Djamo unchained

Launchpad by Founders Connect is back in Nigeria, giving early-stage startups a shot at funding, pitching opportunities, and exclusive growth resources. If you’ve got traction and ambition to go with it, this one’s for you.

Selected startups will receive $9,500 in funding, split between a $2,500 grant and $7,000 in SAFE investment from African Impact Initiative (AII). You’ll also get six months' access to Notion AI (worth $6,000), $25,000 in fee-free processing on Paystack, free PR services from Renee, and more.

Applications close on April 16th. Don’t miss out, apply now or forward this to someone you know who is building the next big thing.

Oui.

On Thursday, Ivorian fintech Djamo raised $17 million, and it’s more than a win for the country's tech ecosystem; it’s another sign that Francophone Africa is making a strong case for more VC attention.

Launched in 2020, Djamo offersdigital financial services in a region where traditional banking has left most people behind. Its app offers free Visa cards, mobile money integration, and budgeting tools. The company says it has already crossed 1 million users; demand is real.

This fundraise adds fuel to the region’s growing reputation as an untapped market.

In Q1 2025, Togo secured the highest funding among African countries outside the Big Four—Nigeria, Egypt, South Africa, and Kenya. And with startups like Djamo scaling fast, investors are beginning to take the region more seriously.

Yet, the funding gap remains: from regulatory friction to limited investor networks, the region has to work harder to attract capital. 

For every Djamo catching the spotlight, many startups are doing meaningful work in the shadows without enough support. 

The question is: Will the investor ecosystem step up or play catch-up while the scene says, On est là? We’ll see.

Here’s what the US looked like before President Trump came in: African countries like Kenya, Ghana, Nigeria, and Ethiopia had stable trade relations under the African Growth and Opportunity Act (AGOA), exporting textiles, petroleum, and vehicle parts to the US duty-free. Tariffs weren’t a major concern, and exports flowed with little disruption.

But on Wednesday, the world got another taste of Trump's America-first policies: he implemented sweeping tariff changes. His new tariffs impose a blanket 10% levy on most imports, leaving the world rethinking foreign trade with the US.

Trump’s “reciprocal tariffs” introduce new trade dynamics. Countries that impose higher duties on American goods will now see their exports taxed at similar rates. While China and Vietnam were some of the worst-affected countries globally—because we know why—the new Trump tariffs affect Africa just as badly. 

Lesotho, the worst-hit in Africa will now pay 50% in tariffs on textile and other goods exported to the US, while South Africa, which Trump seems to have some qualms with recently, got 30%. Meanwhile, Kenya, Ghana, and Ethiopia received the lowest tariff at 10%, yet the dynamic has shifted from the duty-free benefits they previously enjoyed.

These changes raise costs for African exporters, making their goods less competitive in the US market. Sectors like textiles, which depend heavily on American buyers, will see increased pressure.

Nigeria, which places 27% tariffs on US imports, will now face a 14% levy on its goods entering the US. If Nigeria somehow pulls off its ambitious target oil production for 2025, exporting to the US as a trade destination will become expensive, as 10% on tariffs, added with the currency imbalance, will blow a wide hole open in the trade. The same can be said for other African countries.

Africa’s biggest exporters now have to rethink how they trade with the US: whether this means looking to other markets or negotiating better deals on separate goods. We know China has already declared a tariff war on the US, and the two have been clanging their wooden swords since.

We’re speaking to entrepreneurs, policymakers, and investors, so look for the full story soon on TechCabal. 

Shuttlers, the Lagos-born startup digitising shared commutes, rolled out 20 CNG-powered buses in Q1 2025, and CEO Damilola Olokesusi announced yesterday that 19,292 passengers have saved 29% on fares. That’s a win for the mobility startup, which would otherwise have to pass on petrol’s quadrupling petrol costs to customers. 

Compressed Natural Gas (CNG)—cheaper and cleaner than petrol—is having a moment in Nigeria. With a litre of fuel averaging ₦945 ($0.62) and a cubic metre of CNG at just ₦235 ($0.15), businesses are popping up to retrofit vehicles for public transporters and private owners. The government’s in on it too, sponsoring retrofits for public buses and financing ride-hailing drivers.

Still, adoptions have hit snags over safety fears. CNG canisters, typically tucked undercarriage or at the rear, have riders worried about explosions. But Shuttlers says its riders are loving the smooth, so mass adoption might not be so far off.

Read about it here.

You already know Djamo raised $17m in equity funding. The funding round was led by Janngo Capital, with participation from SANAD Fund for MSMEs, Partech, Oikocredit, Enza Capital, and Y Combinator. (April 3)

Here are the other deals for the week:

• Egyptian semiconductor startup InfiniLink raised US$10 million in seed funding. MediaTek and Saudi VC firm Sukna Ventures led the funding round. It also saw participation from Egypt Ventures and M Empire Angels. (April 1)
• Tanzania’s Sumet Technologies, a fast-moving consumer goods (FMCG) distribution company, closed a $1.5 million pre-seed funding round. The investment, combining equity and debt financing, was secured through a strategic mix of angel investors, including ABAN, Catalytic Africa, and an angel syndicate from Egypt. (March 28)

Follow TC Insights on Twitter, Instagram, and LinkedIn to stay current on the deals we’re tracking. 

That’s a wrap for the week. But remember: while borders are tightening, markets are shifting, and founders are raising, one thing stays constant: we keep it moving!

See you in your inbox on Monday. Until then, keep building, keep dreaming, and keep moving. 🚀

P.S. Don’t sleep on the women-led startup story we’re tracking. Read it here.