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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

• Lipa Later goes under administration after failing to secure new funds with creditors given until April 23, 2025, to submit claims.

• Tunisia is planning to suspend Bolt over tax evasion and launch a state-backed ride-hailing app to regulate fares while Bolt denies the allegations.

• Paystack launched Zap, an app for instant bank transfers in Nigeria, but Zap Africa disputes the trademark, accusing Paystack of brand misappropriation.

• PalmPay launched its first Verve-powered debit cards, marking a shift as fintechs move away from global providers like Visa and Mastercard.

• Kenyan startup Marketforce has been ordered to pay $16,000 for wrongful termination in a case filed by a former employee.

💸 Top Funding Rounds

• Enza secured $6.75 million in seed funding co-led by Algebra Ventures and Quona Capital to expand its payment solutions across Africa.

• Payhippo has rebranded as Rivy and raised $4 million in a pre-Series A round to expand its clean energy financing platform.

• South African startup Jem HR closed a $3.3 million pre-Series A funding round led by Next176 to expand its WhatsApp-based HR platform.

• Tanzanian startup Sumet Technologies raised $1.5 million in pre-seed funding to enhance its tech infrastructure and distribution efficiency.

• NOSIBLE secured $1 million in pre-seed funding to scale its go-to-market efforts for its AI-powered search engine and asset management platform.

💰️ Notable Exits

• KCB Group acquired a 75% stake in Riverbank Solutions for $15.4 million to strengthen its digital services and expand offerings for SMEs and digital financial tools in Kenya, Uganda, and Rwanda.

🏦 About Investors

• Nigeria is launching a $40 million fund to support early-stage tech startups, backed by the Japan International Cooperation Agency and the Nigeria Sovereign Investment Authority, to strengthen the tech ecosystem.

• GVCA CEO Amma Gyampo is advocating for stronger local capital mobilisation to attract foreign investment, emphasizing collaboration in key sectors like poultry, rice, and fisheries to drive sustainable growth in Ghana.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Enza

Fintech enza has secured $6.75 million in seed funding co-led by Algebra Ventures and Quona Capital to expand its payment solutions across Africa. Founded in 2023 by Hany Fekry, enza offers innovative payment services that enable banks and fintechs to provide local payment capabilities, including cards, wallets, and real-time payments. This investment will help enza strengthen its presence in Africa, support financial inclusion, and empower businesses to serve underserved SMEs and underbanked populations with cost-effective digital transaction solutions.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Nigeria Sovereign Investment Authority

The Nigeria Sovereign Investment Authority (NSIA), established in 2011 to manage Nigeria’s surplus oil revenues and support infrastructure development, is overseeing a $40 million fund to support early-stage tech startups in Nigeria. Backed by the Japan International Cooperation Agency and matched by NSIA, the fund aims to strengthen the tech ecosystem, formalize startup growth, and create a structured investment framework under the 2022 Nigeria Startup Act. This initiative is part of NSIA's broader mission to build a savings base for Nigeria, enhance infrastructure, and provide stabilization support during economic stress, while also offering tax incentives to both startups and investors.

🤑 Opportunity Radar

Call for Applications: Y Combinator’s Summer 2025 Batch

Apply to Y Combinator’s Summer 2025 Batch by May 13, 2025, to accelerate your startup journey with one of the world’s most prestigious accelerators. The program runs from June to September in San Francisco, featuring in-person meetups, mentorship from experienced YC partners, and access to YC’s powerful alumni network. Selected startups receive $500,000 in funding immediately upon acceptance and benefit from exclusive investor connections. Don’t miss this chance to join a thriving community of founders—apply today!