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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

• 📋️ Curated Lists

• 📈 Deep Dive Bites

• 🎙️ Expert Insights

• 🤝 Diversity Spotlight

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• Egypt’s Financial Regulatory Authority launched a regulatory sandbox to support fintech startups in the non-banking financial sector.

• The Visa Africa Fintech Accelerator has selected 19 startups from 21 African countries for its third cohort.

• MEST Africa has announced seven finalists for the 2024 MEST Africa Challenge.

• Yellow Card has received a Crypto Asset Service Provider license from South Africa's FSCA as stablecoin adoption grows rapidly across Africa.

• The Mohammed VI Polytechnic University launched a deeptech program in Paris to foster partnerships with European startups.

💸 Top Funding Rounds

• Senegal-based Socium raised $5 million in seed funding led by Breega to expand its HR digital platform across Francophone Africa and beyond.

• Egyptian platform ariika raised $3 million in a Series A extension led by Beltone Venture Capital and Citadel International Holdings.

• Egypt-based supply chain startup Qara secured $2.6 million to expand into Saudi Arabia, leveraging NTDP's Relocate Initiative.

• Amenli, an Egyptian insurtech broker, secured $2.3 million from EBRD Venture Capital and Y Combinator to increase insurance accessibility in Egypt.

• Lagos-based JADA has secured $1 million in funding to train over 100 AI and data professionals annually, addressing the global AI talent gap.

💰️ Notable Exits

• Lesaka Technologies is acquiring Recharger, a South African prepaid electricity submetering and payments business, for $28 million.

• Nigerian digital energy company Shyft Power Solutions has been acquired by UK-based SteamaCo.

🏦 About Investors

• Launch Africa Ventures made its first exits and adjusted its strategy for Fund II, increasing investment size to $1 million and expanding into new sectors.

📋️ Curated Lists

Uncover the leading incubators and accelerators shaping Tanzania's innovation landscape. From AMCET Hub to WFP Innovation Hub, these enablers empower startups with funding, mentorship, and tailored programs, fostering growth across sectors like tech, agribusiness, and social impact. Dive into the full article to explore how these hubs drive sustainable innovation, address societal challenges, and contribute to Tanzania's dynamic entrepreneurial ecosystem.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Socium

Senegal-based HRtech startup Socium has raised $5 million in seed funding, led by Breega and joined by investors such as Partech, Orange Ventures, Chui Ventures, Sonatel, Outlierz, Super Capital, Evolem, Techmind, and various angel investors. Founded in 2021 by Samba Lo and Serigne Seye, Socium offers a digital platform designed to help businesses in Francophone Africa streamline their recruitment, payroll, and workforce management. The funding will be used to enhance its technology, diversify its services, and strengthen its presence across key markets, including Senegal, Côte d’Ivoire, and Cameroon, while planning expansion into the Democratic Republic of Congo and Morocco. Socium aims to address the challenges of HR management in a region where many mid-sized companies lack access to digital tools for workforce optimization.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Launch Africa Ventures

Launch Africa Ventures, a leading early-stage VC fund founded in 2020, has started making its first exits while refining its investment approach for Fund II. Fund I, closed at $36.3 million, supported 133 startups across Africa, yielding an impressive 31% IRR and making the fund the most active VC on the continent. With Fund II, the firm is diversifying beyond fintech into climate tech, health tech, and logistics, with check sizes now ranging from $250,000 to $1 million based on performance metrics. Launch Africa plans to back 70-85 companies in Fund II, compared to its broader reach in Fund I, while also focusing on ESG principles through its Mezzanine Impact Fund.

🤑 Opportunity Radar

Call for Applications: Llama 3.1 Impact Grants

Meta's Llama 3.1 Impact Grants application deadline has been extended to December 1, 2024, at 11:59 PM PT, offering organizations a chance to secure funding of up to $500,000. The program supports innovative projects leveraging Llama 3.1 or 3.2 to address global challenges in areas like economic development, science and innovation, public services, and education. Participating organizations must demonstrate technical feasibility, impactful solutions, and a robust business plan. Whether enhancing multilingual AI capabilities or creating tools to lower barriers for developers, this grant aims to foster groundbreaking applications with social impact.