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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 🌍

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📰 Important News

• Ghana-based agritech SAYeTECH won the 2024 MEST Africa Challenge, securing a $50,000 investment to support smallholder farmers in West Africa.

• Waymo has partnered with African fintech Moove to manage its robotaxi fleet in Phoenix and Miami, marking Moove's U.S. debut.

• Dealroom.co, in partnership with GrowthAfrica and Systemic Innovation, has launched the Kenya Startup Ecosystem Platform.

• Yellow Card is seeking a license from Nigeria’s SEC after securing a CASP license in South Africa, aiming to expand its operations across Africa.

• OX Delivers secured a $163 million deal to establish its first franchise in East Africa, expanding its all-electric truck services across the region.

💸 Top Funding Rounds

• Fintech startup HUB2 raised $8.5 million in Series A funding led by TLcom Capital to unify fragmented payment systems in Africa through APIs.

• Senegal-based LAfricaMobile raised an additional $2.2 million in its Series A round led by Bpifrance to expand AI-driven communication solutions.

• Egyptian logistics startup Nowlun secured $1.7 million in seed funding led by Nama Ventures and A15 to accelerate platform development.

• Morocco-based mobility startup Enakl closed a $1.4 million pre-seed round led by Catalyst Fund to expand sustainable transport solutions in Africa.

• Tanzanian fintech Tunzaa secured funding from Warioba Ventures to scale its innovative payments API, enabling installment e-commerce transactions.

💰️ Notable Exits

• Reforged Studios has acquired South Africa's Yellow Lab Games, which will continue developing its own IP while also contributing to Reforged’s projects.

🏦 About Investors

• Seedstars Africa Ventures I raised $42 million in its first close to support early-stage African startups in sectors like climate tech and financial inclusion.

• Yasseen Mansour, Chairman of Palm Hills and board member of Mansour Group, joined as a guest "shark" on the third season of ‘Shark Tank Egypt’.

• Edafa Venture Capital launched "Startup Sync," a platform connecting Egyptian startups with investors.

• Ventures Platform published a white paper calling for climate-resilient business models in African startups.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

HUB2

Ivory Coast-based fintech HUB2 has secured $8.5 million in Series A funding, led by TLcom Capital with participation from FMO, Enza Capital, Bpifrance, and Eric Barbier, founder of Thunes. Founded in 2019 by Ashley Gauzere, HUB2 aims to unify Francophone Africa’s fragmented payment systems with API-driven solutions inspired by Stripe. Currently supporting over 55 fintech clients across six countries, including Julaya and NALA, HUB2 processes 98% of its transactions for fintechs and plans to scale to €1 billion in payments by 2024. The funding will drive its expansion into cross-border payments, stablecoin services, and card integrations, further simplifying digital payments across the region.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Seedstars Africa Ventures

Seedstars Africa Ventures I, part of the Seedstars network established in 2012, focuses on investing in high-growth startups across Sub-Saharan Africa to address early-stage financing gaps. The fund recently announced a $42 million first close at the 2024 Africa Investment Forum in Rabat, backed by the African Development Bank, EIB Global, and Boost Africa, with $50 million secured toward its $80 million target. Dedicated to fostering innovation in climate tech, financial inclusion, and digital solutions, the fund aims to create over 10,000 jobs while aligning with 2X Challenge criteria to empower women entrepreneurs. With $10 million already invested in five startups, including Nigeria’s Beacon Power Services and Kenya’s Poa! Internet, Seedstars Africa Ventures provides up to $2 million in early-stage financing and follow-on investments of up to $5 million, driving socio-economic transformation across the continent under the leadership of its experienced founders.

🤑 Opportunity Radar

Call for Applications: Imagine H2O 2025

Apply to the Imagine H2O 2025 programs today and take your water innovation to the next level. The Accelerator program, with over fourteen years of experience, connects early-stage startups to a network of industry experts, investors, and customers to help commercialize and scale their solutions. Open to global applicants, the program offers tailored support for startups with less than 7 years in operation, under $5 million in revenue, and less than $10 million in equity investment. Don't miss the chance to accelerate your path to market—apply by December 14th, 2024, and join a global community driving water innovation.