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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

• Google has committed $5.8 million to boost AI skills in Sub-Saharan Africa, aiming to empower individuals and organizations for economic growth.

• Morocco announced its plans to invest $36 million in creating a specialized gaming zone in Rabat to develop the local gaming industry.

• Techstars Lagos has ceased operations after two years and two cohorts that supported 24 startups due to the end of its partnership with ARM Labs.

• NetZero has partnered with Moroccan company INNOVX to advance the industrial deployment of biochar in the Global South.

• Mo Elshenawy joined Wasoko and MaxAB as an Independent Board Director and Technical Advisor to enhance AI-driven innovation.

💸 Top Funding Rounds

• Moniepoint, a Nigerian fintech, achieved unicorn status with a $110 million investment led by DPI and Google’s Africa Investment Fund.

• SA-founded golf management startup Tagmarshal has raised a multi-million dollar Series A investment to support its growth in the US market.

• Cairo-based CNC manufacturing startup Simplex secured an 8-figure investment to build a new factory and expand into North African markets.

• Oyster Agribusiness secured $2 million from Pangea Africa to expand climate-smart farming solutions for smallholder farmers in Ghana.

• Cathedis, a Moroccan logistics startup, has raised $676,000 from BMCE Capital Investments and Beltone Venture Capital to expand its operations.

💰️ Notable Exits

• Sistema.bio acquired Inclusive Energy to boost biogas tech and real-time carbon credit verification for sustainable farming.

• Edafa Venture Capital has acquired a 25% stake in Bonyan to support programming and digital education for children in the Arab world.

• Ghanaian retail-tech startup Tendo Technologies has acquired Shopa to enhance supply chain infrastructure across Africa.

• Kenya's Eneza Education has merged with Pakistan's Knowledge Platform to create a new edtech serving over 1 million learners across Africa and Asia.

🏦 About Investors

• Janngo Capital secured $78 million for Africa’s largest gender-equal tech VC fund to invest in women-led startups.

• Mareme Dieng has been promoted to Partner at 500 Global, reinforcing the firm’s commitment to fostering African venture capital growth.

📈 Deep Dive Bites

Explore venture capital firms that are transforming East Africa into a burgeoning startup ecosystem, with a focus on countries like Uganda, Rwanda, and Ethiopia. These investors are not only providing essential capital but also fostering innovation across diverse sectors such as fintech, energy, and logistics. For a comprehensive overview of the active VC firms fueling this entrepreneurial momentum, delve into the full article to discover more details on the firms shaping the future of East Africa's startup landscape.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Moniepoint

Nigeria-based fintech Moniepoint has achieved unicorn status following a $110 million investment led by Development Partners International (DPI) and Google’s Africa Investment Fund. Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint initially operated as TeamApt, focusing on payment infrastructure. It has since evolved into a leading business banking provider in Nigeria, processing over 800 million monthly transactions totaling more than $17 billion. The recent funding round boosts Moniepoint’s valuation beyond $1 billion, marking a significant achievement in a challenging fundraising environment for African tech, where overall investment has seen a 38% decline this year. This capital will support Moniepoint's mission to enhance digital financial services and promote financial inclusion across Africa.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Janngo Capital

Janngo Capital, founded by Fatoumata Bâ, has closed a $78 million venture capital fund, establishing it as Africa’s largest gender-equal tech fund. The firm is dedicated to supporting women-led, technology-driven startups, with a mission to advance gender equality and drive social impact across the continent. Backed by major investors such as the Mastercard Foundation Africa Growth Fund, the U.S. International Development Finance Corporation, and the International Finance Corporation, Janngo Capital has built a diverse portfolio of 21 startups. This funding milestone highlights the firm’s commitment to generating both financial returns and transformative social outcomes in Africa.

🤑 Opportunity Radar

Call for Applications: YC W25

Apply to Y Combinator's Winter 2025 Batch by November 12th, 2024, to supercharge your startup journey. Gain access to a world-class ecosystem, resources, and networking opportunities in the heart of San Francisco. The YC program is designed for founders at all stages, from those with just an idea to companies with significant traction. Begin your application process today and join the ranks of successful startups like Airbnb, Stripe, and Reddit. The batch runs from January to March 2025, featuring weekly meetups, eminent speakers from the startup world, and dedicated support from experienced YC partners. Don't miss this chance to tap into YC's $600B combined valuation network and receive $500,000 in funding to kickstart your company's growth.