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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

• After eight months of detention, Nigerian authorities released Binance executive Tigran Gambaryan on humanitarian grounds.

• Starlink reversed its decision to double subscription prices in Nigeria after the Nigerian Communications Commission blocked the increase.

• Tappi has partnered with Safaricom’s M-PESA For Business to provide affordable digital tools for Kenyan MSMEs.

• Togo's Ministry of Transport suspended Yango, a Russian ride-hailing app, citing concerns about security and regulatory non-compliance.

• Leatherback CEO and co-founder Ibrahim Ibitade has stepped down, with Toni Campbell appointed as interim CEO to lead the fintech startup.

💸 Top Funding Rounds

• BasiGo has raised $42 million led by Africa50 to deploy 1,000 electric buses across East Africa over the next three years.

• Burn secured $15 million from the European Investment Bank to distribute ECOA Electric Induction Cookers across East Africa.

• South African logistics startup Pargo has entered the Egyptian market with a $4 million investment to establish over 500 pickup points.

• Colis.ma has secured $300,000 in pre-seed funding from Witamax to expand its cross-border logistics services across Morocco, Europe, and West Africa.

• Earthbond has secured a $200,000 investment from Madica to expand its platform, which connects Nigerian SMEs with solar solutions.

💰️ Notable Exits

• OmniRetail Technology has acquired Traction Apps to enhance financial solutions for Nigerian SMEs.

🏦 About Investors

• Sawari Ventures is set to launch a $200 million fund in early 2025 to support African startups in sectors like fintech and health tech.

• South Africa's Edge Growth has raised $2.1 million to bolster growth-stage SMEs through the ASISA ESD Fund.

📈 Deep Dive Bites

Discover Rwanda’s thriving innovation ecosystem and its leading incubators and accelerators. These programs are crucial in empowering startups and scale-ups with funding, mentorship, and technical resources, fostering impactful solutions in areas like digital transformation, health, and sustainable development. From 250STARTUPS' dynamic "Capital Talks" to FabLab Rwanda’s support for IoT innovators, Rwanda’s entrepreneurial landscape offers diverse growth opportunities. Check out the full list to explore how these initiatives accelerate socio-economic development and position Rwanda as a powerhouse for innovation in Africa.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

BasiGo

BasiGo, a leading Kenyan electric bus provider, has secured $42 million in funding to drive the rollout of 1,000 electric buses across East Africa over the next three years. This funding includes $24 million in Series A equity, led by Africa50 with participation from Novastar Ventures, CFAO Kenya, Mobility54, SBI Investment, Trucks VC, Moxxie Ventures, and the Susquehanna Foundation, marking a historic investment in Africa’s e-mobility sector. Additionally, the capital boost includes $17.5 million in debt facilities, with $10 million from the U.S. Development Finance Corporation (DFC) and $7.5 million from British International Investment (BII). Founded in 2021 by Jit Bhattacharya, BasiGo aims to revolutionize urban transport by providing sustainable electric buses that reduce carbon emissions, setting new standards for eco-friendly public transportation across Kenya and beyond.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Sawari Ventures

Sawari Ventures, a Cairo-based venture capital firm founded in 2010 by Ahmed El Alfi, Hany Al-Sonbaty, and Wael Amin, is set to launch its new $200 million fund, "Sawari Ventures II," in early 2025. Known as one of Egypt’s pioneering VC firms, Sawari has a track record of supporting North Africa’s technology and innovation sectors and is deeply committed to responsible investing, incorporating Environmental, Social, and Governance (ESG) principles into its work. Sawari Ventures II will focus on Series A and B investments across Africa, primarily targeting fintech, health tech, and climate tech startups. With 70% of the fund’s capital earmarked for Egyptian startups, it also aims to drive growth in Tunisia, Morocco, Kenya, and West Africa, building on Sawari’s partnership with Bpifrance to foster innovation and economic development across the continent.

🤑 Opportunity Radar

Call for Applications: Bloomberg's Africa Startups to Watch

Apply to Bloomberg’s inaugural Africa Startups to Watch list by November 8, 2024, for a chance to showcase your innovative venture to a global audience. This list seeks Africa's boldest founders with solutions addressing the continent’s most pressing challenges. Selected startups will gain exclusive exposure across Bloomberg TV and other platforms, with an emphasis on diversity in founders, ideas, and locations. If your startup has a unique solution that’s attracting investors and customers, and you’re privately held, submit your application today to spotlight your work in the first quarter of 2025.