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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

• Bamboo has secured a U.S. broker-dealer license, offering African investors direct access to U.S. stocks and expanding its reach to over 50,000 users.

• Morocco launched the She Impulse initiative led by AFEM to empower women entrepreneurs by providing the necessary resources.

• Egyptian fintech startup oliv has secured Egypt's first digital factoring license from the Financial Regulatory Authority.

• YC-backed Mecho Autotech is restructuring amid Nigeria's macroeconomic challenges laying off employees and transitioning remaining staff to contract roles.

• Bank of Africa partnered with Chari to digitalize Moroccan retailers by granting Chari Money Visa associate membership.

💸 Top Funding Rounds

• Cassava Technologies has raised $310 million in funding through an equity round and debt refinancing while completing its business reorganization.

• Tyme Group has closed a $250 million Series D round, reaching a $1.5 billion valuation, with plans to expand into Vietnam and Indonesia.

• South African fintech Sourcefin raised $8.2 million from Futuregrowth to enhance SME financing and address working capital challenges.

• Juicyway has secured $3 million in pre-seed funding to revolutionize cross-border payments with stablecoin technology.

• Techstars-backed PBR Life Sciences raised $1 million in pre-seed funding to expand AI-driven healthcare analytics services in Africa.

💰️ Notable Exits

• Moustashir became the first emerging company to list on the Algerian Stock Exchange, raising $702,400 to expand in the region.

• Catalyst Partners Middle East is planning to acquire Egypt’s digital lending marketplace Qardy through a share swap to expand its presence in the sector.

🏦 About Investors

• The African Development Bank invested $40 million in AFC and Harith’s infrastructure fund to support green projects across Africa.

• AfDB’s SEFA has committed $10 million to the Persistent Africa Climate Venture Builder Fund for climate tech ventures.

• Equator Africa Fund secured $5 million from Proparco to scale climate tech startups in Sub-Saharan Africa.

• Ghana's first women-focused fund, Zinari Women's Enterprise Fund, has secured a $2.39 million first close of its $8.2 million target.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Tyme Group

Tyme Group, a multi-country digital banking group founded in 2019 by Coenraad Jonker and Tjaart van der Walt, has raised $250 million in an oversubscribed Series D funding round, achieving unicorn status with a valuation of $1.5 billion. The round was led by Nubank, one of the world’s largest digital financial service platforms, which invested $150 million, joined by M&G’s Catalyst and existing shareholders who contributed $50 million each. With 15 million customers across South Africa and the Philippines, Tyme plans to expand into Vietnam and Indonesia, leveraging Nubank's expertise in data analytics, credit risk management, and product development to enhance its digital banking leadership in Southeast Asia.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Zinari Capital

Zinari Capital, a women-led impact investment firm in Ghana, has announced the successful $2.39 million first close of the $8.2 million Zinari Women’s Enterprise Fund (Z-WEF), Ghana’s first women-focused fund. Anchored by the Venture Capital Trust Fund, Z-WEF aims to bridge the financing gap for female entrepreneurs by investing in women-owned, led, or inclusive businesses with cheque sizes ranging from $683,000 to $820,000. The 10-year fund targets a 20% internal rate of return (IRR) while driving measurable social and economic impact, including job creation, improved livelihoods, and tax contributions. Led by Barbara Ghansah, an expert with over 25 years of experience in impact and agricultural finance, Zinari uses a gender-lens framework to empower African women and promote sustainable growth.

🤑 Opportunity Radar

Call for Applications: Spartners Incubator

Apply to the Spartners Incubator Program in Paris-Saclay by December 29th, 2024, to accelerate your biotech or human health startup. Access state-of-the-art labs, modular workspaces, and a collaborative ecosystem powered by Servier’s scientific expertise and BioLabs’ operational excellence. Designed for startups addressing unmet medical needs, the program offers expert support and strategic networking opportunities. Don’t miss this opportunity to drive your innovation in oncology, neurology, or drug discovery platforms. Start your application today and take the next step in transforming health innovation.