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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

• Nigerian HR software provider Bento halted transactions after CEO Ebun Okunbanjo resigned due to failed business model and tax issues.

• Rwanda and Ghana are working to link their national payment systems and create a unified fintech licensing passport system to ease cross-border payments.

• Paymob partnered with Woo to become its preferred payment provider in MENA, offering regional e-commerce merchants over 50 payment methods.

• Non-bank payment companies in South Africa have formed the Association of South African Payment Providers to drive digital financial inclusion.

• Moniepoint is testing a new all-in-one POS terminal combining payment processing, inventory management, and transaction reconciliation.

💸 Top Funding Rounds

• Simplex secured $13 million to build its first CNC factory in Saudi Arabia, aligning with Vision 2030 to support industrial development in the Kingdom.

• Rwandan insurtech Pula Foundation obtained a $10.4 million grant from Bayer Foundation to provide insurance for smallholder farmers in Africa and Asia.

• Cedar Money, a stablecoin payment platform, raised $9.9 million in seed funding led by QED Investors to improve cross-border payments.

• Cauridor, a Guinea-based fintech, secured $3.5 million in seed funding to build payment infrastructure across Francophone Africa.

• South African fintech NjiaPay raised $1 million in a pre-seed round led by Havaic to scale its payments-as-a-service platform.

💰️ Notable Exits

• Nigerian mobility startup Moove acquired Brazilian car rental startup Kovi to strengthen its presence in Latin America, expanding its fleet to 36,000 vehicles.

• Dsquares acquired a majority stake in Prepit to integrate AI-driven SaaS loyalty solutions, enhancing customer engagement and retention for SMEs.

• Lemfi acquired Irish currency exchange platform Bureau Buttercrane, securing regulatory approval to expand across the European Economic Area.

• South African fintech startup Stitch has acquired in-person payments provider ExiPay, enhancing its enterprise payment services.

🏦 About Investors

• South Africa’s University Technology Fund II nears its $21.4 million target with the goal of investing in 15-20 scalable university innovations.

• Swedfund is investing over $41 million into the Emerging Africa & Asia Infrastructure Fund to address critical infrastructure gaps in Africa and Asia.

• Proparco invested $10.4 million in AfricInvest’s new fund to support SMEs in Africa, focusing on sectors like education, health, and agriculture.

• Investing in Innovation Africa, backed by the Gates Foundation, is committing $1.6 million to 15 African healthtech startups in its third cohort.

• The KZN Growth Fund Agency hosted a stakeholder engagement event to educate potential applicants about available funding options.

📊 Investment Highlights

Explore Senegal’s dynamic startup ecosystem, where several resilient companies have secured significant funding rounds despite a broader downturn in Africa’s investment climate. From LAfricaMobile’s $7 million Series A to Solarbox’s $1 million pre-seed funding, these startups are driving innovation in sectors like fintech, healthcare, and clean energy. Delve into the full article to discover how these key players are navigating challenges and contributing to Senegal’s economic transformation.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Simplex

Simplex, an industrial solutions company specializing in CNC machine manufacturing, has secured a $13 million investment to build its first CNC factory in Riyadh, Saudi Arabia. Founded in 2013 and led by Ahmed Shaaban, the company has established a strong presence in Egypt and the Middle East. This investment supports Simplex's expansion plans and aligns with Saudi Arabia's Vision 2030, which aims to diversify the economy, localize advanced industries, and create job opportunities. The factory, covering 20,000 square meters, is set to begin operations in Q1 2026 and will contribute to strengthening the Kingdom’s industrial capabilities while supporting non-oil exports. Simplex plans to produce innovative CNC machines for global markets, with a focus on enhancing Saudi Arabia’s position as a regional industrial hub.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

University Technology Fund II

The University Technology Fund II, launched by Stocks & Strauss Fund Manager in January 2025, aims to invest $21.4 million in 15 to 20 innovative companies originating from university research and intellectual property. Building on the success of its predecessor, UTF I, which made notable investments in companies like Hyrax Biosciences and CubeSpace, UTF II focuses on scalable technology across sectors and enhancing technology commercialization. Key investors include the SA SME Fund, Stellenbosch University, and Allan & Gill Gray Philanthropies Africa, with a portion of the fund dedicated to supporting South African university alumni and strengthening South Africa’s entrepreneurial ecosystem.

🤑 Opportunity Radar

Call for Applications: Nordic Open Innovation Challenge 2024

Apply to the Nordic Open Innovation Challenge 2024 by February 17, 2025, and collaborate with leading Nordic corporations to drive innovation in quality control and sustainability. Open to startups and SMEs, this challenge offers over $35,000 in grants and funding support, mentorship, and co-development opportunities. Shortlisted participants will engage with industry leaders and gain access to state-of-the-art facilities to refine their solutions. Don’t miss your chance to contribute to building a more sustainable future. Submit your proposal today!