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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

• Techstars launched a new accelerator program in Botswana to support startups with mentorship, funding, and global network access.

• The Central Bank of Nigeria launched a digital naira payment solution for government agencies, enhancing payment turnaround by 70%.

• Taly and Just2Pay partnered to enhance digital payment solutions in Egypt by integrating ECR and POS systems.

• Kenya will require social media companies to establish physical offices to curb misuse, following protests amplified by platforms like TikTok and X.

• Ibdaa Academy, an Egyptian platform specializing in AI and robotics training for children, announced plans to expand into the Saudi market.

💸 Top Funding Rounds

• Nigerian fintech startup LemFi closed a $53 million Series B round led by Highland Europe to expand its full-stack financial services for immigrants.

• South African startup FARO secured $6 million to refurbish and resell surplus clothing from global brands, scaling affordable fashion in emerging markets.

• Purple Elephant Ventures raised $4.5 million in seed funding to revolutionize Africa's tourism industry with sustainable startups.

• Sistema.bio secured $3.5 million from Novastar Ventures to scale its biogas technology and digital solutions across Africa.

• South Africa's The Awareness Company raised $1.6 million in seed funding to enhance its AI-driven HYDRA platform.

💰️ Notable Exits

• Raseedi acquired Kashat to offer nano loans for underbanked Egyptians, leveraging AI-driven credit scoring to expand financial inclusion across Africa and Asia.

🏦 About Investors

• Sequence Ventures announced plans to launch a $50 million Africa Deep Tech Fund by 2026, targeting AI, robotics, and renewable energy.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

LemFi

LemFi, a Nigerian fintech startup founded in 2020 by Ridwan Olalere and Rian Cochran, has raised $53 million in Series B funding, led by Highland Europe. This brings the company's total funding to $85 million. LemFi, which started as Lemonade Finance before rebranding in 2023, provides affordable and reliable international remittance and payment services, primarily for diaspora communities in Europe and North America. With over one million customers and $1 billion in monthly transaction volume, LemFi plans to use the new funding to expand its product offerings and build a full-stack financial services hub for immigrants. The funds will also support scaling its payment network, expanding to new countries, and hiring talent globally.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Sequence Ventures

Sequence Ventures, founded in 2019 and based in Egypt and the Netherlands, is an early-stage venture capital firm focused on DeepTech startups. The firm is preparing for the first close of its EGP 500 million "SV Deep Tech Investment Fund" by the end of Q1 2025, with plans to make around 20 investments over the next two years, supported by local banks, financial institutions, and private sector companies. Additionally, Sequence Ventures aims to launch a $50 million Africa Deep Tech Fund by 2026, targeting transformative technological advancements across Africa and the MENA region.

🤑 Opportunity Radar

Call for Applications: Sustainability Open Innovation Challenge 6th Edition

Apply for the Sustainability Open Innovation Challenge 6th Edition by January 27th, 2025, to showcase your sustainable solutions and gain exclusive visibility from top investors. This global competition invites startups and SMEs to tackle pressing sustainability challenges in areas such as Climate Change, Green Buildings, Sustainable Agriculture, and Sustainable Materials. Submissions made early will receive feedback from industry experts and potential investors, opening doors to funding, collaboration, and mentorship. Don’t miss this chance to make a meaningful impact and contribute to a greener, carbon-neutral future.