Tech

Soldo raises $180M to grow venture. 2 other things and a trivia

Published

3 years ago

July 21, 2021

Ridwan Adelaja

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Soldo raises $180M to grow venture

UK startup, Soldo, has announced securing a major round of funding to double down on its growth.

The UK-based startup provides a platform to issue employees with prepaid company cards.

The idea links the cards through to an automated expense management system.

Before closing the $180 million in funding, Soldo has a 26,000 customer base, ranging from small medium-sized businesses, through to mid-market enterprises and up to large multinationals across 30 countries.

On its list includes Mercedes Benz, GetYourGuide, Gymshark, Bauli, and Brooks Running among some of the more popular of them.

The Series C round was led by Singapore’s Temasek and saw the participation of Sunley House Capital, Advent International’s crossover fund, Citi Ventures, and previous backers Accel, Battery Ventures and Dawn Capital.

Tech Trivia: Which company is odd?
A. Paga
B. Paystack
C. PiggyVest
D. PayMob
Answer: See end of post

2. Vantage Capital secures 4th mezzanine fund worth $207m

South Africa-based VC firm, Vantage Capital, has launched its fourth mezzanine fund.

The fund will provide mid-sized African businesses with flexible capital that will enhance job creation and facilitate much-needed economic opportunities and growth.

Vantage Capital was founded in 2001, and has grown to be Africa’s largest mezzanine fund manager with offices in Johannesburg and Cape Town.

According to local sources, the business has raised funds of over US$1.3 billion.

Since 2006, its mezzanine division has made 31 investments across three funds into 11 African countries.

Announcing the successful first close on its fourth mezzanine fund, the startup noted that the US$207 million commitment comes from European and US-based commercial investors.

It added that the round also saw the participation of development finance institutions (DFIs) including IFC, CDC Group and SIFEM.

3. Kandua secures ‘significant’ funding round

Kandua, a Joburg-based home services marketplace, has secured a “significant” pre-series A funding round.

According to Kandua, the round was led by Knife Capital and Allan Gray E-Squared Ventures.

Kandua was founded by Arjun Khoosal (CTO), Sayo Folawiyo (CEO) and Lucas du Toit in 2014.

The platform connects artisans to users in need of help around their homes.

Offering solutions in real estate space, the startup helps listed contractors with tools around finance, marketing and operations to improve their business and provides digital financial services.

Speaking on the development, Folawiyo expressed excitement over the social impact of Kandua’s business.

He said: “We are democratising access. Market access, predominantly, but also access to useful products and services for a market that, despite skill and expertise, is often excluded by not having the right set-up or the right awareness to access these opportunities.

“Our ‘North Star’ is Kandua’s positive effect on the profit and loss of small service businesses.”

Tech Trivia Answer: Paymob

The list contains digital payments enablers for African emerging markets helping small and large enterprises accept payments online and in-store.

While others are based in Nigeria, PayMob is based out of Cairo, Al Qahirah, Egypt.

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