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- Startup Researcher - Africa: Week 18, 2025
Startup Researcher - Africa: Week 18, 2025
28th April - 4th May


Hello there,
Welcome to another edition of ๐ Startup Researcher - Africa, your essential digest delivering the latest news and premium insights on startups and venture capital across the region ๐
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๐ฐ Important News

Paystack was fined approximately $155,830 by CBN for launching the Zap app without a proper license amid regulatory crackdown.
Meta is facing $300 million in fines from Nigerian agencies over data protection issues, risking the shutdown of Facebook and Instagram.
Flutterwave CTO Gurbhej Dhillon departed the unicorn after leading major tech partnerships and product growth, continuing high-profile departures.
Egyptian fintech Bokra issued a $58.9 million Sharia-compliant sukuk to support SME financing via Aman Project Finance.
i3 programme awarded $1.5 million to seven pharmacy-focused African startups advancing healthtech innovation continent-wide.
๐ธ Top Funding Rounds
OmniRetail closed a $20 million Series A round to expand across West Africa with its B2B platform and embedded finance arm Omnipay driving profitability.
Zeepay secured $18 million in venture debt to scale mobile money and remittance services across Africa and the Caribbean.
Kofa raised $8.1 million to grow its AI-powered battery-swapping network across Ghana and Kenya, promoting clean energy and e-mobility.
MYDAWA, a Kenyan e-health startup, secured undisclosed funding to expand its digital pharmacy model and AI integration across Africa.
Tendo, based in Ghana, raised undisclosed funds from Renew Capital to scale its mobile reseller platform for micro-entrepreneurs in Ghana and Nigeria.
๐ฐ๏ธ Notable Exits
C-One Ventures has acquired Nigeriaโs microfinance platform Bankly to scale agent-led digital finance and deepen financial inclusion across underserved markets.
AI-driven health app Miran and fitness platform Welnes have merged to form a holistic wellness company in Saudi Arabia, combining tech and community to support Vision 2030 goals.
๐ฆ About Investors
Aruwa Capital raised $35 million for its second gender-lens fund targeting $50 million to back women-led SMEs in Nigeria and Ghana with impact-focused investments.
Silverbacks Holdings exited Nigerian fintech LemFi during its $53 million Series B, earning a 29x return and marking its 8th profitable exit amid declining private capital exits in Africa.
๐ Startup of the Week

Introducing our Startup of the Week ๐
OmniRetail
OmniRetail is a Nigerian B2B e-commerce and embedded finance platform founded in 2019 by Deepankar Rustagi, focused on digitizing and optimizing the supply chain for fast-moving consumer goods across West Africa. Backed by a $20 million Series A co-led by Norfund and Timon Capital, OmniRetail aims to expand its footprint, deepen its embedded finance offerings like Omnipay, and pursue strategic acquisitions as it works to modernize Africaโs vast informal retail sector through scalable, tech-enabled infrastructure.
๐ผ Investor of the Week

Introducing our Investor of the Week ๐
Aruwa Capital
Aruwa Capital Management, a Lagos-based, female-led investment firm founded by Adesuwa Okunbo Rhodes, focuses on gender-lens investing in early and growth-stage SMEs that empower women across Nigeria and Ghana. The firm has raised $35 million for its second fund, Aruwa Capital Fund II, with a target of $50 million and a hard cap of $60 million, attracting backing from global and local investors including the Mastercard Foundation, Visa Foundation, and Nigeriaโs Bank of Industry. Building on a strong track record from Fund I, Aruwa continues to drive inclusive economic growth by supporting high-impact businesses in sectors like healthcare, financial services, and energy access.
๐ค Opportunity Radar

Apply to the Google for Startups Accelerator: Africa 2025 by May 9th, 2025, and take your Seed to Series A tech startup to the next level. This three-month hybrid program offers Black founders across Africa access to expert mentoring, deep-dive workshops, and up to $350,000 in Google Cloud credits. Designed for startups leveraging AI and machine learning, the accelerator provides strategic guidance, technical training, and early access to Google products. Join a community of ambitious entrepreneurs and work hand-in-hand with Google experts to solve your biggest technical challenges. The program kicks off in June and culminates in a high-impact Demo Day in August 2025.
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