Economy
How to Raise Funds for Your Startup Despite Coronavirus
By Damilola Faustino
With the coronavirus pandemic, you would think venture capitalists and angel investors would stop scouting for African startups to invest. This is wrong.
In the past few months, African startups in different sectors have raised significant dollars and more are still coming as the coronavirus lockdown is gradually being eased across Africa.
African startups that recently raised funds
1.) Tomato Jos: Tomato Jos, an agro-processing company focused on the local production of high-quality tomato paste for the African market announced that it had completed a €3.9 million ($4.2 million) Series A round.
2.) BusyMed, a South African healthtech startup raised undisclosed funding from LionPride, a Venture Capital Investor. The investment was facilitated by HAVAIC.
3.) 54gene, a Nigerian genomic startup, raised a $15 million investment led by Adjuvant Capital to allow the company to scale operations in support of generating novel insights from human genetics research.
4.) uLesson, a Nigerian-based education technology startup, has announced participation in its seed funding round by Founder Collective, a marquee seed-stage venture capital fund.
5.) Brimore, an Egyptian direct end-to-end distribution Startup has closed $3.5 million pre-Series A round led by Algebra Ventures.
6.) Finnfund invested $1 million in Kasha, a Rwandan-based e-commerce platform improving women’s access to genuine health, hygiene, and self-care products in East Africa.
7.) East Africa Fruits Co., a Tanzanian company addressing food distribution challenges to improve efficiencies in the farm-to-market sector, announced that it closed Series A equity funding totalling $3.1 million.
8.) Flutterwave, an African fintech startup raised a $35 million Series B funding round co-led by Grey Croft & eVentures. The round was joined by CRE Ventures, FIS, Visa, Green Visor, and Endeavor.
As a founder, you too can raise funds…here is how
There is no doubt that it is difficult to raise funds during this coronavirus pandemic. So far, in the WeeTracker Q1 funding report, 86 deals were announced. They estimate that total funding from these disclosed deals totalled $245.13 million.
Regardless this should not deter you. In fact, it should be a morale booster because even Venture Capitalists are setting up venture funds and raising huge sums to support African startups.
Novastar announced that it closed its Novastar Ventures Africa Fund II at $108 million to support startups in both East and West Africa.
Harambe Entrepreneur got $1 million from Cisco Systems Inc. and a foundation of South African businessman Jonathan Oppenheimer to support African technology startups and help kick-start the return of venture capital to the continent following the coronavirus outbreak.
Raising funds:
1.) Find tech ways to run your business and do not stop innovating
The new normal is working from home. The question you should ask yourself is how do I run my business despite the coronavirus? The simple answer is technology. Deploy an affordable tech strategy to make your customers know you are still existing.
2.) Apply for funding and join accelerators
There are unlimited funding opportunities out there for African startups. You have to apply for these them. Also, apply to join accelerators.
3.) Disclose your funding needs to your network
If you need funding, reach out to friends and network. They may connect you to an investor especially if you have a solid pitch and scalable product to back up your funding claims.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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