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- Startup Researcher - Africa: Week 30, 2024
Startup Researcher - Africa: Week 30, 2024
July 22nd - July 28th
Hello there,
Welcome to another edition of ๐ Startup Researcher - Africa, your essential digest delivering the latest news and premium insights on startups and venture capital across the region ๐
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Let's delve into the core sections of our weekly newsletter:
๐ฐ Important News
๐ธ Top Funding Rounds
๐ฐ๏ธ Notable Exits
๐ฆ About Investors
๐ Deep Dive Bites
๐ Startup Of the Week
๐ผ Investor of the Week
๐ค Opportunity Radar
๐ฐ Important News
US-based Mercury Bank will stop supporting users from 15 African countries, including Nigeria, by August 22, 2024, affecting many African startups reliant on its services.
MNT-Halan, Egyptโs top fintech, is expanding into Turkey by acquiring Tam Finans, a major commercial finance company with a $300 million loan book, from Actera Group and the EBRD.
Shell Egypt, in partnership with Flat6Labs, has relaunched its Intilaaqah program to support over 1,000 young entrepreneurs yearly through matchmaking and incubation.
Nigeria has unveiled a strategy to boost Africaโs digital trade, focusing on the AfCFTA Digital Trade Protocol, technical talent hubs, and enhanced digital infrastructure.
Tracey Turner is launching a new Kenyan eCommerce startup for household items, just two months after Copia Globalโs administration; former Copia CEO Tim Steel is rumored to join, with three investors already secured.
๐ธ Top Funding Rounds
Egyptโs MNT-Halan has secured $157.5 million in funding, including $40 million from the IFC, with additional contributions from DPI, Lorax Capital Partners, Apis Partners, Lunate, and GB Corp.
Intron Health has raised $1.6M in pre-seed funding for its clinical speech recognition technology, led by Microtraction.
South African climate-tech startup Plentify has closed an oversubscribed funding round with top African and North American investors to accelerate its growth and begin international expansion.
Sycamore won the $100,000 NSIA Prize for Innovation, with Kunda Kids and PaveHQ taking $70,000 and $50,000 respectively, totaling $220,000 in prizes for the top three startups.
๐ฐ๏ธ Notable Exits
After initially entering the African market through South Africa in 2022, Ticketmaster is continuing its expansion in the continent through the acquisition of Kenyaโs Quicket.
South African digital payments provider Peach Payments has acquired customer software firm Operativa, marking its first deal since securing $31 million in funding from Apis Growth Fund II last year.
Risevest is in talks to acquire Kenyan fintech Hisa, aiming to expand into Kenya's market and simplify regulatory requirements by leveraging Hisa's existing licenses.
๐ฆ About Investors
Last week, Launch Africa revealed its Q1 2024 investment in Shiprazor, an aggregator platform focused on e-commerce logistics in Kenya and South Africa.
๐ Deep Dive Bites
Explore the rising trend of Middle Eastern venture capital firms investing in African startups. This comprehensive guide profiles 20 key investors from Dubai to Riyadh who are bridging the MENA-Africa investment gap, providing details such as the number of investments in African startups, their leadership teams, and notable African portfolio companies.
๐ Startup Of the Week
Introducing our Startup of the Week ๐
MNT-Halan
MNT-Halan, Egypt's largest fintech and unicorn, recently secured $157.5 million in funding. The company has also acquired Tam Finans, a leading Turkish commercial finance company with a loan book exceeding $300 million. This acquisition marks MNT-Halan's entry into the Turkish market, allowing it to introduce its innovative digital financial solutions beyond Egypt's borders. Founded in 2017, the company offers a wide range of financial and non-financial services, focusing on enhancing financial inclusion in Egypt. These services span from lending and e-commerce to payments and logistics.
๐ผ Investor of the Week
Introducing our Investor of the Week ๐
Microtraction
Microtraction is an early-stage venture capital firm that invests in African startups at the pre-seed stage, focusing on high-growth, technology-driven businesses across various sectors. The firm typically invests $100,000 in startups with a validated market demand and a minimum viable product, often led by technical founders. Microtraction plays a key role in developing Africa's tech ecosystem, with recent investments including a $1.6 million pre-seed round for Intron Health, a health tech company creating speech recognition technology for diverse accents.
๐ค Opportunity Radar
Apply to the Antler program in Nairobi by Aug 26, 2024, to ignite your entrepreneurial journey. As a day zero investor, Antler supports driven founders in Kenyaโs dynamic startup ecosystem. This full-time, in-person program is designed for individuals with strong business and technical backgrounds eager to launch impactful companies addressing significant challenges in Africa. At Antler, you'll connect with co-founders, validate your ideas, and secure capital to supercharge your startupโs growth. Start your Antler journey today and become part of a global network of innovators shaping the future.
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๐ Startup Researcher - Europe: Stay updated on Europe's innovation scene, featuring insights into groundbreaking startups, investment trends, and entrepreneurial developments.
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