Startup Researcher - Africa: Week 18, 2024

Hello there,

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 🌍

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

Let's delve into the core sections of our weekly newsletter:

• 📰 Important News

• 💸 Top Funding Rounds

• 💰️ Notable Exits

• 🏦 About Investors

• 📈 Deep Dive Bites

• 🚀 Startup Of the Week

• 💼 Investor of the Week

📰 Important News

• Glovo will shut down its operations in Ghana on May 10, 2024, citing profitability issues despite investing $3.7 million in expanding its operations over the past two years.

• Bolt Nigeria has laid off nearly half of its staff, including senior management, as part of a restructuring process aimed at cutting costs and improving efficiency.

• Wave, a Senegalese fintech, stands out as the sole African startup on Y Combinator's top-earning list, alongside global tech giants like Airbnb and Coinbase.

• Kenyan agri-tech startup iProcure, known for its innovative distribution infrastructure, has been placed under administration due to unpaid debts.

• Africa’s top payment technology company, Flutterwave, has partnered with Travelwings Nigeria, an online travel agency with a global presence in over 100 destinations.

💸 Top Funding Rounds

• Ethiopian sustainable tech startup Kubik secured $5.2M in seed funding, marking the first multi-million dollar investment in climate and sustainability solutions in Ethiopia.

• Chowdeck, Nigeria's premier on-demand delivery service, has secured $2.5M in seed funding to enhance its operations and facilitate expansion into additional cities across the country.

• African logistics startup Renda has secured $1.9M in pre-seed funding led by Ingressive Capital, with participation from several other investors, including Techstars Toronto.

• Kenyan agri-tech startup Farm to Feed secured undisclosed funding from Renew Capital to scale its B2B platform connecting surplus produce with new uses, aiming to reduce food loss and optimize logistics.

💰️ Notable Exits

• BuuPass, Kenya's top digital intercity travel solutions provider, has completed its acquisition of QuickBus, a prominent bus ticketing service in Nigeria and South Africa.

🏦 About Investors

• Africa-focused fund Norrsken22 plans to invest in 20 tech companies across the continent by 2025, with a focus on digital payments and neo banks in Francophone Africa.

• Google has commenced applications for its 2024 Africa Accelerator Program, targeting startups utilizing artificial intelligence (AI) and machine learning (ML) to tackle critical challenges and explore new opportunities across the continent.

• CatalyzU, in partnership with Future Africa, is launching the "How to Startup" Fellowship, a 7-week online program aimed at equipping African entrepreneurs with the skills and knowledge to build successful businesses.

📈 Deep Dive Bites

Discover the cutting-edge startups driving innovation in South Africa. From fintech trailblazers like Naked Insurance to edtech pioneers like Snapplify, 16 startups are reshaping industries and tackling societal challenges with creativity and resilience. Read more about these groundbreaking South African startups in our full article.

🚀 Startup Of the Week

Discover our Startup of the Week 🏆: Kubik! This Ethiopian-based company just secured a remarkable USD 5.2 million seed funding round, marking a significant milestone in Africa's sustainability landscape.

Kubik specializes in transforming hard-to-recycle plastic waste into durable, low-carbon building materials using innovative technology. With this latest investment, Kubik is set to scale its operations, expand its team, and further its mission of promoting greener, cleaner development while empowering female waste collectors.

💼 Investor of the Week

Introducing our Investor of the Week 🏆: Norrsken22! This Africa-focused fund, led by General Partner Lexi Novitske, plans to invest in 20 African tech companies by 2025, particularly targeting digital payments and neobanks in Francophone Africa. With a strategic approach and a unicorn board of founders backing them, Norrsken22 is set to drive impactful growth and innovation across the continent's tech landscape.