African Private Equity and Venture Capital (AVCA) reports that startups in Africa received $3.5B in venture capital funding in H1 2022. The funding is 133% higher than in the same period a year ago. The funding trend for the region is in stark contrast to the venture funding pullback that has affected startups across North America, Latin America, and Europe. Background: - AVCA notes that 300 startups have raised funding this year.
- 44% of the financing was invested in fintech startups in the region.
- Notable African fintechs MFS Africa, M-Kopa, and Wasko, each received more than $75M in funding.
- AVCA thinks that the rising global interest in African startups is due to the success of fintechs such as Paystack and Flutterwave.
- Stripe acquired Paystack in 2020.
Share your thoughts: - Will Africa continue to defy the global venture funding pullback trend?
- What are the challenges associated with investing in startups in Africa?
- Which other regions have the most untapped potential for VC investments?
Share your answers here.
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This year, global supply chain startups between seed and growth stages have raised $7B in financing. Crunchbase estimates that the funding will pass 2021's levels. In 2021, supply chain startups nabbed $10.6B from 590 deals. More: - More than a third of the global funding, amounting to $3.6B, was invested into U.S.-based supply chain startups last year.
- So far this year, U.S.-based startups have nabbed $3.3B in funding.
- Notable funding rounds include supply chain software developer Flexport's $935M Series E financing, digital freight network platform Convoy's $260M Series E round, and digital freight management platform Forto's $250M Series D fundraiser.
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Venture capital firm K2 Global announced a $300M fund to invest in early-stage startups. The Singapore and Silicon Valley, California-based firm is expanding its presence in Miami. K2 is led by venture capitalist Ozi Amanat. More: - The firm typically invests in software and technology startups, from seed to growth stages.
- With the new fund, the firm hopes to back startups in fintech, foodtech, consumer tech, deep tech, and artificial intelligence sectors.
- K2 has backed 50 firms to date and exited from 18 investments, all of which debuted on the public markets.
- The firm is known for backing Uber, Spotify, Airbnb, Warby Parker, Coinbase, Impossible Foods, Palantir, and others.
- The firm recently backed Miami-based startup MoonPay.
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Cambridge, Massachusetts-based seed technology company Inari raised a new $124M Series E funding round. The company was established by Flagship Pioneering, who invested in the current round along with new investor Canada Pension Plan Investment Board (CPP Investments). The firm nabbed a $1.5B valuation at the latest fundraising. More: - The company also received a $60M debt facility from K2 HealthVentures.
- Other participants in the funding round include Sage Hill Investors, Hanwha Impact Partners, NGS Super, and Banque Pictet.
- To date, the firm has raised $475M in funding.
- Alexandria Venture Investments and Flagship Pioneering led the firm’s $208M Series D funding round in May 2021.
- The firm intends to use the proceeds to advance research into seed technology, accelerate product development, and prepare the firm for commercialization.
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Cambridge, Massachusetts-based biotech firm Cellarity raised $121M in Series C funding. The funding was provided by Kyowa Kirin, Hanwha Impact Partners, Flagship Pioneering, and other Series B investors. Incoming funds will be invested in growing the firm’s team, further developing its platform, and advancing its therapies into clinical development. More: - Flagship Pioneering founded Cellarity in 2017.
- Flagship has invested over $2.9B in capital in startups.
- It launched Moderna in 2010.
- Other notable companies backed by Flagship include Denali Therapeutics, Evelo Biosciences, Omega Therapeutics, Sana Biotechnology, and others.
- The latest fundraising brings the capital funding raised by the firm to $274M.
- The firm raised $123M in Series B financing in February 2021.
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Matt Mazzeo, a general partner at investment firm Coatue Management, has stepped down from his role. Mazzeo departed Coatue to establish his own early-stage-focused venture firm, sources disclosed to The Information. More: - Mazzeo was formerly a managing director at Lowercase Capital.
- The news comes as Coatue announced a new $2B structure equity fund to provide equity and debt funding to startups.
- Last December, Kris Fredrickson stepped down from his managing partner role at Coatue.
Similar news: - Mazzeo’s departure from Coatue coincides with another high-profile departure from Tiger Global.
- Tiger Global’s senior partner John Curtis announced that he will leave the firm after June to start his own early-stage-focused venture firm.
- Curtis will primarily back B2B SaaS, infrastructure, AI, and machine learning focussed startups.
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Quick Hits: - The 3 Things to Never Build In Your App: Authentication, Notifications, and Payments.*
- Pitchbook estimates the cumulative market cap of venture-backed companies to be between $2.9T and $3.7T. Venture-backed unicorn startups have a combined market value of $2.3T.
- Italian proptech startup Casavo acquired its French counterpart Proprioo for an undisclosed sum. Casavo recently raised $410M (€400M).
- Philip Chopi, formerly a partner with 83North, has joined venture capital firm New Enterprise Associates as its Europe-based partner. The move comes amidst NEA expansion into Europe.
- Indian venture firm SphitiCap announced its debut $500M fund. The firm expects to hold a first closing of the fund at $125M-$150M in the next quarter. Individual check sizes into seed and Series A stage startups will range between $0.5M to $15M.
- Canadian Web3 game development tools developer, Horizon Blockchain Games, nabbed $40M in Series A financing led by Brevan Howard Digital and Morgan Creek Digital.
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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