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Welcome to another edition of 🔍 Startup Researcher - Africa, your essential digest delivering the latest news and premium insights on startups and venture capital across the region 🌍

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📰 Important News

• Egypt’s FRA granted fintech licenses to 3 brokerage firms and 5 non-banking financial service providers to enhance financial inclusion.

• Flutterwave expanded in Ghana with Pay With Bank Transfer via Affinity Bank for faster payments and partnered with Nigeria’s FIRS to digitize tax collection.

• YC-backed Vendease restructured its employee pay to performance-based with an ESOP after laying off 44% of staff.

• Quidax has listed cNGN, Nigeria’s first regulated naira-backed stablecoin, offering cheaper and faster transactions for remittances and payments.

• Mastercard and Paymentology are expanding their partnership to enhance card issuance for fintechs in South Africa.

💸 Top Funding Rounds

• Kenyan logistics startup Leta raised $5 million in seed funding to expand across Africa and improve its AI-powered platform for cost-effective, data-driven supply chains, serving major businesses like KFC and EABL.

• MPower Ventures has secured $2.7 million in funding to expand its solar solutions across West and Southern Africa, focusing on providing clean energy to underserved communities and businesses.

💰️ Notable Exits

• Grinta acquired Citi Clinic to expand from B2B pharma distribution into primary healthcare, integrating patient services and planning further expansion in East Africa.

• EFG Holding is planning to list Valu on the Egyptian Exchange, distributing 20.488% of shares to shareholders, aiming to enhance financial inclusion.

• Baobab Nigeria's acquisition by its parent company delivered a 3x return for Alitheia and Goodwell’s uMunthu Fund, marking their first exit.

🏦 About Investors

• Yango Ventures launched a $20 million fund to support early-stage startups in emerging markets, including MENA and Sub-Saharan Africa.

• Swedfund has invested $16.36 million in the AfricInvest Small Cap Fund to support SMEs across Africa.

• HoaQ, an angel investor syndicate, evolved into a dedicated venture fund to back early-stage African startups with global scalability potential.

• Adeniyi Abiodun, co-founder of Mysten Labs, launched a $1.3 million fund to train African software engineers.

• BVS Venture Studio launched in Morocco to support and scale startups by providing strategy, finance, branding, and operational support.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Leta

Kenyan logistics startup Leta, founded in 2021, provides an AI-powered SaaS platform to optimize supply chains, reduce costs, and improve efficiency for businesses across Africa. The company has raised $5 million in seed funding, led by Speedinvest with backing from Google’s Africa Investment Fund and Equator VC, to enhance its platform and expand into new markets like Rwanda and Mauritius. Having already achieved 5X revenue growth and managed 4.5 million deliveries across multiple countries, Leta aims to cement its position as a leading logistics tech provider, serving major clients like KFC and EABL.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

AfricInvest Small Cap Fund

The AfricInvest Small Cap Fund, a multiregional private equity initiative, focuses on supporting SMEs across Africa, particularly in regions where AfricInvest has a local presence. With a $16.36 million investment from Swedfund, the fund aims to enhance access to capital for high-potential businesses in sectors like agribusiness, healthcare, education, and manufacturing, while integrating ESG principles, gender equality, and climate-conscious strategies. Founded in 1994 as part of Tunisia’s Integra Group, AfricInvest has played a key role in developing Africa’s private equity ecosystem and fostering sustainable economic growth.

🤑 Opportunity Radar

Call for Applications: the Techstars Tokyo Accelerator

Apply to the Techstars Tokyo Accelerator by May 14th, 2025, and elevate your startup on the global stage. This sector-agnostic program supports entrepreneurs in Deeptech, Fintech, Cleantech, and Climatetech, providing access to a world-class ecosystem, mentorship, and investor connections. If you’re an international startup looking to target Japan or find local business partners and talent, then this program is for you. Powered by Mitsui Fudosan and JETRO Startup, in collaboration with the Cabinet Office, METI, and the Tokyo Metropolitan Government, the accelerator kicks off on August 18th, 2025, with Demo Day on November 11th. Start your application today and join a vibrant global network of innovators in Tokyo!