Hello there,

Welcome to the first edition of 🔍 Startup Researcher - Africa, your essential digest delivering the latest news and premium insights on startups and venture capital across the African continent 🌍

If you haven't subscribed yet, now's the perfect time. Don't miss the opportunity to supercharge your understanding of Africa's thriving startup ecosystem and stay ahead in this dynamic world.

Without further ado, let's delve into the latest developments!

📰 Important News

• The Nigerian government has launched its first multilingual large language model (LLM) as part of the Ministry of Communications, Innovation, and Digital Economy's Artificial Intelligence development initiatives.

• Ghana's National Communications Authority has approved SpaceX's Starlink to operate in Ghana, enabling satellite broadband services in the country despite previous legal concerns.

• Kenya's government has established a Multi-Agency Group to oversee the operations of cryptocurrencies and virtual assets, aiming to protect users

• Nigerian fintech startup Thepeer has shut down after shareholders requested an audit revealing $1.2M missing. Investors are considering taking legal action.

• At Semafor's World Economy Summit in Washington DC, Flutterwave's CEO, Olugbenga 'GB' Agboola, announced that the company is preparing to become IPO-ready.

💸 Top Funding Rounds

• HyperionDev, a South African edtech, has raised R95M (approximately $5M), bringing its total growth investment to R595 million ($31.1 million).

• Fintech startup Bokra, based in Egypt, has closed a $4.6M round led by DisrupTech Ventures and SS Capital.

• Egyptian HR technology startup bluworks has secured a $1M pre-Seed investment round led by Khawarizmi Ventures.

• Egyptian Fintech startup Waffarha, a platform offering daily deals with big discounts, has raised a seven-figure Seed round by Value Makers Studio (VMS).

• Renew Capital has invested in Farm to Feed, a Kenyan B2B platform focused on reducing food waste by repurposing surplus and imperfect produce.

💰️ Notable Exits

• TransPerfect, the global leader in language solutions for business, has acquired South Africa-based Content Lab, a provider of audiovisual localization services for media and entertainment clients.

🏦 About Investors

• Nigeria plans to establish a $10B diaspora fund to attract investments from its citizens abroad, focusing on critical sectors such as infrastructure, healthcare, and education to stimulate economic growth.

• TLcom Capital, an Africa-focused venture capital firm, has closed its second fund, TIDE Africa Fund II, at $154M, targeting technology investments across Africa.

• Madica, an investment program launched by U.S.-based investor Flourish Ventures to back pre-seed startups in Africa, plans to invest in up to 10 ventures by the end of the year, ramping up its funding efforts after closing three initial deals.

📈 Deep Dive Bites

Africa's fintech scene has surged despite challenges. Top startups like MNT-Halan and OPay lead the pack, with notable exits like Sendwave and Paystack. Dive into the full article for insights on Africa's fintech evolution from 2019 to Q1 2024!

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