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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

• Spiro is set to launch its first EV assembly plant in Nigeria by March 2025, aiming to lead West Africa’s electric mobility market.

• Flend has become Egypt's first licensed digital non-bank financial institution dedicated to SMEs, offering innovative digital financing solutions.

• The Bank of Ghana has released a draft Open Banking Directive for public comment, signaling a step toward modernizing Ghana’s financial ecosystem.

• Patricia Technologies is continuing its phased repayment process to customers affected by a 2022 security breach as part of its restoration effort.

• The Libyan Ministry of Communication and Political Affairs has signed an agreement with Forbes Middle East to host Libya's first Investment Summit.

💸 Top Funding Rounds

• EdVentures has made six-digit investments in EdTech startups Schoolz and Ibn Sina Training Academy, expanding its portfolio to 24 startups.

💰️ Notable Exits

• South African Prosus is set to acquire South America’s Despegar in a $1.7 billion deal to expand its global travel tech footprint.

🏦 About Investors

• Egypt’s MSMEDA invested $3 million in Foundation Ventures Fund to support startups, drive innovation, and foster a competitive entrepreneurial ecosystem.

• Flat6Labs announced the 27 SMEs of Egypt’s 2nd Green Growth and Jobs Accelerator Project, supported by the Danish-Arab Partnership Programme and UNDP.

🚀 Startup of the Week

Introducing our Startup of the Week 🏆

Flend

Flend, Egypt's first tech-enabled, data-driven financing platform for SMEs, has secured a groundbreaking license from the Egyptian Financial Regulatory Authority to become the country’s first digital non-bank financial institution dedicated to SME financing. Backed by Plus VC, Banque Misr, Digital Finance Holding, and regional family offices, Flend leverages proprietary technology, digital contracts, and e-signatures to streamline onboarding, risk assessment, and loan disbursement, cutting approval times from weeks to days. Positioned to address Egypt's $50 billion SME financing gap, Flend offers fair, flexible, and collateral-free capital while forming strategic partnerships with marketplaces, e-commerce platforms, and logistics companies to empower businesses, drive innovation, and promote economic growth.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Foundation Ventures

Foundation Ventures, a venture capital firm founded in 2018 by Mazen Nadim, Omar Barakat, and Ziyad Hamdy, has secured a $3 million investment from Egypt's Micro, Small, and Medium Enterprises Development Agency. This funding, part of MSMEDA’s partnership with the World Bank under Egypt's first Fund of Funds program, aims to support early-stage startups and align with the country’s Vision 2030 by fostering innovation, driving economic growth, and creating jobs. With a focus on early-growth stage companies in Egypt and the MENA region, Foundation Ventures leverages its local expertise and extensive networks to help startups scale and achieve significant market impact.

🤑 Opportunity Radar

Call for Applications: 100x Impact Accelerator

Apply to the 100x Impact Accelerator by 6 January 2025 for a 12-week program offering £150,000 in catalytic capital and access to world-class mentors, researchers, and policymakers. The program is open to social ventures addressing global challenges in areas such as climate, health, education, and equitable economies, with a focus on scalable, evidence-based solutions. Participants will join a cohort of like-minded entrepreneurs, gain long-term alumni membership, and present their work at a dedicated Summit Day.