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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

• Trump’s executive order to shut down USAID halts crucial funding for African startups, cutting off over $100 million in grants that supported Kenyan ventures in healthcare, agriculture, and clean energy.

• Nigerian HR tech startup Bento Africa has temporarily shut down operations following the CEO’s resignation, layoffs, and payroll delays.

• President Bola Tinubu met with Google CEO Sundar Pichai in Paris to explore partnerships, aiming to position Nigeria as a global tech hub.

• Metro Africa Xpress laid off 150 employees as it shifts to exclusively financing EVs across Nigeria, Ghana, and Cameroon.

• Simon Madjie replaced Bernice Brempong as CEO of the Ghana Investment Promotion Centre, taking charge as Ghana seeks to boost foreign investment.

💸 Top Funding Rounds

• Raenest closed an $11 million Series A round led by QED Investors to expand its multi-currency financial services for freelancers and businesses.

• Affinity Africa raised an $8 million oversubscribed Seed Round led by Grazia Equity and BACKED VC to expand its digital banking services.

• Taager secured $6.75 million in a pre-Series B round led by Norrsken22 to expand its AI-driven social e-commerce platform across MENA.

• ToumAI raised $1 million in pre-seed funding led by Launch Africa Ventures to expand across key markets and enhance AI customer experience solutions.

• Madica invested $800,000 in four African startups including ToumAI across healthtech, e-mobility, and AI, expanding into North Africa.

💰️ Notable Exits

• Apis Partners fully exited its stake in Nigerian-based Baobab, with Beltone Capital acquiring a majority position.

• Envoy Global acquired IBN Immigration Solutions to expand its presence and strengthen corporate immigration services in Africa.

🏦 About Investors

• Orange Corners expanded to seven Egyptian governorates to support 130 startups in 2025, building on its success in empowering over 115 businesses.

• Egypt’s Alex Angels launched the Investor Value Tracker, a real-time digital tool that helps its 70+ investors track startup valuations and monitor returns.

📊 Investment Highlights

Ghana’s startup ecosystem has defied the odds in 2024, securing major investments despite Africa’s funding slowdown. From fintech disruptors like Fido and Zeepay to cleantech innovators like Kofa Technologies, these startups are driving growth in key sectors, including financial inclusion, clean energy, and agritech. With millions in funding fueling their expansion, they’re shaping the future of Ghana’s economy. Want to know which companies made the biggest moves? Delve into the full article to explore Ghana’s largest funding rounds of the year.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Raenest

Raenest, a Lagos-based fintech providing multi-currency accounts and cross-border payment solutions for African businesses and freelancers, has secured $11 million in Series A funding, bringing its total investment to $14.3 million. The round was led by QED Investors, with participation from Norrsken22, Ventures Platform Fund, P1 Ventures, and Seedstars Africa Ventures, supporting Raenest’s expansion into Egypt, Ghana, Kenya, and the U.S. Since its founding in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, Raenest has processed over $1 billion in payments and onboarded more than 700,000 users, offering global bank accounts, virtual and physical dollar cards, and streamlined transactions. With a competitive edge in serving both individuals and businesses, Raenest is integrating its services under a single brand while securing additional licenses to enhance its global reach.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Orange Corners

Orange Corners, an initiative by the Netherlands Ministry of Foreign Affairs supporting young entrepreneurs in Africa, Asia, and the Middle East, is expanding its programme to seven Egyptian governorates, including Luxor, Assiut, and Alexandria. In partnership with Egypt’s Ministry of Planning and Economic Development, the Ministry of International Cooperation, and private sector players like the Bank of Alexandria, the programme aims to assist 130 startups in 2025. Having already supported over 115 businesses—58% of which are female-led—across sectors like agriculture, waste management, and fintech, Orange Corners provides training, mentorship, funding, and networks to foster local innovation. This expansion strengthens its commitment to empowering entrepreneurs and driving sustainable economic development in Egypt.

🤑 Opportunity Radar

Call for Applications: Bayer Foundation Women Entrepreneurs Award

Apply for the Bayer Foundation Women Entrepreneurs Award 2025 by February 18, 2025, and take your impact-driven business to the next level. This award offers $25,000 in cash support, a fully sponsored trip to Istanbul, Türkiye, and a six-month accelerator program with expert mentorship and networking opportunities. Open to women entrepreneurs in Asia Pacific, Latin America, Africa, and the Middle East, the program supports startups addressing health and food security challenges with sustainable, scalable solutions. Don't miss this chance to gain global visibility and join a community of changemakers—start your application today!