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

• 🏦 About Investors

• 📈 Deep Dive Bites

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• South African solar firm Hohm Energy, which raised $8 million earlier this year, has entered business rescue due to cash flow and debt issues, with layoffs and leadership changes during its three-month rescue process.

• Ecobank has announced the finalists for the 2024 Ecobank Fintech Challenge, with 12 innovative fintechs competing for a $50,000 prize at the Grand Finale next month.

• South Africa's government has published its national AI policy framework, seeking feedback from stakeholders to shape future AI regulations.

• The Bank of Ghana released draft guidelines for regulating digital assets, requiring exchanges to seek authorization and addressing key risks; public feedback is open until August 31, 2024.

• TikTok has laid off over half of its African team, impacting employees in South Africa and Nigeria, as part of a broader global restructuring effort.

💸 Top Funding Rounds

• Jumia raised $99.6 million through a secondary sale of 20.2 million American depositary shares to strengthen its balance sheet and support its growth toward profitability.

• Ghanaian fintech Fido raised $10 million from FMO’s MASSIF Fund in its Series B round to expand its loan services in Ghana and Uganda.

• South African software company Open Access Energy raised $750,000 in seed funding from Factor E Ventures, marking the first part of a potential $1.5 million seed round.

• Nigerian fintech Kredete raised undisclosed funding from Launch Africa Ventures to enhance its AI-driven digital lending platform for African immigrants.

• Tunisian startup Wattnow secured undisclosed funding from Lateral Frontiers VC to enhance its smart energy systems.

💰️ Notable Exits

• Kenyan automaker Mobius Motors, which recently announced plans to shut down, is set to be acquired by an undisclosed buyer, with the deal expected to close within a month.

• Syspro, a South African ERP software firm, was sold to Advent International, with founder Phil Duff retiring and Mike Ettling becoming the new chairman.

🏦 About Investors

• The African Development Bank Group is investing $10 million in the KawiSafi II Fund to support climate-focused projects in sub-Saharan Africa, targeting energy transition, productivity, and sustainable development.

📈 Deep Dive Bites

Discover how North Africa's leading angel networks are fueling the region's entrepreneurial growth. These networks go beyond financial investment, offering essential mentorship, expertise, and connections that drive innovation and economic development. They are key players in shaping the future of the startup ecosystem across North Africa.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Open Access Energy

Open Access Energy (OAE), a South African software company founded in 2011 and led by Gerjo Hoffman, recently raised $750,000 in seed funding from Factor E Ventures, as part of a potential $1.5 million seed round. OAE is South Africa's first multilateral wheeling platform, designed to automate the matching of energy generation and consumption loads, enabling efficient and accurate private energy transactions for energy wheelers, including traders, independent power producers (IPPs), municipalities, and utilities. The company’s mission is to ensure equitable access to affordable energy for all South Africans, supported by their software solutions, Amptera and Energypro, which streamline smart meter management and multilateral wheeling transactions, respectively.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Kawisafi Ventures

KawiSafi Ventures, a venture capital fund founded in 2016 and led by Amar Inamdar, focuses on investing in companies that provide clean, affordable, and efficient renewable energy solutions to off-grid populations in East Africa. With 2 funds and 11 investments, KawiSafi's portfolio companies have impacted 153.53 million lives, provided clean energy access to 30.71 million households, and averted 35.46 million tons of CO2 emissions.

The African Development Bank Group (AfDB) recently approved a $10 million junior equity investment in the KawiSafi II Fund, sourced from the Sustainable Energy Fund for Africa (SEFA), to support climate-focused projects in sub-Saharan Africa.

🤑 Opportunity Radar

Open Startup - Grow

Apply to the GROW Pan-African Investment Readiness Program by August 31st, 2024, and elevate your startup to new heights. This 12-month online program is crafted for advanced startups across Africa that have raised up to $350K and are aiming to secure their first $1M in funding. With the support of renowned partners like AfricaGrow, BPI France, Go Ventures, and Africinvest Group, GROW offers personalized workshops, mentorship, investor access, and regional exposure to help you expand your business into new markets. Don’t miss this chance to join a dynamic and diverse startup community dedicated to driving growth across the continent.