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

• 🤝 Diversity Spotlight

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• Jumia will cease operations in South Africa and Tunisia by the end of 2024, citing limited growth due to competition and macroeconomic conditions.

• Mohamed Ben Halim, MaxAB's co-founder and COO, has left the company just two months after its merger with Wasoko.

• The South African Artificial Intelligence Association has filed a complaint claiming LinkedIn used local users' data to train AI models without consent.

• JP Morgan Chase & Co. has secured a banking license in Kenya as part of its strategy to expand into emerging markets.

• Former CEO of 54gene, Abasi Ene-Obong, addressed rumors surrounding his resignation and revealed personal struggles in a Medium post.

💸 Top Funding Rounds

• Yellow Card Financial has raised $33 million in Series C funding to expand its digital asset services across 20 African countries.

• Sistema.bio has raised $15 million in funding to expand its biogas technology with plans to empower one million farmers by 2025.

• Kenyan climate tech Octavia Carbon has raised $5 million to scale its Direct Air Capture technology.

• Lapaire has raised $2.5 million from AfricInvest and Proparco to improve access to affordable eyewear in six African countries.

• Rabbit Mobility, an electric scooter startup in Egypt, has raised $1.3 million to expand its fleet and enhance micro-mobility services across North Africa.

🏦 About Investors

• Egypt's DisrupTech is planning to launch a $70 million investment fund in 2026 to support startups, following its previous fund focused on fintech, which has invested in various companies like Bank in a Box and Khazna.

• The International Finance Corporation has invested $25 million in Acumen's $200 million Hardest-to-Reach Fund aimed at improving energy access for underserved regions in Sub-Saharan Africa.

📈 Deep Dive Bites

Explore Nigeria's thriving startup ecosystem through its top incubators and accelerators. From Accelerate Africa to Wennovation Hub, discover how these organizations are empowering entrepreneurs with resources, mentorship, and funding. Delve into the full article to uncover how these initiatives are shaping Nigeria's entrepreneurial landscape and positioning the country as a leading innovation hub in Africa.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Yellow Card Financial

Yellow Card Financial, Africa's largest licensed stablecoin on/off-ramp platform, has secured $33 million in Series C equity financing. This investment, led by Blockchain Capital with participation from several prominent investors including Polychain Capital, Third Prime Ventures, and Block, Inc., brings Yellow Card's total equity financing to $85 million. Founded in Nigeria in 2019, Yellow Card now operates in 20 African countries and has processed over $3 billion in transactions. The company plans to use this funding to expand its digital asset services across Africa, enhance its stablecoin on/off-ramp products, and further its mission of driving financial inclusion throughout the continent. Yellow Card's platform facilitates access to stablecoins like USDT, USDC, and PYUSD, enabling businesses and individuals to make international payments, manage treasury, and access liquidity via digital assets.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

DisrupTech

DisrupTech, Egypt's leading fintech venture capital firm founded in 2021, plans to launch a new $70 million investment fund in 2026 to support startups. This follows their current $36 million fund, which has invested in various fintech companies like Bank in a Box and Khazna. Co-founder Mohamed Okasha announced that the new fund will launch after the current one closes, though its specific investment focus is yet to be determined. DisrupTech aims to be the primary supporter for emerging fintech founders in Egypt, focusing on early-stage fintech and fintech-enabled startups.

🤑 Opportunity Radar

Action for Women’s Health

Apply for the Action for Women's Health open call and secure funding to enhance women's mental and physical health globally. With a total fund of $250 million, selected organizations will receive flexible funding ranging from $1 million to $5 million. This initiative is designed for organizations focused on serving women and improving health outcomes while centering equity in their approach. To participate, complete the Organizational Readiness Tool and familiarize yourself with the Open Call Rules. Don't miss the chance to scale your impact and contribute to women's health—submit your application by January 10, 2025.