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2019 brought more global attention to Africa’s tech scene than perhaps any previous year.
A high-profile IPO, visits by both Jacks (Ma and Dorsey) and big Chinese startup investment energized that.

The last 12 months served as a grande finale to 10 years that saw triple-digit increases in startup formation and VC on the continent.

Here’s an overview of the 2019 market events that captured attention and capped off a decade of rapid growth in African tech.

Read more at <a href="https://techcrunch.com/2019/12/30/2019-africa-roundup-jumia-ipos-china-goes-digital-nigeria-becomes-fintech-capital/">TechCrunch</a>.

2019 Africa Roundup: Jumia IPOs, China goes digital, Nigeria becomes fintech capital

Fintech remains one of the hottest tech verticals in Africa. This year saw African fintech startups based on the continent raise over $53-million in 25 deals (in disclosed deals).

Fintech deals accounted for about 18% of the almost $290-million netted in 88 disclosed deals reported by Ventureburn in 2019.

The biggest chunk this year went to the mobility and logistics vertical and distribution platforms, which together netted about 41% of disclosed deal value in 2019 (see this <a href="https://ventureburn.com/2019/12/deals-african-startups-2019/" target="_blank" rel="noopener noreferrer">story</a>).

When it comes to fintech, Sub-Sahara Africa is the favoured region for some of the world’s top startups looking to tackle financial inclusion, if the names of those listed as part of the <a href="https://www.inclusivefintech50.com/" target="_blank" rel="noopener noreferrer">Inclusive Fintech 50</a> initiative is anything to go by (see this <a href="https://ventureburn.com/2019/06/inclusive-fintech-50-list/" target="_blank" rel="noopener noreferrer">story</a>).

Read more at <a href="https://ventureburn.com/2019/12/10-ways-africas-fintech-sector-boomed-in-2019/">Ventureburn</a>.

10 ways Africa’s fintech sector boomed in 2019

Vikas Raj

<div>Drawn from our comprehensive coverage of India’s entrepreneurship ecosystem, we present around a 100 quotes from investors on sector opportunities for Indian startups (see Part I of the compilation here). How are data and deep tech creating new opportunities? What will it take to boost India’s design and production capacity in hardware? What looming gaps can digital health entrepreneurs fill?</div>
<div></div>
<div>
<div>"There is strong potential for inclusive fintech startups to reach historically underserved communities while generating returns." - Vikas Raj, Accion Venture Lab

Read more at <a href="https://yourstory.com/2019/12/quotes-2019-investors-india-fintech-health-edu-agri">YourStory</a>.</div>
</div>

[Year in Review 2019] Top quotes by investors on startup opportunities in fintech, health, education, deep tech

Decades-long partnership results in microloans and savings for hundreds of thousands of low-income clients

Press Release

BOGOTA, December 19, 2019 -- Global nonprofit Accion announced today its successful exit from Banco Compartir (“Bancompartir”), one of Colombia’s largest microfinance institutions. Through multiple strategic investments, governance guidance, and advisory services, Accion’s support has helped Bancompartir provide financial services to more than 450,000 savings clients and over 100,000 borrowers. The exit comes upon Bancompartir’s recent acquisition by Credicorp Ltd., a leading Latin American financial services holding company with operations in Peru, Colombia, Chile and Bolivia.

The relationship between Accion and Bancompartir began over three decades ago, when Accion partnered with a local community savings group to establish a microcredit foundation. Bancompartir eventually became a regulated microfinance institution and then a fully regulated bank, and in the last 20 years it has substantially grown its client base. Today, it manages a loan and deposit portfolio of over $230 million, and is a pillar of Colombia’s financial sector.

Bancompartir has its roots in an organization formed for collective savings and lending to help survivors of a deadly volcano eruption in the Colombian Andes in 1985. In 1988, Accion began working with the group to launch microcredit operations in Bogota, and has continued to work closely with Bancompartir in the years since, providing investments, governance, and strategic advisory services in multiple areas, including product innovation and its transformation into a fully regulated bank.

Accion’s President and CEO Michael Schlein said, “At a time when Latin America’s microfinance market was just beginning to take shape, Accion recognized the potential of the organization now known as Bancompartir, and they have more than fulfilled that promise - today providing vital financial services to hundreds of thousands of families and entrepreneurs across Colombia. I’m very proud of what we and Bancompartir achieved together over the last 30 years and congratulate them as they begin their next chapter.”

Diego Guzmán, Senior Vice President and Chief Relationship Officer Latin America for Accion, said, “We are confident that with the resources and dynamism of its new partners, Bancompartir will build on its success and blaze new trails in serving the financially excluded in Colombia, setting an example for the microfinance industry throughout Latin America and beyond.”

“For almost 30 years, Accion has supported Bancompartir’s strategic objectives with strong commitment and professionalism. Accion gave us their trust since we were a nonprofit organization and has been a key contributor to the successful path towards becoming part of the largest microfinance group in Latam, Credicorp. We want to thank Accion and all the professionals who supported us throughout all these years,” said Gregorio Mejía, President of Bancompartir.
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About Accion
Accion is a global nonprofit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. We catalyze financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of — or poorly served by — the financial sector. For more than 50 years, Accion has helped tens of millions of people through our work with more than 110 partners in 50 countries. More at <a href="http://www.accion.org/">http://www.accion.org</a>

About Bancompartir

Bancompartir is one of the top four private microfinance banks in Colombia with over 1,800 employees serving 450,000 customers across 106 branches nationwide. Since 1985, Bancompartir has provided microfinance and SME financing solutions to micro entrepreneurs and other underserved segments of the population, generating opportunity for progress and quality of life improvement to thousands of families in Colombia. As of September 30, 2019, Bancompartir had a loan portfolio of USD 230 million, total deposits of USD 236 million and a book value of USD 46 million.

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Accion Marks Successful Exit from Colombia’s Bancompartir

Gurugram, India-based insurance technology (Insurtech) firm <a href="https://toffeeinsurance.com/">Toffee Insurance</a> revealed on December 17 that it had secured $5.5 million via a Series A investment round led by IVM Intersurer, Omidyar Network, Flourish Ventures, Accion Venture Lab and Kalaari Capital.

Toffee says it will use the capital raised to further expand its product offering, enhance merchant and customer experience, improve technology infrastructure and distribution efficiency.

Read more at <a href="https://www.crowdfundinsider.com/2019/12/155437-insurtech-gurugram-india-based-insurance-technology-firm-toffee-insurance-secures-5-5-million-via-series-a-round/">Crowdfund Insider</a>.

Insurtech: Gurugram, India-based Insurance Technology Firm Toffee Insurance Secures $5.5 Million via Series A Round

While Africa’s venture capital (VC) sector remains small, there might be something to smile about for tech startups that operate on the continent.

More than 20 new VC funds that aim to invest in African tech startups were launched this year. The total capital that will be available to startups from these funds runs into hundreds of millions of dollars.

The new funds range from a €1-billion Africa fund launched by the German government in June, to <a href="https://www.omidyar.com/">Omidyar Network</a>‘s new $300-million evergreen venture fund that will back impact fintech startups.

The full list of funds aimed at African startups from all regions (see below this for region-specific funds), includes:
<ul>
 	<li>A new $23-million fund launched in September by <a href="https://www.accion.org/how-we-work/invest/accion-venture-lab">Accion Venture Lab</a>, the seed investment initiative of US-based non-profit <a href="https://www.accion.org/">Accion</a>, aimed at fintech startups that focus on financial inclusion (see this <a href="https://ventureburn.com/2019/09/accion-venture-lab-fund/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>A $40-million fund launched in August by Australia-based global impact firm <a href="http://www.thepalladiumgroup.com/">Palladium</a> to invest in agribusiness value chains and off-grid clean energy ventures in Ghana, Kenya and Nigeria (see this <a href="https://ventureburn.com/2019/08/palladium-impact-fund-focus/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>A €1-billion Africa fund launched by the German government in June. The fund will support African startups and small businesses, as well as German and European companies. It’s not yet clear when the fund will make its first investments or which startup verticals it will target (see this <a href="https://ventureburn.com/2019/06/german-government-launches-e1bn-africa-fund/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>Berlin-based company builder <a href="http://www.ampionventures.com/">Ampion Ventures</a>announced in March that it’s looking to provide African tech startups with “up to six-digit” funding (in dollars) (see this <a href="https://ventureburn.com/2019/03/ampion-ventures-african-startups-funding/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>In March, philanthropic investment firm <a href="https://www.omidyar.com/">Omidyar Network</a> announced it had has spun out its financial inclusion initiative unit to launch <a href="http://flourishventures.com/">Flourish</a>, a $300-million evergreen venture fund that will back impact fintech startups (see this <a href="https://ventureburn.com/2019/03/flourish-omidyar-fintech-fund/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>French impact investment group Investisseurs &amp; Partenaires (<a href="http://www.ietp.com/en">I&amp;P</a>) says its new fund is on track to raise between €80-million and €90-million after it made a second closing of €25-million in February (see this <a href="https://ventureburn.com/2019/02/ip-ipae-2-fund/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>Ingressive Capital, a $5-million venture fund focused on early-stage African startups, announced in February that it is looking to invest tickets sizes of up to $100 000 in tech startups from Sub-Saharan Africa, with a possibility of making $250 000 in follow-on investments (see this <a href="https://ventureburn.com/2019/02/ingressive-capital-saharan-african-tech/" target="_blank" rel="noopener noreferrer">story</a>).</li>
 	<li>In January, Silicon Valley based venture capital (VC) fund <a href="https://partechpartners.com/" target="_blank" rel="noreferrer noopener" aria-label=" (opens in a new tab)">Partech</a> announced that it had completed a raise for its Africa Fund, with the fund closing at €125-million, more than double the size of its first closing a year ago at €57-million ($70-million). It claims it has raised the largest VC fund dedicated to tech startups in Africa (see this <a href="https://ventureburn.com/2019/02/partech-raises-125m-africa-fund/" target="_blank" rel="noopener noreferrer">story</a> as well as this <a href="https://ventureburn.com/2019/12/partech-africa-fund-2019-deals/" target="_blank" rel="noopener noreferrer">one</a> on the deals it made in 2019).</li>
 	<li>Emerging markets startup competition <a href="https://www.seedstarsworld.com/" target="_blank" rel="noopener noreferrer">Seedstars</a>in April announced that it would launch a $100-million fund to invest in African startups in collaboration with Paris based <a href="https://www.firstgrowthventures.com/" target="_blank" rel="noopener noreferrer">First Growth Ventures</a>. The fund will make early-stage minority investments from $250 000 to $5-million in the most promising and innovative ventures across sectors and countries. While the fund was expected to make its first investments by the end of this 2019, no announcement had been made as of time of publication (see this <a href="https://ventureburn.com/2019/04/seedstars-100m-africa-fund/" target="_blank" rel="noopener noreferrer">story</a> and this <a href="https://ventureburn.com/2019/05/heres-what-you-should-know-about-seedstars-100-million-fund-for-african-startups-qa/" target="_blank" rel="noopener noreferrer">Q&amp;A</a>).</li>
</ul>
Read more at <a href="https://ventureburn.com/2019/12/african-startups-new-funds-2019/">Ventureburn</a>.

African tech startups can tap millions of dollars from new funds launched in 2019 [List]

Insurance Technology (insur-tech) firm Toffee Insurance has raised $5.5 million Series A funding led by IVM Intersurer along with Omidyar Network, Flourish Ventures, Accion Venture Lab and Kalaari Capital.

This is Toffee Insurance’s second consecutive raise from four of the five key investors after their initial funding round of $1.5 million in 2018.

In an interaction with Moneycontrol, Rohan Kumar, CEO and co-founder of Toffee Insurance said the first round of funds was proof of concept.

Read more at <a href="https://www.moneycontrol.com/news/business/companies/toffee-insurance-raises-series-a-funding-of-5-5-million-4741911.html">Money Control</a>.

Toffee Insurance raises Series A funding of $5.5 million

Digital platform Toffee Insurance on Wednesday said it has raised $5.5 million (Rs 39 crore) in its Series A round of funding led by IVM Intersurer, a vehicle of South African investment firm Yellowwoods.

Existing investors Omidyar Network, Accion Venture Lab and Kalaari Capital also participated in the funding round, said Toffee Insurance in a statement.

Venture capital firm Flourish Ventures, which was established this year and is funded by Omidyar Network founder Pierre Omidyar, also pooled in capital, it added.

Toffee Insurance, which is operated by Gurugram-based Toffcover Insurance Marketing Pvt. Ltd, aims to use the funds to make insurance more accessible and strengthen its product technology, customer experience and lateral distribution.

Read more at <a href="https://www.vccircle.com/south-african-investor-yellowwoods-leads-series-a-funding-in-toffee-insurance">VCCircle</a>.

South African investor Yellowwoods leads Series A funding in Toffee Insurance

Toffee Insurance, a digital first insurtech startup, has secured series A funding of $ 5.5 million. This funding round was led by IVM Intersurer with Omidyar Network, Flourish Ventures, Accion Ventures Lab and Kalaari Capital.

This is Toffee Insurance’s second consecutive raise from four of the five key investors after their initial funding round of $1.5 million last year. Rohan Kumar, CEO &amp; Co-Founder, Toffee Insurance said: “Our goal is to unbundle products and repackage them in a consumer-friendly way, focussing on the benefits of insurance to make it almost like a commoditised way to sell insurance rather than a financial product.”

Read more at <a href="https://www.thehindubusinessline.com/companies/toffee-insurance-secures-55-m-series-a-funding/article30341657.ece">Hindu Business Line</a>.

Toffee Insurance secures $5.5 m Series A funding

Digital-first insurtech startup ready to expand on their product portfolio, technology and distribution efficiency with their second round of funding.

Dec. 18, 2019 -- Closing the year on a high note, Toffee Insurance successfully secured its Series A funding of $5.5 million led by IVM Intersurer with Omidyar Network, Flourish Ventures, Accion Venture Lab and Kalaari Capital. This is Toffee Insurance’s second consecutive raise from four of the five key investors after their initial funding round of $1.5 million last year.

Founded by Nishant Jain and Rohan Kumar, Toffee Insurance intends to make insurance accessible and affordable by creating relevant single-event products in new categories thereby re-architecting every aspect of the insurance value chain.

The success of this digital-first model so far can be largely attributed to its unique product positioning that not only factors contextual needs of its customers, but also takes care of the typical, often arduous, purchase-to-claim processes. The result is multiple innovative products penetrating through a large-scale distribution network visible in 300+ cities that offers quick and hassle-free insurance experience with claims that are approved within 24 hours of application.

Rohan Kumar, CEO &amp; Co-Founder, Toffee Insurance explains, “Our goal is to unbundle products and repackage them in a consumer-friendly way, focusing on the benefits of insurance to almost make it a commoditized way to sell insurance rather than a financial product” He also emphasized, “Teaming up with like-minded partners really elevates our vision to reimagine risk mitigation relevant to the needs of today’s consumer.”

With this latest round of funding, Toffee Insurance plans to expand and leverage on its three chief avenues – data &amp; product, merchant &amp; customer experience and lateral distribution for the masses.

“We are excited about the way Toffee Insurance is successfully breaking down traditional barriers to accessing insurance at scale by leveraging a unique combination of digital and physical capabilities, all in the interests of making insurance more needs-driven, convenient and cost-effective for millions of consumers who were previously outside of the insurance safety net.” - Nic Kohler, Managing Partner at IVM Intersurer

“Toffee Insurance is creating a unique model combining product, technology and distribution to reimagine insurance products in a way, never seen before in India. In the last year, Rohan and Nishant have proven a strong product-market fit towards this goal. We are excited to welcome IVM Intersurer to the journey. Their vast experience in Insurtech would be of immense value in building a new age Insurtech company for India”. – Darshit Vora, Principal at Kalaari Capital

“Insurance is the last bastion of the fintech revolution and a hard one to crack. Toffee Insurance has created a completely new approach to helping people navigate financial shocks and create safety nets by really unbundling policies to cover those risks that most Indian consumers are worried about. As global fintech investors, this flexible model created by Toffee Insurance is one we want to amplify and replicate in other markets to help solve the global financial health crisis.” - Anuradha Ramachandran, Investments Director at Flourish Ventures

“For customers who have been underserved by the formal financial sector, insurance often seems complicated or inaccessible. Despite the high need for financial safety nets, insurance in India remains highly underpenetrated at less than 4%.  At Accion Venture Lab, we’re thrilled to continue supporting the Toffee Insurance team as they develop products and leverage channels to make insurance an intuitive and simple purchase for the uninsured.” - Vikas Raj, Managing Director of Accion Venture Lab

“At Omidyar Network India, we are keen to support business models that improve the financial health of Indian consumers. Toffee cofounders, Rohan and Nishant are trying to simplify insurance - making it easy to understand and easy to buy. Toffee with its differentiated products is helping create a meaningful life for every Indian by providing affordable protection against unexpected financial shocks. We are excited to be a part of their future growth journey.”- Amol Warange, Principal, Omidyar Network India.

In the long run, Toffee Insurance aims to play a substantial role in changing the overall framework of the insurance sector in India and deepening its very impact – for the growing volume of first-time users.

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Toffee Insurance hits the sweet spot: Scores Series A funding of $5.5 million led by IVM Intersurer with Omidyar Network, Flourish Ventures, Accion Venture Lab and Kalaari Capital

Insurtech startup Toffee Insurance has raised $5.5 million in a Series A round led by South African investor IVM Intersure along with particpation of existing investors Omidyar Network, Accion Venture Lab and Kalaari Capital. VC firm Flourish Ventures also participated in the round. This is the startup's second institutional fundraise after a seed funding round of $1.5 million raised in 2018. Taking a tech products approach to grow the reach of insurance, Toffee Insurance creates single-event insurance products in new categories using AI to secure "the next half-billion first-time internet users."

Read more at <a href="https://timesofindia.indiatimes.com/business/india-business/toffee-insurance-raises-5-5-million-in-series-a/articleshow/72859952.cms">The Times of India</a>.

Toffee Insurance raises $5.5 million in Series A

Online insurance platform Toffee Insurance secured $5.5 million in its Series A round that was led by IVM Intersurer and saw participation by Omidyar Network, Flourish Ventures, Accion Venture Lab, and Kalaari Capital.

Read more at <a href="https://yourstory.com/2019/12/startup-toffee-insurance-raises-1-5-million-ivm-intersurer">YourStory</a>.

[Funding alert] Toffee Insurance raises $5.5M from IVM Intersurer, others

Gurugram-based insurtech startup Toffee Insurance, on Wednesday (December 17), announced that it has raised $5.5 Mn in a Series A funding round led by IVM Intersurer, Omidyar Network, Flourish Ventures, Accion Venture Lab and Kalaari Capital.
The company will be utilising the funds to expand its product portfolio, improve merchant and customer experience, enhance technology and increase distribution efficiency.
Founded in 2017, Toffee Insurance was started by Nishant Jain and Rohan Kumar. The company aims to make insurance accessible and affordable by creating relevant products in the insurance value chain. Previously, the company has <a href="https://inc42.com/buzz/toffee-insurance-raises-1-5-mn-in-seed-funding-from-kalaari-omidyar-and-accion/">raised $1.5 Mn (INR 10 Cr) </a>in a seed funding round led by Kalaari Capital, Omidyar Network and Accion Venture Lab.
Read more at <a href="https://inc42.com/buzz/insurtech-startup-toffee-insurance-raises-5-5-mn-series-a-round/">Inc42</a>.

Toffee Insurance Raises $5.5 Mn Series A Round

Toffee Insurance, which is an online insurance platform, has now secured $5.5 million in the funding round of Series A led by the IVM Intersurer and saw the participation from the Flourish Ventures, Accion Venture Labs, Kalaari Capital and Omidyar Network.

In the month of May last year, it had also secured $1.5 million in its seed funding round led by the Omidyar Network, Accion Venture Labs, Kalaari Capital.

Read more at <a href="https://techstory.in/toffee-insurance-secured-5-5m-from-ivm-intersurer/">TechStory</a>.

Toffee Insurance secured $5.5M from IVM Intersurer

BANGKOK, Dec. 11, 2019 -- Sunday, a leading full-stack insurtech based in Thailand, has raised a USD 11 million extension round to its Series A financing. The round was led by Quona Capital, a leading fintech venture firm whose funds are anchored by Accion, with participation from existing investor Vertex. The new funding will provide growth capital to enable Sunday to expand its business and build enhancements to its proprietary core technology, which utilizes machine learning to price premiums for health, motor, and travel insurance in real time. More information is available at <a href="http://www.easysnday.com">www.easysnday.com</a>.

Launched in 2017, Sunday offers end-to-end insurance products and services powered by its machine-learning risk prediction engines, and aims to serve all of its customers as the "one-stop insurance shop" for healthcare, mobile gadgets, motor vehicle and travel insurance.

"Over the last two years, Sunday has been laser-focused on redesigning the entire insurance journey using data and technology," said Sunday co-founder and CEO Cindy Kua. "Today we're proud to be able to deliver personalised coverage and superior customer experiences from initial insurance purchase all the way through to any claims, whether on the Sunday system or through its partner channels."

The new funding will enable Sunday to further grow its AI and tech development efforts, especially in healthcare, according to Kua. "We've invested considerable effort already to build a company that we believe is uniquely positioned to manage evolving risks within a highly localized Southeast Asian market like Thailand, and we're excited to grow these efforts further with the support of Quona Capital," she added.

"Insurance is such a vital part of how people all over the world achieve financial resilience," says Ganesh Rengaswamy, Co-founder and Managing Partner at Quona Capital. "Quona Capital is proud to back Sunday to not only make insurance more readily available to Thailand and other parts of Southeast Asia, but to do so in a way that is consumer-friendly, fairly priced and transparent for users."

"Cindy Kua brings a profusion of industry expertise and leadership skills to Sunday. We are super excited about the company's potential to become a preeminent player in the region, and very much look forward to collaborating with Sunday's team," added Quona Capital's Daniel Bertoli.

Chua Kee Lock, Managing Partner at Vertex Ventures SEA and India said, "We have witnessed insurtech startups disrupt the traditional insurance industry in the West and in China. Indeed, we are excited to see the same phenomenon in Southeast Asia. Sunday has a good head start and has gained significant traction in the Thai ecosystem, but this represents only a drop in the ocean.  Looking ahead, we welcome new investors as we continue to grow the Company's footprint in Southeast Asia."

Currently available Sunday solutions include real-time health, motor and travel insurance premium pricing, employee health benefits platforms for corporate entities and their employees, mobile-first claims platforms for motor and health insurance, and a travel insurance pricing platform for travel agencies, among others. Collectively, the industries addressed by Sunday's insurtech solution -- which include a range of businesses in manufacturing and trade, retail and service industries -- power more than 87% of Thailand's GDP.
###
About Sunday

Sunday is a fully-integrated sales and services insurtech that uses artificial intelligence and digital platforms to offer personalised insurance products and services that suit all types of individual and business risks. Here to reinvent the entire insurance value chain, the company offers its end-to-end solutions via its partners and proprietary distribution channels.

More information: <a href="http://www.easysunday.com">www.easysunday.com</a>

About Quona Capital

Quona Capital is a scale-up stage venture firm focused on fintech for inclusion in emerging markets. Quona partners have deep experience as investors and operators in both emerging and developed markets, and look for entrepreneurs whose companies have the potential to provide outstanding financial returns and promote breakthrough innovation in financial inclusion. To date, Quona has supported more than 25 financial technology companies expanding access for underserved consumers and small businesses in Latin America, India and Southeast Asia, and Sub-Saharan Africa. Quona got its start through a strategic relationship with Accion, a global nonprofit with a pioneering legacy in microfinance and fintech impact investing. The firm has offices in Washington D.C., Bangalore, Cape Town, Mexico City and Singapore. More information: <a href="http://www.quona.com">www.quona.com</a>

"Sunday" the Southeast Asian Insurtech Raises USD 11 Million Series A2 Led by Quona Capital

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Who are the real deal socially conscious visionaries who have a plan to save or upgrade capitalism? What do they have to say to the sceptics that already dismissed social impact investing as a public relations exercise for an industry with a poor image? How to separate and capitalise on the authentic desire to do good from plain salesmanship rhetoric?

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