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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

• Safaricom and the Kenya Bankers Association proposed upgrading Pesalink as Kenya's national fast payment system to streamline digital transactions.

• The Nigerian government has approved the National AI Trust, and the Universal Communication Access Project.

• Giza Systems and Egypt Ventures signed an MoU to support Egyptian startups in healthcare and fintech.

• Amma Gyampo has become the new CEO of GVCA, succeeding Hannah Acquah, with plans to expand Ghana’s private capital industry.

• Payaza secured a fintech license in Ghana, enabling businesses and individuals to process local and international payments seamlessly.

💸 Top Funding Rounds

• Khazna closed $16 million in pre-Series B funding from investors to obtain a Digital Banking License in Egypt and expand into Saudi Arabia.

• Hakki Africa secured $12.7 million in funding to expand vehicle financing for Kenyan taxi drivers, leveraging alternative credit scoring to enhance financial inclusion.

• WafR raised $1.5 million in seed funding, backed by Kili Ventures and global investors, to expand its network of small merchants into financial hubs.

• Egypt-based Beltone Venture Capital invested in Morocco’s D2C eyewear startup LNKO to support its expansion across Africa.

• Baobab Network invested in IWOMI, which enhances African banking with digital solutions, targeting a $1.2 billion market opportunity.

💰️ Notable Exits

• Paycorp acquired Pilot Software to enhance payment solutions for the hospitality industry while allowing Pilot to operate independently, expanding its reach across Southern Africa, Eastern Europe, and the UK.

🏦 About Investors

• P1 Ventures closed a $50 million fund, allocating half to emerging tech hubs in North, West, and Central Africa beyond the continent’s biggest markets.

• Foundation Ventures secured the first close of its $25 million fund, FVFII, backed by EAEF, MSMEDA, and Onsi Sawiris.

• Saviu Ventures' second fund, Saviu II, reached a $25.79 million second close with backing from DGGF, Proparco, and AXIAN Investment.

• StarkWare launched a $4 million venture fund, led by Kheireddine Kamal, to back African blockchain startups on Starknet.

• MSMEDA and the Egyptian Private Equity and Venture Capital Association signed an MoU to enhance investor training and boost startup investments.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Khazna

Khazna, a digital financial services platform founded in 2020 by Omar Saleh, Ahmed Wagueeh, and Fatimah El Shenawy, has raised $16 million in a pre-Series B funding round. The round, led by investors including SANAD Fund, anb Seed Fund, and Speedinvest, will support Khazna's application for a digital banking license in Egypt and its expansion into Saudi Arabia as part of Vision 2030. With this capital, Khazna aims to continue enhancing financial inclusion for Egypt's underbanked population and broaden its reach across the MENA region.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

P1 Ventures

P1 Ventures, a Pan-African venture capital firm co-founded by Mikael Hajjar and Hisham Halbouny, has closed its first $50 million institutional fund to back AI, enterprise software, and fintech startups. With support from investors like Mohamed Mansour and the World Bank’s private investment arm, the firm is allocating half of the fund to emerging tech hubs in North, West, and Central Africa, particularly in French-speaking nations. P1 Ventures, which leverages AI to track and identify high-growth startups, has already backed companies like Morocco’s Nuitée, Algeria’s Yassir, and Ivory Coast’s Djamo.

🤑 Opportunity Radar

Call for Applications: Y Combinator Spring 2025

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