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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 🌍

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

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• Twiga Foods laid off 59 employees as part of its restructuring efforts, following a previous round of 283 layoffs in August 2023.

• Nigeria's SEC announced its plans to license virtual asset providers, including cryptocurrencies, aiming to regulate and safeguard investor interests while preventing currency manipulation.

• AfriLabs has added 18 new member hubs across Africa, including its first in Stellenbosch, South Africa, enhancing its presence in all regions of the continent.

• Andela has appointed Uber's ex-global head of driver and courier operations Carrol Chang as its new CEO, succeeding co-founder Jeremy Johnson, who will remain on the board.

• Flutterwave announced that Nigerian merchants can now accept American Express payments, with plans to expand this service to other African countries.

💸 Top Funding Rounds

• US-based fintech Waza raised $8 million in funding, $3 million in equity, and $5 million in debt to expand its B2B payment and liquidity solutions across Africa.

• Kenyan HRtech startup Workpay raised $5 million in Series A funding led by Norrsken22, with new participation from Visa and Plug and Play, to expand its cloud-based HR solutions across Africa.

• NoorNation, an Egyptian climate tech startup, has received an investment from KBW Ventures to expand its solar-powered energy and water solutions across Egypt and Sub-Saharan Africa, marking KBW Ventures' first investment in the African country.

💰️ Notable Exits

• Nigerian edtech startup Quizac, which recently announced its shutdown, has been acquired by Tekedia Capital, which will integrate it into its ecosystem to enhance educational offerings.

📈 Deep Dive Bites

Uncover how angel investment networks are fueling entrepreneurship in Southern Africa, offering not just capital but also invaluable mentorship and connections. From Botswana to Namibia, discover the key players driving innovation and supporting early-stage startups.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Workpay

Kenyan HRtech startup Workpay has raised $5 million in Series A funding, led by Norrsken22, with new participation from Visa and Plug and Play. This funding marks a significant step in Workpay's mission to expand its cloud-based HR, payroll, and employee benefits solutions across Africa. Founded in 2017 by Paul Kimani and Jackson Kungu, Workpay has rapidly grown, doubling its revenue annually and serving over 1,000 companies in 20 African countries. The startup's comprehensive platform is tailored to meet the HR needs of businesses with employees across the continent, and this latest capital injection will support further expansion and service enhancement.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Norrsken22

Norrsken22, a technology growth fund backed by prominent unicorn founders, has led a $5 million Series A funding round for Kenyan HRtech startup Workpay. Norrsken22, established by five individuals with extensive experience in venture capital and private equity, announced the close of its debut fund at $205 million last November. With its roots in Kenya, Nigeria, and South Africa, the fund focuses on scaling tech-enabled business models to drive growth in Africa's tech ecosystem by leveraging its extensive experience and network, including founders of companies like Flutterwave and Klarna.

🤑 Opportunity Radar

SDG Innovation Challenge 2024

Apply for the SDG Innovation Challenge 2024 by August 31st to harness your potential for sustainable impact across Africa. This pan-African virtual event, running from September 12th to 14th, invites youth-led teams (ages 16-35) to develop innovative solutions aligned with the Sustainable Development Goals. Join the SDG Innovation Challenge to connect with a network of change-makers and make a meaningful difference in your community.