France’s largest venture capital firm, Bpifrance, has partnered with Egyptian venture capital firm, Sawari Ventures, to launch a new base in Egypt in its strategic bid to expand into Africa.

In a statement by the VC firm, the move is to ease its entry into the North African region and enhance cross-continental collaboration.

It added that another key player in Egypt’s startup scene, Flat6Labs, will be actively involved in this new venture.

‘Together, we aim to support growth-stage companies and entrepreneurs by providing crucial access to funding, resources, and networks.
This partnership is consistent with Bpifrance’s desire to strengthen ties between Europe, Africa, and the Middle East,” the statement said.

“This partnership comes as African entrepreneurship continues to garner global attention. Startups across the continent are flourishing, and this collaboration will tap into this momentum by offering critical financial support and guidance to innovative businesses.

“This development provides better access to financing for French companies expanding into African markets and offers African startups opportunities to establish research and development (R&D) operations in France,” it added.

Nigerian agri-tech startup specialized in the supply of farm grain produce to retailers, Winich Farms, has announced raising $3 million in pre-series A funding to expand its operations which include the enhancement of its order fulfillment centers and upgrade of its technology.

The funding round, which was led by Acumen Resilient Agriculture Fund (ARAF), with a contribution of $2.5 million, alongside participation from Climate Resilient Africa Fund, Marula Square, Plug and Play Tech Centre, Acasia Ventures, Tekedia Capital and Additio Sahel Capital which provided $590,000 in debt financing, marks the company’s second funding round in two years.

The startup which was founded by brothers Riches and Winner Attai, along with Chichebem Jibunoh, in 2020, connects rural farmers to off-takers, retailers and informal processors, by operating collection points managed by agents who handle orders from off-takers.

“Our growth has largely been driven by the expansion of agents on our platform,” Riches, the CEO of the company said in a statement.

“In 2022, we had approximately 1,000 agents, but by the beginning of 2024, we had grown to over 4,000 agents, quadrupling our capacity. With more agents, we are able to meet demand more efficiently,” he said.

He however, added that company’s current model faces challenges, as its partner farmers are primarily located in northern Nigeria, leading to slower deliveries to more distant regions such as Lagos. Despite this, the agritech company claims to serve over 150,000 users, including farmers, agents, and truck drivers.

“To speed up deliveries for retailers in Lagos, instead of sourcing produce like rice from farmers in faraway Kebbi or Kaduna, we process orders from closer locations such as Ondo State,” explained Riches.

“For example, when a retailer orders 50 kilograms (kg) of rice via the company’s mobile app, the order is relayed to agents for bidding. These agents then coordinate with local farmers in the area to gather the produce, which is transported to collection points and handed over to truck drivers for delivery within 24 to 72 hours.”

“The solution is to establish fulfillment centers. The debt funding will be used to lease buildings that will serve as regional distribution hubs across Nigeria’s six geo-political zones, reducing delivery times for off-takers,” he added.