Startup Researcher - Africa: Week 26, 2024

Hello there,

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 🌍

If you haven't subscribed yet, now's the perfect time. Don't miss the opportunity to supercharge your understanding and stay ahead in this dynamic world.

Let's delve into the core sections of our weekly newsletter:

• 📰 Important News

• 💸 Top Funding Rounds

• 💰️ Notable Exits

• 📈 Deep Dive Bites

• 🚀 Startup Of the Week

• 🤑 Opportunity Radar

📰 Important News

• Andela has enhanced its Andela Talent Cloud (ATC) platform with playback of candidates’ technical coding tests, aiming to improve hiring decisions.

• Kibo, an online school that offers several STEM degree programs for students in Africa, is shutting down after raising a $2 million seed round in 2022.
  

• The Ghana Cybersecurity Authority (GCA) issued a press release listing lending apps, including Bezo Money, as "predatory" and non-compliant with Bank of Ghana rules.
  

• Three months after discontinuing Barter, Flutterwave is reducing its workforce by approximately 30 employees, representing about 3% of its total staff.
  

• President Ramaphosa signed the amended National Transport Act, empowering Transport Minister Sindisiwe Chikunga to set ride-hailing prices, ending a 13-year wait for it to be adjusted to accommodate e-hailing services.

💸 Top Funding Rounds

• Egyptian fintech Connect Money raised $8 million in a Seed funding round led by Disruptech Ventures and Algebra Ventures to launch five new business verticals that will be announced separately in North African markets.
  

• Kenyan software company Workpay, specializing in Payroll, Benefits, and Compliance solutions, raised $8.8 million in a recent venture round.

💰️ Notable Exits

• Moroccan pharmaceutical group Laprophan announced its acquisition of Botanic Pharma, a company specializing in natural dietary supplements. This acquisition strengthens Laprophan's product portfolio, particularly in European and African markets.

📈 Deep Dive Bites

Explore the driving forces behind South Africa's thriving startup ecosystem. Discover the top Startup Investors, their key investments, and how they are shaping the future of innovation. Check out the full article to read more about these influential players and their impact on the entrepreneurial landscape.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Connect Money

Connect Money, founded in 2023 by Ayman Essawy, is an Egyptian fintech startup specializing in offering payment cards and digital payment solutions. The company provides a white-label card service, enabling businesses to issue debit and credit cards to their clients without needing a regulatory license. Recently, Connect Money raised $8 million in a Seed funding round led by Disruptech Ventures and Algebra Ventures to expand into five new business verticals that will be announced separately in North African markets.

🤑 Opportunity Radar

Banque Misr - TEQDAR

Banque Misr launched the third edition of its "Teqdar" program, offering startups technical, investment, and marketing support, including up to $125,000 in financing and access to a customer base of over 15 million. The program is open to fintech or fintech-enabled startups at the pre-seed or seed stage that have previously received funding and cater to the Egyptian market. Founders must commit to the program for six months. Applications for the program are open until July 4.