Hello guys,
Welcome to another edition of the This Week in StartupGhana newsletter. Do you know that lung cancer kills over 1.8 million people each year, and most cases are diagnosed too late? Ghana’s Revna Biosciences is partnering with AstraZeneca to change that, using advanced biomarker testing to catch lung cancer early and deliver personalized treatment in Africa.
Here’s what else is making waves this week…
- Aruwa Capital secures $35 million for its second fund to back high-growth companies in Ghana and Nigeria.
- Kofa charged with $8.1 million to expand battery-swapping network for e-bikes and SMEs.
- Tendo bags additional capital from Renew Capital to scale social commerce in Africa.
- mPharma and Sproxil selected for the Bill Gates-backed Investing in Innovation Africa program.
- Revna Biosciences teams up with AstraZeneca to improve lung cancer testing and treatment in Ghana.
- Appcylers and Minana Services get £100,000 each from the Unilever-backed TRANSFORM Impact Accelerator.
Funding
Kofa Technologies secures $8.1m for battery-swapping network.
Ghana’s leading battery-swapping network, Kofa Technologies, has raised $8.1M in pre-Series A funding, co-led by E3 Capital and Injaro Investment Advisors. The round includes $3.25M in equity, $4.315M in debt, and $590K in grants, with notable support from the Shell Foundation. Currently operating 10 swap stations in Accra, Kofa plans to expand into three additional African cities and develop its AI-driven battery management platform.
Aruwa Capital reaches $35m in second fund close.
Female-founded Aruwa Capital Management has secured $35M for its second fund, reaching 90% of its initial $40M target. With backing from the Mastercard Foundation Africa Growth Fund, Visa Foundation, and British International Investment, the firm will continue investing $1-3M in high-growth companies across Ghana and Nigeria. Aruwa’s portfolio spans healthcare, energy access, financial services, and agribusiness sectors.
Tendo receives new funding to scale up its social commerce platform.
Social commerce startup Tendo has attracted additional investment from Renew Capital to expand its platform, enabling smartphone users to become online resellers. The company provides access to wholesale-priced products while handling payments, delivery, and logistics, allowing resellers to set their profit margins without inventory management concerns.
Accelerator & Incubator
Two Ghanaian Startups win £100K each from TRANSFORM Accelerator.
AppCyclers and Minana Services have each secured £100K in grant funding from the Unilever-backed TRANSFORM Impact Accelerator. AppCyclers addresses e-waste challenges through digital tools and community engagement, while Minana Services produces sustainable organic oils and converts palm waste into biogas. Both startups will receive additional business development support from Unilever and EY.
Bill Gates-backed i3 program selects mPharma and Sproxil.
Healthtech companies mPharma and Sproxil have been selected for the third cohort of Investing in Innovation Africa (i3), a pan-African initiative supported by the Bill & Melinda Gates Foundation and other global partners. Each company will receive up to $225K in funding alongside tailored business support. The program aims to facilitate approximately 150 partnerships between startups and healthcare purchasers over three years.
Partnerships
Revna Biosciences partners with AstraZeneca to advance cancer care.
Ghanaian precision medicine company Revna Biosciences has formed a strategic alliance with AstraZeneca to enhance lung cancer testing and treatment in Ghana. The partnership will focus on EGFR biomarker testing for non-small cell lung cancer, enabling personalized treatment approaches. The collaboration includes educational programs for healthcare professionals to improve early detection and clinical outcomes.
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