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

• Flutterwave has appointed former Citi executive, Mitesh Popat, as its new CFO to drive financial performance and support the company's growth.

• African startups Cleva and Tappi have been featured in CB Insights' Future Tech Hotshots report as startups with high exit potential.

• BYD has entered Zambia via a partnership with PEM, rebranding it as BYD Zambia to expand its electric vehicle presence in the country.

• The Democratic Republic of Congo has canceled its $1.2 billion biometric ID project due to cost overruns and financial mismanagement concerns.

• ChitChat has partnered with Mastercard to launch virtual debit cards, allowing users to perform diverse transactions, manage funds, and conduct cross-border payments.

💸 Top Funding Rounds

• Fido, a digital lender in Ghana and Uganda, has raised $30 million in a Series B round led by BlueOrchard and FMO to expand its credit services for individuals and MSMEs.

• Kredete raised $2.25 million in seed funding led by Blockchain Founders Fund to enhance its financial services for African immigrants.

• Kenyan social commerce platform Chpter raised $1.2 million in a pre-seed round led by Ken Njoroge through PANI, to expand its AI-driven technology across Sub-Saharan Africa.

• Tunisia-based cleantech Wattnow closed a multi-million dollar funding round led by Lateral Frontiers and 216 Capital to support global expansion and technological development.

• Rwanda-based e-commerce platform Kasha secured equity investment from Sanofi Global Health Unit's Impact Investment Fund to support its expansion and enhance its healthcare product offerings across Africa.

💰️ Notable Exits

• Al Mada Venture CAP and CDG Invest SA are acquiring a majority stake in Dutch-Moroccan startup Userguest.

🏦 About Investors

• AgDevCo has raised $32 million from the FCDO to launch AgDevCo Ventures, focusing on early-stage agribusinesses in East Africa with investments of $1-3 million.

📈 Deep Dive Bites

Explore the dynamic angel investment landscape of Eastern Africa and discover how key networks are driving innovation and growth across the region. From Addis Ababa Angels to Zambia Business Angel Network, these angel investors are crucial in providing essential funding, mentorship, and strategic guidance to early-stage startups. Delve into the full article to uncover how these networks are transforming entrepreneurial ventures into success stories and fueling regional economic development.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Fido

Fido, a digital lender operating in Ghana and Uganda, has successfully raised $30 million in a Series B round. The funding was led by BlueOrchard and FMO, with additional debt support from Stanbic Bank Ghana and Global Infrastructure Partners. This capital injection aims to expand Fido's credit services for individuals and MSMEs across East and Southern Africa. Founded in 2015 by Nadav Topolski, Tomer Edry, and Nir Zepkowitz, Fido originally focused on mobile phone-based loans but has since diversified into savings, bill payments, and smartphone financing.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

AgDevCo

AgDevCo, a specialist investor in African agriculture, has raised $32 million from the UK’s Foreign, Commonwealth, and Development Office (FCDO) to launch AgDevCo Ventures. This new initiative will focus on early-stage agribusinesses in East Africa, providing investments ranging from $1 million to $3 million. AgDevCo Ventures aims to support the “missing middle” of small and medium agribusinesses often overlooked by private investors. Established in 2009, AgDevCo has invested $280 million in over 65 agribusinesses across Africa, with a current capital pool of $170 million for investments in countries like Tanzania, Mozambique, and Ghana.

🤑 Opportunity Radar

START Fellowship Accelerator

Apply to the START Fellowship Accelerator in Switzerland by September 14th, 2024, to elevate your startup journey. This unique 3.5-month program is designed for young founders from Latin America and Africa, offering immersive experiences in the European startup ecosystem. Benefit from mentorship by industry experts, interactive workshops, pitch opportunities, and potential equity-free funding. Gain invaluable insights from successful founders, connect with key stakeholders, and deepen your knowledge in specialized deep dive sessions. Apply now to secure your spot in this transformative accelerator, beginning in February 2025, and propel your startup towards exponential growth.