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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

• The Egyptian government is set to launch a strategic charter in early 2025 aiming to increase startup investments from $500 million to $5 billion.

• Flutterwave has been named to Fast Company’s 2024 “Brands That Matter” list for its innovative impact in connecting Africa to the world.

• Taptap Send has resumed money transfers to Ghana after the Bank of Ghana lifted its suspension ahead of schedule.

• Five ecosystem builders in Sub-Saharan Africa have been selected for Village Capital's Empowering Sustainable Entrepreneurship programme.

• The Central Bank of Nigeria fined fintech giants Moniepoint and OPay $647,374 each for regulatory non-compliance in 2024.

💸 Top Funding Rounds

• Nigeria’s Watt Renewable secured a $15 million debt facility from the AFRIGREEN Debt Impact Fund to develop hybrid solar power plants.

• Zimi raised $2 million in seed funding to simplify cross-border commerce aiming for global expansion and improved merchant experiences.

• Nigerian startup Billboxx raised $1.6 million to automate business billing and payment workflows for SMEs across Africa and MENA.

• Morocco-based B2B marketplace ZSystems raised $1.5 million in seed funding to modernize the FMCG sector.

• Senegal-based health tech startup Eyone raised $1 million to expand across Africa and integrate AI into its digital health solutions.

💰️ Notable Exits

• YC-backed Tizeti will become the first Nigerian startup to list on the Nigerian Exchange with an IPO, aiming to raise capital amid a tepid VC climate.

🏦 About Investors

• Camco announced a $107 million first close for its REPP 2 debt fund aimed at financing small and medium renewable energy projects in Sub-Saharan Africa.

• Cauris Finance closed a $40 million debt facility to support African fintechs providing credit to underserved small businesses.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Zimi

Zimi, a startup co-founded by Audrey Djiya and Peter Nsaka, has raised $2 million in seed funding to simplify cross-border commerce for international merchants. The platform offers a one-stop solution for U.S.-based fulfillment, tax management, currency exchange, and compliance, aiming to cut shipping costs and reduce delivery times. The seed round was led by Fearless Fund, with participation from Y Combinator and other investors. Zimi plans to use the funds to scale its U.S. fulfillment network, develop AI solutions for a seamless merchant experience, and expand its customer base globally. The company is also set to launch a payment solution for international merchants in 2025.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Cauris Finance

Cauris Finance, an Africa-focused impact credit fund, has secured a $40 million debt facility from a U.S.-based institutional investor to support African fintechs. The fund aims to enhance access to quality credit for small businesses and entrepreneurs across Africa, fostering economic development and contributing to the achievement of the SDGs. Founded by Alexandre Liege, Cauris Finance provides growth capital to market-leading companies, leveraging technology and structured underwriting to deliver both financial returns and social impact. The new debt facility will expand its efforts to empower fintechs that provide essential credit to underserved communities.

🤑 Opportunity Radar

Call for Applications: UNICEF Venture Fund

Apply to the UNICEF Venture Fund's AI and Blockchain for Data and Trust program by December 23rd, 2024, and secure up to $100,000 in equity-free funding for your innovative startup. If you're developing cutting-edge technologies addressing misinformation, data integrity, or digital trust for children, this is your opportunity. UNICEF is specifically seeking early-stage, for-profit technology startups registered in UNICEF program countries with working prototypes in AI, machine learning, or blockchain. Women-led and young founders are especially encouraged to apply, with a focus on creating Open Source solutions that can radically improve children's digital experiences and safety.