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

• Morocco has launched the Digital Morocco 2030 strategy with a budget of $1.1 billion aimed at boosting digital transformation and improving its global digital governance ranking through investment in tech and startups.

• Safaricom, alongside Apeiro Ltd and Konvergenz Network Solutions, is investing over $800 million to digitize Kenya's healthcare.

• The U.S. Embassy in Tanzania announced Jamiii Forums, Smart Foundry Ltd., and The Launchpad Tanzania winners of the U.S.-Tanzania Tech Challenge.

• Egypt's Entrepreneur Awards 2024 celebrated 15 innovative startups to propel the country's entrepreneurial ecosystem towards sustainable growth.

• NBA Africa's “Triple-Double Accelerator" awarded prizes and mentorship to four startups, with Tix Africa winning the top prize.

💸 Top Funding Rounds

• Zeno has raised $9.5 million from Lowercarbon Capital and Toyota Ventures to launch its affordable electric motorbikes with swappable battery technology.

• Kofa Technologies and PASH Global are expanding Kofa's battery-swapping network in Ghana with a £8.23 million investment.

• Yellow Malawi raised $2 million from Acumen to enhance energy access for 182,000 people in Malawi through solar home systems.

• Nigerian EdTech startup Tespire has secured pre-seed funding to enhance educational access and efficiency.

• Egyptian Logistics Startup Fincart obtained an investment from government-backed Falak Startups.

🏦 About Investors

• FSDAi Nyala Facility has invested $1 million in First Circle Capital, a female-led African venture capital firm focused on early-stage fintech innovation.

• The Egyptian Financial Regulatory Authority has approved Catalyst Partners Middle East as Egypt's first SPAC-focused venture capital firm.

• Next Narrative Africa and HEVA Fund have launched a $40 million fund to empower content creators and stimulate the continent's creative economy.

• Nahdet Misr’s EdVentures has added eight new ed-tech startups to its portfolio and has been chosen to manage Egypt's digital innovation hubs.

📈 Deep Dive Bites

Explore the emerging angel investment landscape across Central Africa, where key networks are empowering startups with both funding and mentorship. From Cameroon to the Democratic Republic of Congo, these angel investors are playing a crucial role in driving innovation in sectors like technology, agriculture, and clean energy. Delve into the article to discover the key players behind Central Africa's startup ecosystem and their impact on economic growth.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Zeno

Zeno is an innovative electric mobility startup founded in 2022 by Michael Spencer, a Tesla alumnus, with a mission to transform transportation and energy solutions in East Africa. The company is focused on creating affordable electric motorbikes equipped with swappable battery technology, addressing the region’s growing need for sustainable and efficient transportation. By offering an eco-friendly alternative to traditional fuel-powered vehicles, Zeno aims to reduce emissions and enhance energy access in underserved areas.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

First Circle Capital

First Circle Capital, a female-led venture capital firm focused on early-stage fintech innovation in Africa, has secured a $1 million investment from FSDAi Nyala Facility. This investment will support First Circle Capital’s mission to back Pre-Seed and Seed stage fintech startups across the continent, helping drive financial technology and innovation. Established in 2021 by Selma Ribica and Agnes Aistleitner Kisuule, the firm is dedicated to empowering founders shaping Africa's future through fintech.

🤑 Opportunity Radar

Mest Africa Challenge 2024

Apply to the 2024 MEST Africa Challenge by October 4th, 2024, for a chance to scale your agri-tech startup with $50,000 in equity, global visibility, and lifetime support from MEST's thriving community. Open to early-stage agri-tech startups operating in West Africa, MAC offers the opportunity to pitch in front of investors, partners, and key stakeholders across the continent. If your startup has at least $5k in monthly recurring revenue, under $1 million in funding, and is less than three years old, this is your chance to drive growth and innovation.