Hello there,

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 🌍

If you haven't subscribed yet, now's the perfect time. Don't miss the opportunity to supercharge your understanding and stay ahead in this dynamic world.

Ready? Let’s get right into it.

📰 Important News

• Morocco launched PNARDI, a $105 million program co-funded by OCP to support researchers from 2025 to 2028.

• Chowdeck has hired ex-Bolt Ghana exec Henry Whyte to lead its Accra expansion, with Bolt Food welcoming it as healthy competition.

• Africa launched a $60 billion AI strategy and council to drive ethical innovation and position itself as a global AI leader.

• OPay’s valuation has risen to $2.75 billion despite global fintech slowdowns, reflecting strong investor confidence and growth.

• Egypt’s Rabbit has launched in Saudi Arabia with a Riyadh HQ aiming to capture the $2 billion e-grocery market.

💸 Top Funding Rounds

• South Africa’s Stitch has raised $55 million to expand its payment solutions across Africa enhancing its role in the continent’s fintech landscape.

• Umba has secured $5 million in debt financing from Star Strong Capital to expand operations and boost lending capacity across African markets.

• PayTic has raised $4 million to scale its AI-driven payment automation tools globally aiming to modernize back-office operations across Africa and the Middle East.

🏦 About Investors

• Sabou Capital committed $1.5 million to back 25 African SMEs with a gender-lens and micro-PE model.

• Purple Elephant Ventures has raised its total seed funding to $5 million to scale tech-driven, climate-conscious tourism startups across Africa.

• France’s AFD committed an extra $3.41 million to ADFI to support tech-driven financial inclusion across underserved communities in Africa.

• Attijariwafa Ventures and UM6P Ventures have partnered to co-invest in African fintech deeptech and greentech startups.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Stitch

​South African fintech company Stitch, co-founded in 2019 by Kiaan Pillay, Priyen Pillay, and Natalie Cuthbert, has secured $55 million in new funding to accelerate its expansion across Africa and strengthen its position in the continent’s payments landscape. Headquartered in Cape Town, Stitch offers a unified payments platform that enables seamless transactions across multiple financial institutions for businesses. This latest investment—following a total of $46 million in previous Series A rounds and the recent acquisition of Exipay—underscores Stitch’s growing influence in Africa’s evolving fintech ecosystem.​

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Sabou Capital

Sabou Capital, founded by Northern Nigerian entrepreneur Surayyah Ahmad, has committed $1.5 million to support up to 25 growth-ready SMEs across West and Central Africa through a gender-lens and micro-private equity model. Targeting overlooked businesses in both Anglophone and Francophone regions, the fund will invest between $350,000 and $500,000 per company, with a focus on sectors like agriculture, climate, logistics, and supply chain. With a mission rooted in inclusivity and regional revitalization, Sabou Capital blends private equity discipline with operational support to help sustainable businesses scale, particularly those led by women and based outside major tech hubs.

🤑 Opportunity Radar

Call for Applications: Techstars New York City Accelerator

Apply to the Techstars New York City Accelerator by June 11th, 2025 to join one of the most founder-focused programs in the world. This in-person accelerator kicks off in September 2025 in the heart of NYC—home to leading hospitals, financial institutions, enterprise buyers, and media powerhouses. With a personalized approach, hands-on support, and access to a global network of 4,800+ startups, Techstars NYC is ideal for early-stage founders building in AI/ML, fintech, health, climate, enterprise SaaS, and beyond. Don't miss the chance to grow your startup in one of the world’s most dynamic ecosystems.