The Cameroon-based fintech startup,Koree, has secured a €20,000 investment from the Cameroon Angel Network (supported by ActivSpaces), prompting a 3X matching investment from Catalytic Africa, and joining the list of African early-stage startups that have received a boost from the matching fund to scale their businesses. This makes Koree (a card wallet application addressing the scarcity of spare change in Francophone Sub-Saharan Africa) the first women-led startup in Francophone Africa to receive this kind of funding.
Growth Strategy and Use of Funds
Objectives and Anticipated Impact
Currently in its pre-seed fundraising phase, the startup emphasizes that this funding instills confidence in the investor community that it is committed to growth, and with this matching fund, it will be able to simultaneously address the "change shortage" in Francophone Africa and empower customers through an incentive reward system.
Koree's Vision to Transform Retail Payments
"Koree aims to transform the retail payment and marketing landscape in Sub-Saharan Francophone Africa by offering inclusive solutions for both customers and merchants. The startup addresses the region's rampant spare change scarcity, which makes cash payments for low-cost items with high-value bills nearly impossible. Simultaneously, we look forward to empowering millions of African consumers through an inventive reward system," said Koree Founder Magalie Gauze-Sanga.
Koree, running dual mobile applications Koree and Koree Pro through the digitization of cash merchant payments, while simultaneously empowering millions of African consumers through an incentive reward system, is committed to creating simple, secure, and reliable payments by providing practical solutions that ensure customers have a remarkable shopping experience. With the unlocked funds from Catalytic Africa, the startup plans to apply the extra cash to develop its product offering, build a sales team, and raise brand awareness in its quest to become the market leader in cashback.
Supporting Women-Led Businesses and Co-Investment
"Investing in women-led startups has become imperative in today's dynamic startup ecosystem landscape. The Cameroon Angel Network (CAN) recognizes this significance and stands as a beacon of support for such enterprises. Co-investing with CAN through Catalytic Africa in Koree not only empowers women entrepreneurs but also signifies a strong commitment towards promoting diversity, innovation, and sustainable economic growth," stated Fadilah Tchoumba, Secretary-General, ABAN.
Catalytic Africa is a co-investment solution by ABAN in conjunction with AfriLabs that raises funds (grant, equity, or debt) from various institutional partners to add to a pool. This pool serves as a co-investment fund to encourage investment in viable African startups from innovation hubs affiliated with AfriLabs. To date, €847,752 has been invested by local angel investors in startups affiliated with hubs, and Catalytic Africa has deployed €822,453 as qualified matching grants, leading to a cumulative amount of over €1.6 million invested in African startups across 13 countries.
ABAN and Afrilabs spearhead the Catalytic Africa matching fund. To get your funding unlocked in 3 weeks, update your profile or register here to kickstart your application process.
