Startup Researcher - Africa: Week 20, 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

• 🤑 Opportunity Radar

📰 Important News

• Kenya's Copia Global, an e-commerce startup with $123 million in funding, contemplates layoffs or shutdown due to uncertainties. Over 1,000 jobs at risk despite recent funding extension.

• ST Digital, a Cameroonian cloud services provider, funded by UHURU Investment Partners, plans to construct three new data centers in Francophone countries—Gabon, Cote d’Ivoire, and Togo—expanding its Tier III portfolio to four.

• Jumia Technologies, is doubling down on Nigeria, Africa's most populous nation, as part of its strategy to achieve profitability.

• FairMoney, Africa's top neobank, earns recognition as one of the continent's fastest-growing companies by the Financial Times.

• Kenya's national treasury proposes a 1.5% digital tax on local online platforms offering services like ride-hailing and food delivery, subject to parliamentary approval.

💸 Top Funding Rounds

• d.light secured $3.4 million to supply 10,000 subsidized solar home systems to refugees in Northern and Western Uganda.

• Senegal’s Maad, a rapidly growing tech and logistics platform catering to informal retailers in Francophone Africa, has secured a $3.2 million seed funding round, comprising both debt and equity.

🏦 About Investors

• Egyptian investment firm Glint secured $3 million in the initial closing of its second venture fund, supported by the Wadi Degla Group, aiming to empower Egyptian startups and entrepreneurs.

• Accion launched $152.5 million Digital Transformation Fund to support African financial institutions, prioritizing underserved small businesses. Partners include BII, FMO, IFC, and Mastercard.

• Discovery Invest launched Bitcoin Fund, offering rand-denominated exposure to BlackRock's Bitcoin ETF in South Africa amidst growing demand and regulatory clarity from FSCA.

📈 Deep Dive Bites

The HealthTech sector in Africa is on the rise, fueled by significant investments and innovative solutions aimed at enhancing healthcare accessibility and delivery. From startups securing millions in funding to notable exits, the industry is witnessing unprecedented growth and potential.

Key Highlights

• Startup Funding Surge: With over $744 million raised from 2019 to 2024, startups across Africa are revolutionizing healthcare delivery. Leading countries include South Africa, Nigeria, and Ghana.

• Notable Players: Companies like mPharma, Cape Bio Pharms, and Vezeeta are spearheading innovation in medication access, protein production, and digital healthcare platforms, showcasing the diverse range of solutions emerging in the region.

Despite challenges, the HealthTech landscape in Africa promises significant impact and growth opportunities.

To delve deeper into this dynamic sector, read the full article.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

d.light

d.light, a provider of affordable solar home systems, has secured recently a $3.4 million grant to supply 10,000 subsidized solar home systems to refugees in Northern and Western Uganda. Funded by the Private Sector Foundation Uganda and international programs from Germany, the Netherlands, Norway, and Switzerland, this initiative aims to deliver sustainable energy solutions to underserved communities. The project, which began in April, is part of a broader effort to provide 23,000 solar home systems to Ugandan refugee communities.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Glint

Egypt-based investment firm Glint has secured $3 million in the first close of its second venture fund, backed by the Wadi Degla Group. Founded in 2018, Glint aims to empower Egyptian startups by investing between the Seed and Series A stages, with funding tickets from $250,000 to $500,000.

Glint’s Venture Studio model combines funding with business, operational, and technical support to help startups scale regionally and internationally. Notable investments include Darwinz.ai, Iqraaly, and Wasla. Glint is a key player in Egypt's startup ecosystem, which ranks among the top 100 globally.

🤑 Opportunity Radar

• SB3S - 3RD ACT

  The 3rd ACT program, in partnership with Tamwilcom, supports Moroccan startups in sectors like Agritech, Healthtech, and AI with capacity building, expertise access, and honor loans up to 750KDH. Eligible companies must be Moroccan-incorporated, with up to three years of operation and a residential address in Morocco.
  Application deadline: 23/05/2024

• Boost’in Africa

  Boost’in Africa is a pre-acceleration program for high-potential Moroccan startups, combining IMPACT Lab's expertise with Tamwilcom’s funding tools. Organized by IMPACT Lab, the program is sector-agnostic.

  Application deadline: 26/05/2024

• AfriCircular Innovators Programme

  The AfriCircular Innovators Programme, supported by ACEF and ACEA, advances Africa's circular economy by aiding MSMEs and young entrepreneurs. It offers tailored training, coaching, peer learning, industry connections, financial grants, and a Demo Day for early-stage startups in sectors like food systems, packaging, and fashion. Eligible startups must operate in Ghana, Ivory Coast, or Rwanda and be founded or led by Africans.

  Application deadline: 26/05/2024