Startup Researcher - Africa: Week 19, 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

• U.S.-based tech startup company Iozera plans to establish a 386MW Data Center and artificial intelligence hub in Morocco, with a $500 million investment.

• Amazon.co.za has been launched in South Africa, offering customers a new online shopping experience with same-day and next-day delivery options and tracking via WhatsApp.

• Botswana officials met with SpaceX's Starlink unit to discuss expanding connectivity, with the President meeting the company's director of global licensing and activation.

• Microsoft is shutting down its African Development Centre in Lagos, Nigeria, affecting staff who may receive salaries till June and health benefits.

• Kenyan agritech startup iProcure, which previously raised $17.2 million in funding, filed for bankruptcy on April 26 after facing challenges securing additional capital from investors.

💸 Top Funding Rounds

• Seamfix, a digital identity solutions provider, has raised $4.5M from Alitheia IDF to expand its services across Africa, targeting Ghana, Kenya, South Africa, Ethiopia, and Uganda.

• Egypt-based B2B fintech startup Swypex secured $4 million in Seed funding led by Accel.

• Egypt-based fintech startup MNZL has secured $3.5 million in a Seed funding round led by P1 Ventures.

💰️ Notable Exits

• South African fintech group Lesaka Technologies acquired online payment platform Adumo RF for $86.4 million (R1.6 billion) in cash and equity.

🏦 About Investors

• South African accelerator Grindstone has teamed up with USAID Southern Africa Mobilizing Investment to introduce a unique two-year program aimed at redefining startup and scale-up support in South Africa.

📈 Deep Dive Bites

Explore Kenya's dynamic startup scene for 2024, featuring a diverse range of ventures revolutionizing industries from fintech to healthcare. Learn more about these dynamic companies and their potential impact locally and globally in the full article.

🚀 Startup Of the Week

Discover our Startup of the Week 🏆: 

Seamfix

Seamfix is a global digital identity solutions provider that specializes in empowering organizations and individuals with trusted digital identities and services. Through their innovative technology infrastructure, Seamfix enables seamless creation, verification, and access to digital identities, driving economic growth and inclusion across Africa.

With their recent $4.5 million investment from Alitheia IDF, Seamfix is poised to expand its reach into Ghana, Kenya, South Africa, Ethiopia, and Uganda, further solidifying its commitment to shaping a digitally inclusive Africa.

💼 Investor of the Week

Introducing our Investor of the Week 🏆:

Grindstone

Grindstone, a leading South African accelerator, is revolutionizing startup and scale-up support. Through strategic partnerships like the recent collaboration with USAID Southern Africa Mobilizing Investment, Grindstone empowers 40 startups annually with mentorship, coaching, and essential back-office services. Led by co-founder Keet van Zyl, Grindstone's innovative Boost program enhances financial accuracy, facilitating better investment decisions and exemplifying excellence in startup facilitation.