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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 🌍

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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

• Moove is expanding into the U.S. with plans to reach profitability by 2025 while primarily focusing on electric vehicle financing.

• Flutterwave has launched its remittance service Send App in Malawi, enabling convenient money transfers for residents and diasporans with full bank coverage.

• MEST Africa launched a docuseries highlighting Ghana's agritech innovations, featuring key industry players.

• Ghana's Securities and Exchange Commission has granted Chipper Cash a broker-dealer licence allowing the fintech to broker securities in the Ghanaian market.

• Kenya's Safaricom has been granted a Payment Facilitator Certificate by Visa, enhancing its payment solutions for merchants by introducing card payments through Visa's CyberSource.

💸 Top Funding Rounds

• Egypt-based fintech Paymob has successfully raised a $22 million Series B extension, led by EBRD Venture Capital, to enhance its digital payment solutions and expand its operations across the MENA region.

• Nigerian healthtech company Field has secured $11 million from the Gates Foundation to tackle maternal mortality in Africa.

• South African calling app Talk360 has raised $1.4 million in pre-Series A funding to expand its user base to seven million by 2025.

• Userguest has secured €2.2 million ($2.44M) in seed funding led by Al Mada Ventures and CDG Invest, aiming for rapid global growth.

• Moroccan startup Kwiks has raised approximately $820,000 from Azur Innovation Management to enhance its AI-driven recruitment solutions.

💰️ Notable Exits

• Lesaka Technologies is set to finalize its $85 million acquisition of fintech startup Adumo in October 2024, expanding its services into multiple Southern African markets and reaching 1.7 million customers.

• Entlaq has purchased a stake in Brotinni, a foodtech startup specializing in online meat and poultry sales.

• Nigerian fintech Rise has acquired Kenyan investment startup Hisa, retaining its brand and staff post-acquisition.

🏦 About Investors

• Acasia Group, a leading player in the Middle East and Africa's startup ecosystem, has been acquired by U.S.-based Sultan Ventures.

• AlBaraka Capital and INVIA have partnered to create Egypt's first Sharia-compliant Revenue Based Finance Fund aimed at supporting manufacturing small businesses.

• Launch Africa Ventures has launched the Mezzanine Impact Fund to provide tailored growth capital for tech companies in Africa and the GCC, focusing on innovation, ESG principles, and sustainable development.

📈 Deep Dive Bites

Explore the dynamic landscape of African innovation with TechCrunch's Startup Battlefield 200 for 2024. Eight groundbreaking startups from across the continent are set to showcase their transformative solutions in sectors like healthcare, fintech, and blockchain. Dive into the full article to see how these African innovators are shaping the future and discover more about their impactful solutions.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Paymob

Egypt-based fintech Paymob has raised $22 million in a Series B extension, bringing its total Series B funding to $72 million. EBRD Venture Capital led the round with contributions from Endeavor Catalyst and existing investors such as PayPal Ventures, British International Investment, and others. This new capital will aid Paymob in expanding its digital payment solutions across the MENA region, emphasizing profitability and rapid growth. Founded in 2015, Paymob offers an omnichannel payment gateway supporting over 50 payment methods, evolving from its initial focus on digital wallets to becoming a leading fintech player in the region.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Launch Africa Ventures

Launch Africa Ventures has introduced the Mezzanine Impact Fund to provide tailored growth capital to tech companies in Africa and the GCC. Under the leadership of Anthony Moore, this fund will support innovation and sustainable development, focusing on opportunities for mergers and acquisitions, management buyouts, and market expansion. The fund aims to enhance the growth of technology companies across the regions. Founded in July 2020, Launch Africa Ventures is Africa’s most active venture capital firm dedicated to bridging the funding gap for early-stage startups on the continent.

🤑 Opportunity Radar

Alchemist Accelerator

The Alchemist Accelerator is accepting applications for its next program cycle, with a deadline of October 11th, 2024. This six-month accelerator is tailored for early-stage startups that focus on enterprise solutions, offering a structured path to growth through mentorship, access to early adopters, and a global network of investors and experts. With hubs in San Francisco, Tokyo, Memphis, and Munich, Alchemist provides diverse resources to support startups across different regions. The program includes seed funding, strategic guidance, and opportunities for visibility at industry conferences.