Posted by Neha De
June 15, 2020 | 4-minute read (685 words)
The coronavirus pandemic has impacted businesses across the world, with many startups facing challenges in terms of cash liquidity and getting funding from investors. However, some small businesses, from across sectors, have managed to catch the attention of investors and raise funds. Check out these five global companies that have received fresh funding infusions over the last couple of months.
Helium Health, Nigeria
Nigerian health-tech startup Helium Health has raised $10 million in its series A round of funding. The round was led by UAE-based Global Ventures and Nairobi-headquartered Africa Healthcare Masterfund, and saw participation from Y-Combinator, Tencent, Asia Africa Investment & Consulting (AAIC) and Ohara Pharmaceutical Co., among others.
According to The Kenyan Wall Street, the startup offers a product suite that digitizes data, formalizes monetization and enables telemedicine for healthcare systems in Nigeria, Liberia and Ghana. Helium Health plans to use the latest funding round to hire more staff and expand to such countries as Kenya, Rwanda, Morocco and Uganda.
Co-founder and CEO Adegoke Olubusi said, “The devastating impact of the pandemic is a humbling reminder of how critical responsive and agile health systems are to our collective well being. Only data and technology can produce the required responsiveness and agility to tackle health challenges of this magnitude. It has never been more imperative for Africa to build a modern and digitized healthcare system.”
Ninja Van, Singapore
Singapore-based Ninja Van, a tech-enabled logistics startup serving businesses of all sizes across Southeast Asia, has secured an additional $279 million in fresh funding as part of its series D round, reports Tech In Asia. The round was led by Europe’s GeoPost and two sovereign wealth funds, with participation from others. It also saw returning participation from Monk’s Hill Ventures and Facebook co-founder Eduardo Saverin’s B Capital Group. The investment came at a time when online shopping is seeing a surge among people sheltering at home.
Ninja Van CEO Lai Chang Wen said that the company plans to use this fresh capital to further strengthen its core express logistics business in Southeast Asia and to make inroads into the business-to-business sector.
India's online furniture retail store WoodenStreet has closed a $3 million ongoing Series A funding round from Indian Angel Network (IAN) Fund and Rajasthan Venture Capital Funds (RVCF). “The fund will help in increasing the footprint of the brand, both domestically and internationally,” said Lokendra Ranawat, CEO, WoodenStreet, in a statement.
Launched as an online platform providing furniture and home accessories, WoodenStreet has now evolved into an omnichannel network spanning India with more than 25 experience stores, online service and delivery centers in over 100 Indian cities. The company has also introduced VR and 3D visualization technology in its stores to prepare for the post COVID-19 shopping experience.
Dubai’s fintech startup Tabby has raised $7 million to fund its growth and to drive regional expansion into Saudi Arabia. The funding was led by Saudi Arabia’s Raed Ventures with participation from China’s MSA Capital and existing investor Arbor Ventures, reports Gulf News. The startup offers a “buy now, pay later” option for retailers and shoppers, and aims to empower its consumers to easily buy what they want, when they want, while remaining in control of their finances.
“We are very pleased to bring our best-in-market solution to Saudi Arabia at a time when consumers and merchants alike will be strapped for cash," said Hosam Arab, co-founder and CEO of Tabby. "This funding will give our merchant partners further security and assurance that we are sufficiently capitalized to support their sales.”
Hub Security, Israel
Hub Security, a Tel Aviv-based cybersecurity startup, has raised $5 million in a Series A funding round, led by AXA Ventures, with participation from Jerusalem-based crowdfunding platform OurCrowd. The startup offers military-grade cybersecurity solutions for fintech, cloud, blockchain and data storage.
The company said that the investment will be used to strengthen Hub Security's team, expand its technology and offer enhanced products to fintech companies, focusing on enabling access to credit, corporate banking solutions and cross-border payments, while providing ultra-secure banking solutions.