Business solutions firm Africa’s Talking closes $8.6M round led by IFC

26 April 2018

Mergers, Acquisitions and Financial Results

Business APIs in Africa are getting a boost from global venture capital thanks to a new $8.6 million round for Africa’s Talking—a Kenyan based enterprise software company.

The new financing was led by IFC Venture Capital, with participation from Orange Digital Ventures and the investor that’s upending most Silicon Valley mores, Social Capital, led by former Facebook exec Chamath Palihapitiya.

Capital from the round will be used to hire and build capacity at the company’s Nairobi headquarters; expand its presence in other geographies around Africa; and invest in research and development in IoT, analytics, payments, and cloud offerings, according to chief executive Samuel Gikandi.

The company will open a tech studio for “engineers and developers to collocate with Africa’s Talking for 12-18 months…to build new products and companies,” Gikandi said.

Africa’s Talking operates in Kenya, Uganda, Rwanda, Malawi, Nigeria, Ethiopia, and Tanzania and maintains a private cloud space in London through Rackspace. The company works with developers to create solution focused APIs across SMS, voice, payment, and airtime services.

Source: Tech Crunch