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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

• 🏦 About Investors

• 📈 Deep Dive Bites

• 🤝 Diversity Spotlight

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• The AFDB has approved a $10.5 million loan to Comoros to build and operate a new data center.

• Kenya introduces a Digital Nomad Work Permit and ETA to boost tourism, allowing remote workers and transit visitors to stay longer.

• Fincra has secured a Third Party Payment Provider license in South Africa, enabling it to offer innovative payment solutions to local businesses.

• Kenya’s competition authority fined Mogo Kenya $84,120 for misleading customers by altering loan terms without notice.

• YC-backed Nigerian startup Vendease will lay off 20% of its workforce as part of a restructuring plan after a thorough evaluation led by its new CFO.

💸 Top Funding Rounds

• Zepz raised $267 million from investors like Accel and IFC to expand its digital remittance services in Africa and beyond.

• Winich Farms secured $3 million in a pre-series A funding round led by Acumen Resilient Agriculture Fund to improve logistics and financial services for rural farmers in Nigeria.

• Scale secured $700,000 in pre-seed funding led by 54 Collective and First Circle Capital to enhance card issuing and payment solutions across Africa.

• South African Littlefish has secured investment from TLcom Capital to enhance financial services for Africa’s 80 million SMEs.

• Nigerian edtech platform Dexude secured Business Finland TEMPO funding to enhance access to education.

💰️ Notable Exits

• Lesaka Technologies finalized its $96 million acquisition of Adumo, significantly boosting its operational scale to serve 1.7 million consumers and 120,000 merchants.

🏦 About Investors

• South Africa launched a $15.6 million Seed Fund of Funds to support at least 50 early-stage tech startups, addressing funding gaps and driving innovation and economic growth.

• Ennovate Ventures launched TheNextFund 3.0, a microfund to support early-stage African startups with mentorship, funding, and networking.

• Nigeria launched a $1.5 million AI fund with backing from Luminate to accelerate AI development and support startups.

• Bokra and CIC launched a $207,000 fund to support Egyptian students' entrepreneurship through mentorship, courses, and funding.

📈 Deep Dive Bites

Uncover Egypt's thriving startup ecosystem through its diverse incubators and accelerators. From university-led initiatives to corporate-backed programs, these organizations are fostering innovation across sectors like fintech, agritech, and social entrepreneurship. Explore the full article to discover how programs such as AUC Venture Lab, Falak Startups, and TIEC offer tailored support, mentorship, and funding, driving economic growth and nurturing Egypt's next generation of entrepreneurs.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Zepz

Zepz, the global digital remittance company formerly known as WorldRemit, has secured $267 million in a new funding round led by venture capital firm Accel, with participation from both existing and new investors including the International Finance Corporation (IFC). Founded in 2010 by Somali-born Ismail Ahmed to offer affordable cross-border money transfers, the company has grown significantly, acquiring Sendwave in 2021 and rebranding as Zepz. This latest investment aims to fuel Zepz's expansion in Africa and other key markets, with the company prioritizing growth and profitability over immediate IPO plans.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Ennovate Ventures

Tanzanian venture capital firm Ennovate Ventures has launched TheNextFund 3.0, a microfund supporting early-stage African startups across technology, agriculture, energy, and social impact sectors. Founded in 2018, Ennovate aims to invest in innovative founders addressing Africa's pressing challenges. The fund offers mentorship, funding, and networking opportunities to revenue-generating startups, focusing on underrepresented tech founders. Through collaborations with companies and development organizations, Ennovate designs entrepreneurship programs to foster sustainable development, job creation, and improved livelihoods across Africa.

🤑 Opportunity Radar

Techstars Anywhere Accelerator

Apply to the Techstars Anywhere Accelerator by May 22nd, 2024, to elevate your startup from anywhere in the world. This innovative remote-first program, designed for companies across various industries, offers access to top-tier mentorship, funding of up to $120,000, and a worldwide network of investors. With three in-person meetups throughout the Americas, you'll gain valuable insights and connections to help you succeed. The accelerator kicks off on September 9th, 2024, and culminates in a Demo Day on December 5th, 2024. Don’t miss this opportunity to join a dynamic community of entrepreneurs and accelerate your business journey.