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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

• Morocco launched the Morocco Fintech Center to support fintech startups with mentorship, funding, and regulatory guidance.

• Kobo360 laid off 30 employees in November 2024 amid fundraising struggles and leadership changes, marking a setback for Nigeria’s logistics sector.

• Kenya’s Senate passed a Startup Bill mandating 15% of expenses for R&D and local ownership for government support.

• YC-backed Waza launched Lync, a banking product for African startups after Mercury’s restrictions, offering multi-currency accounts and global payments.

• Flutterwave UK's turnover reached $6.73 million in 2023 marking a quiet rise for the British subsidiary of the African payments giant.

💸 Top Funding Rounds

• Naked secured $38 million in Series B2 funding led by BlueOrchard to expand its digital insurance platform and meet regulatory capital requirements.

• SC Ventures and Yabx have invested $10 million in Furaha, a lending platform for education financing in Africa.

• Visa has made a strategic investment in Nigerian fintech Moniepoint, contributing over $10 million to its Series C round.

• SeamlessHR secured $9 million to expand its platform across Africa, enhancing workforce productivity for over 2,000 companies.

• MoneyHash raised $5.2 million in a pre-Series A round led by Flourish Ventures to enhance its payment orchestration services and expand across the Middle East and Africa.

💰️ Notable Exits

• Meridiam acquired a majority stake in Ilitha to expand affordable fibre internet in South Africa’s townships, aiming to connect over 500,000 households.

• SmarTek21 has merged with Retro Rabbit, combining AI-powered product engineering and design expertise to expand their global footprint.

• SeamlessHR explored acquiring PaidHR in late 2024 but those discussions did not progress as PaidHR continued its rapid growth and expansion.

🏦 About Investors

• MSMEDA has partnered with Banque Misr and CIB to provide $5.96 million in funding for micro-projects in Egypt, supporting SME growth, job creation, and economic development across various sectors.

• MSMEDA also signed a $1.19 million agreement with Erada Microfinance to support 1,700 micro-enterprises, focusing on agricultural and productive sectors.

• Oui Capital returned its $4 million debut fund after Moniepoint's $8 million exit, a rare feat for a young African VC firm, highlighting the potential of early-stage fintech investments in Africa’s growing ecosystem.

📊 Investment Highlights

Explore Egypt’s vibrant startup ecosystem and discover the top funding rounds of 2024, showcasing game-changing investments in fintech, healthtech, and logistics. From MNT-Halan’s ambitious global expansion to Sylndr’s innovative approach to the used car market, these startups are transforming industries and securing their place on the global stage. Delve into the full article to uncover the key players, funding milestones, and the promising future of Egypt’s entrepreneurial landscape.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Naked

Naked, a South African insurtech founded in 2018 by actuaries Alex Thompson, Soumare Graibi, and Ernest North, has successfully raised $38 million in Series B2 funding, led by BlueOrchard, with participation from existing investors such as Hollard, the International Finance Corporation (IFC), and the German Development Finance Corporation (DEG). This investment will enable Naked to further enhance its digital platform, which uses automation and artificial intelligence to streamline the insurance process, from purchasing policies to filing claims and pausing coverage. With its fully digital, customer-centric approach, Naked offers car, home, and item coverage with policy quotes delivered in under 90 seconds via its app. The funding will also support the company’s efforts to meet regulatory capital requirements as it scales.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

MSMEDA

The Micro, Small, and Medium Enterprises Development Agency, established by a Prime Ministerial decree in 2017, plays a key role in promoting economic growth, reducing poverty, and creating job opportunities through various initiatives supporting small and micro enterprises in Egypt. Recently, it signed a $1.19 million agreement with Erada Microfinance to support 1,700 micro-enterprises, focusing on agricultural and productive sectors. MSMEDA also partnered with Banque Misr and Commercial International Bank to allocate $5.96 million for micro-projects, aiming to boost SME growth, job creation, and financial inclusion. These efforts align with MSMEDA's mission to empower youth and women, drive sustainable development, and enhance Egypt’s economic landscape by fostering a thriving micro-enterprise sector.

🤑 Opportunity Radar

Call for Applications: Mastercard Foundation EdTech Fellowship

Apply to the Mastercard Foundation EdTech Fellowship (Cohort III) by January 31, 2025, to accelerate your EdTech startup with $100,000 in equity-free funding, mentorship, and investor access. Run in partnership with Co-Creation Hub, this program supports Nigeria-incorporated startups focused on K-12, tertiary education, and vocational training. Join a network of industry experts and gain hands-on support in product development, market strategy, and scaling. Don’t miss this opportunity to shape the future of learning in Africa—apply now for the 2025 cohort!