership beginning with the launch of iFLYTEK products in Egypt, led by the AINOTE 2 and AINOTE 2 Air. The products will be officially available to Egyptian consumers, supported by warranty coverage…
Arab Therapy, a leading AI-powered mental health platform, founded by Dr. Tareq Dalbah (CEO) and Hekmat Al Hasi (CPTO), today announced the closing of a $2 million Pre-Series A funding round, led by Manara Ventures (Jordan) with participation from Anara Impact Fund (MENA), and VMS (Saudi Arabia). Expansion The investment will accelerate Arab Therapy’s expansion across Saudi Arabia and the rest of the region, scale its integrated AI-powered mental health platform, help more individuals access personalized mental healthcare and enable organizations to proactively improve employee wellbeing at scale. Arab Therapy was founded in Berlin, Germany by Jordanian founders, and currently…
UMAMI E-Learning Solutions, a leading Egyptian provider of digital learning and workforce development, has announced the launch of its Learning Operating System (LOS™), a next-generation intelligent learning infrastructure built to serve governments, ministries, and large-scale institutions across the MENA region. The initiative is backed by a phased investment plan exceeding EGP 50 million. Skills Development As governments, educational institutions, and enterprises face increasing pressure to measure workforce readiness, skills development, and the real impact of learning investments, traditional learning technologies are no longer sufficient. Organizations require integrated systems that transform learning data into actionable insights and measurable outcomes. Having supported…
African startups are making significant progress. In this context, the digital economy platform FollowICT highlights the top startup news across Africa over the past week. Yellow Card Raises $40 Million to Expand Stablecoin Payment Infrastructure Africa-founded fintech startup Yellow Card has secured $40 million in strategic equity financing to accelerate the expansion of its institutional stablecoin payments business. The funding round attracted major investors, including SC Ventures, Sony Innovation Fund, Polychain Capital, and Blockchain Capital. The latest investment brings the company’s total equity funding to more than $120 million and significantly increases its valuation compared with its 2022 valuation. The…
Beltone Venture Capital has announced the successful partial exit from BirdNest, delivering a 3.5x return on invested capital and an 80% internal rate of return (IRR) over a two-year holding period. The Partial Exit The partial exit was executed across Beltone Venture Capital’s direct stake and its indirect stake through the joint fund with UAE-based Citadel International Holdings, while Beltone Venture Capital continues to retain a strategic stake in BirdNest, reinforcing its confidence in the company’s long-term growth potential. Strategic Stake Commenting on the milestone, Ali Mokhtar, CEO & Managing Partner of Beltone Venture Capital, said: “This outcome reflects the…
African startups are making significant progress. In this context, the digital economy platform FollowICT highlights the top startup news across Africa over the past week. Piggyvest Named to CNBC’s World’s Top FinTech Companies List for Third Consecutive Year Nigerian fintech company Piggyvest has strengthened its global position after being named to CNBC’s World’s Top FinTech Companies 2026 list for the third consecutive year. The annual ranking, compiled by CNBC in partnership with Statista, evaluated more than 3,500 fintech companies using around 25,000 data points before selecting the world’s top 500 firms. Piggyvest also achieved a significant milestone by becoming the…
Egyptian tech startup Simplex, a specialist in assembling and manufacturing Computer Numerical Control (CNC) machinery, officially inaugurated its latest industrial expansion in 10th of Ramadan City. Spanning 40,000 square meters with an investment of $50 million, the inauguration was attended by high-level officials, diplomats, and prominent figures from the financial and business communities. The ceremony brought His Excellency Dr. Ahmed Kouchouk, Minister of Finance; and a lot of investors; alongside elite international partners, diplomats, and senior government representatives. They were received by the co-founders of Simplex, Eng. Ahmed Shaaban and Eng. Mohamed Mansour. Growth Journey Attendees toured the facility, showcasing…