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

• The Bank of Uganda granted two licenses to major African fintech startups: a Payment Systems Operator license to Flutterwave and an International Money Transfer Operator license to Nala.

• Spleet removed CEO Adetola Adesanmi after an audit revealed allegations of misappropriating $1.5 million and misleading investors, with Daniela Ajala, the COO, now leading the company.

• Meta is facing scrutiny from South Africa’s Information Regulator after refusing to disclose its election management strategies.

• The African Development Bank, Oze, and Dare to Innovate are launching a virtual training program for over 4,500 entrepreneurs across Ghana, Guinea, and the Benin Republic.

• Binance CEO Richard Teng is urging Nigerian authorities to release executive Tigran Gambaryan while also seeking U.S. intervention to declare Gambaryan unlawfully detained.

💸 Top Funding Rounds

• South African startup Omnisient, specializing in privacy-preserving data collaboration, has secured $7.5 million in Series A funding from Arise to expand globally.

• Rwandan electric motorcycle startup Ampersand secured $2 million in a Series A extension from AHL Venture Partners and Everstrong Capital to fund its expansion into other East African countries.

• Kenya's Sukhiba raised $1.55 million in a seed extension round led by EQ2 Ventures to enhance its WhatsApp-based e-commerce and CRM platform, aiming to expand across Africa and emerging markets.

• Rubyx has received a €400,000 ($442.15K) loan from Proparco via the Bridge by Digital Africa facility to expand its algorithmic loan services for startups and microfinance institutions in Africa.

💰️ Notable Exits

• Wasoko and MaxAB have merged to form Africa's largest B2B tech platform, integrating 450,000 merchants and 65 million consumers into a multi-vertical ecosystem.

🏦 About Investors

• Ventures Platform published its 2023 impact report claiming having achieved returns on four out of six investment cohorts, deploying $19.6 million of its $46 million fund into pre-seed and seed-stage startups across Africa.

📈 Deep Dive Bites

Uncover the key APAC investors fueling Africa's startup revolution. From tech innovators to impactful health solutions, these investors are shaping the continent's future. Delve into the full article to explore the leaders, their strategic investments, and their notable portfolio companies in the continent.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Omnisient

South African startup Omnisient, founded in December 2019, has secured $7.5 million in Series A funding from Arise. Specializing in privacy-preserving data collaboration, Omnisient's platform enables secure collaboration and insights extraction without compromising consumer privacy. This investment will support Omnisient's global expansion into markets across Africa, the UK, the US, and the Middle East, further advancing its mission to protect consumer data while driving commercial insights.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Ventures Platform

Ventures Platform, a leading African venture capital firm, invests early in mission-driven startups across the continent. After closing a $46 million fund in 2022, it has allocated $19.6 million to pre-seed and seed-stage companies, with a small portion going to pre-Series A startups. The firm targets startups addressing critical issues for low-income populations, with a strong emphasis on fintech and the Big 4 countries.

🤑 Opportunity Radar

500 Global - Flagship Accelerator

Apply to 500 Global’s Flagship Accelerator in Silicon Valley by October 11, 2024, to propel your startup to new heights. This renowned program offers seed investment of $150,000 and access to a comprehensive four-month curriculum designed to accelerate growth and scaling. Hosted at 500 Global’s headquarters in Palo Alto, California, the accelerator provides invaluable resources, including guidance from over 4,000 founders and 400 mentors, hands-on support with business strategy, and connections to a vast global network. Don’t miss the chance to be part of a program that has shaped successful startups for over a decade. Apply today and elevate your startup with 500 Global.