Flutterwave – Digital Payments Infrastructure for Africa Raises $10M

Just added an year ago to our portfolio startups, Flutterwave – a digital payments infrastructure service as API that allows businesses to send and receive money from cards, mobile money wallets and banks across Africa has raised $10M in Series A funding round led by Greycroft Partners and Green Visor, with participation from YCombinator and Glynn Capital. Congrats to the Flutterwave!

This new funding is in addition to previous investments by the company’s current investors which include, Omidyar Network, Social Capital, CRE Venture Capital and HOF Capital amongst others. Flutterwave will use the capital to hire more talent, build out its global operations and fuel its expansion across Africa.

“Flutterwave is building infrastructure and technology solutions that will help modernize African payments. We are excited to be working with this extraordinary team,” says Joe Saunders, Chairman and General Partner at Green Visor Capital, who also joins Flutterwave’s board of directors.”

“We are excited to work with world-class investors who have helped build global payments giants like Visa and Braintree to achieve our mission of building modern payments infrastructure to connect Africa to the global economy.” adds Aboyeji.

Please read the full story at Medium.

Bevi – Eco-Friendly Smart Water Cooler Raises Another $16.5M

Our portfolio startup, Bevi – an environment friendly smart water cooler for offices with flavors and fizz has raised another $16.5M in Series B funding round. Earlier in December 2015, it raised $6.5M in Series A. With the freshly raised amount, Bevi plans to deploy its products to more locations across the U.S. and we wish them good luck with their expansion plans.

The company says around 1,000 of the Internet-connected beverage kiosks have been deployed in the offices of approximately 370 companies, including Apple, AT&T, Fidelity, GE, and Netflix.

The Series B round was led by Trinity Ventures, which has backed beverage companies like Starbucks and Jamba Juice, as well as tech startups like 3D printing company Markforged. Earlier Bevi investors Horizons Ventures and Tamarisc also contributed to the latest funding round. Bevi says it previously raised $11 million.

Bevi’s machines have a touchscreen that lets thirsty users select still or sparkling water, with a choice of flavors like orange mango, coconut, or a combination of blueberry and cucumber. Inside the machine, a system of pumps and valves take tap water from a hose and funnel it through a choice of flavor mixes and carbonation processes. Meanwhile, sensors and software help Bevi track things like how much concentrate of each flavor is left, how many beverages are being consumed, and so on. That enables the company to proactively refill inventory and fix maintenance issues—and to better tailor options to each client, say if a company’s employees prefer more organic choices or unsweetened flavors.

Bevi had sales of about $100,000 in 2015, and last year its revenue exceeded $1 million, Grundy says.

Please read the full story at Xconomy.