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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

• Meta has launched its AI chatbot, Meta AI, in the MENA region with Arabic language support, offering text and image generation across all platforms.

• Flutterwave secured a Payment System License in Zambia to offer secure mobile money services.

• Instabug appointed Jim Douglas as CEO while co-founder Omar Gabr is transitioning to President, as the company advances its platform for app developers.

• Sendstack co-founder Ifeoma Nwobu has stepped down as the startup undergoes its second pivot in five months.

• Nigerian edtech startup Edukoya has shut down after three years, citing market readiness challenges, connectivity issues, and limited device access.

💸 Top Funding Rounds

• Tasaheel, a subsidiary of MNT-Halan, secured a $138 million Modaraba sukuk issuance to expand financial access for underserved businesses in Egypt.

• SolarAfrica has raised $98 million from Investec and RMB to launch the first 144 MW phase of its 1 GW SunCentral solar project in South Africa.

• Gozem closed a $30 million Series B round, led by SAS Shipping Agencies Services and Al Mada Ventures, to expand its super app for drivers.

• Fawry invested $1.6 million in Egyptian fintech firms Dirac Systems, Virtual CFO, and Code Zone to expand its business solutions ecosystem.

• Ghanaian fintech Oze secured funding from Visa, DEG, and others to scale its AI-powered Lending Management System.

💰️ Notable Exits

• Prosus is acquiring Just Eat Takeaway.com for $4.27 billion in an all-cash deal, aiming to expand its global food delivery footprint.

• Motorola Solutions has acquired South Africa-founded RapidDeploy to integrate its NG911 technology into VESTA platforms.

• Egypt-based fintech Basata increased its stake in Jordan’s MadfoatCom to 25%, strengthening financial inclusion and expanding payment solutions.

🏦 About Investors

• UM6P Ventures, the investment fund of Mohammed VI Polytechnic University, has increased its capital by $11.53 million to reach $27.87 million.

• Village Capital, FMO, and RVO have launched the $4 million Africa Ecosystem Catalysts Facility to support early-stage, impact-driven companies.

• INNOVX launched Athar Investment Fund to drive sustainable agriculture in Africa, focusing on agribusiness, infrastructure, and resilience.

• 54 Collective will shut down its venture studio in Africa after its partnership with the Mastercard Foundation ends in April 2025.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Gozem

Founded in 2018 by Gregory Costamagna and Raphael Dana, Gozem is a leading super app in Francophone Africa, offering ride-hailing, e-commerce, and fintech services across Togo, Benin, Gabon, and Cameroon. The company has secured $30 million in Series B funding, led by SAS Shipping Agencies Services and Al Mada Ventures, to scale its vehicle financing and digital banking ecosystem. With an equal mix of equity and debt, the investment will support Gozem’s mission to enhance financial inclusion and mobility solutions, enabling the leasing of over 200,000 vehicles in the next three years and expanding fintech services through Gozem Money.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

UM6P Ventures

UM6P Ventures, the investment fund of Mohammed VI Polytechnic University, has increased its capital by $11.53 million, bringing its total to $27.87 million, to accelerate scientific innovation and entrepreneurship in Morocco and Africa. Led by Yassine Laghzioui and focused on deeptech, AI, agritech, and digital transformation, the fund aims to position Morocco as a leading tech hub by financing high-potential startups and strengthening synergies between research and industry. This strategic move not only boosts local and continental innovation but also enhances UM6P Ventures' appeal to international investors, reinforcing its influence in the competitive African venture landscape.

🤑 Opportunity Radar

Call for Applications: Future Positive Challenge

Apply for the Future Positive Challenge by March 24th, 2025, to showcase your sustainability-driven innovations in the consumer electronics industry. This initiative, powered by Logitech, invites visionary companies, startups, and engineers to present groundbreaking solutions in areas such as battery technology, printed circuits, materials, sustainable manufacturing, and waste management. Benefit from a unique opportunity to pitch your ideas to Logitech executives, collaborate with business units, and engage in proof-of-concept discussions. Submit your application early by March 3rd and join a community dedicated to shaping a sustainable future for the electronics industry.