Startup Researcher - Africa: Week 21, 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

• 🤝 About Diversity

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• Google unveiled Umoja, the first fiber optic cable linking Africa to Australia via Kenya, aiming to enhance digital connectivity and boost economic growth across the continent.

• Microsoft and UAE AI firm G42 are partnering to build a $1 billion geothermal-powered data center in Kenya, with plans to develop large language models for Swahili and other African languages.

• Starlink, the satellite internet provider from SpaceX, became Nigeria’s third largest Internet Service Provider (ISP) by subscriber number in Q4 2023, after launching its services in January 2023.

• Microsoft South Africa commits R1.3 billion ($70 million) over a decade to foster SME growth, job creation, and AI advancement, aligning with the nation's economic development goals.

• Kenya will introduce a VAT on electric bikes, buses, and solar batteries under the Finance Bill 2024, raising prices on EV vehicles in the country.

💸 Top Funding Rounds

• African EV leader Spiro secured $50 million loan from Afreximbank to fuel expansion across the continent.

• Egyptian startup OneOrder secured $16M in Series A funding to expand into the GCC region.

• Valu secured $13.22 million through a securitized bond issuance as part of its EGP 9 billion securitization program.

💰️ Notable Exits

• South African startup Ratality, offering revenue management software for ground travel operators, has been acquired by Canadian firm Busbud, a global booking platform.

• Egypt's E-finance acquired a 25% stake in Al Ahly Momken and a 13% stake in EasyCash to enhance digital payment services.

🏦 About Investors

• OpenseedVC officially launched with a $10M fund to invest in tech startups led by seasoned operators in Africa and Europe, announced by founder and General Partner Maria Rotilu.

• Egyptian VC firm Glint achieved a $3 million first close for its second venture fund, focused on early-stage startups.

• Egyptian microfinance initiative Cash for Microfinance partners with Microfinanza Italia to launch a $2.4 million project supporting local entrepreneurs.

📈 Deep Dive Bites

Discover the driving forces behind Nigeria's booming startup ecosystem with our spotlight on the most active VC firms in the country. From LoftyInc Capital Management to Future Africa, these firms are shaping the future of innovation in Nigeria.

Read the full article for insights into their investments and impact.

🤝 About Diversity

Discover the leading investors backing African startups founded or co-founded by women. From Google For Startups Black Founders Fund to Techstars, these investors are driving inclusivity and innovation across the continent.

Click here for the full article and explore their significant contributions to gender diversity in Africa's startup ecosystem!

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Spiro

Spiro, an African startup spearheading electric vehicle adoption, recently secured a $50 million debt financing deal with Afreximbank. This funding will bolster Spiro's efforts to replace traditional motorbikes with eco-friendly electric alternatives and expand its innovative battery swap system across the continent."

With operations in six African nations and plans to enter Cameroon and Morocco, Spiro is committed to deploying 1 million electric two-wheelers within five years. Through advanced technology and strategic partnerships, Spiro aims to revolutionize Africa's transportation landscape, promoting sustainability and setting new standards for eco-friendly mobility.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

OpenseedVC

OpenseedVC, led by General Partner Maria Rotilu, launched a $10 million fund targeting seasoned operators starting tech ventures in Africa and Europe.

LPs globally support the fund, offering up to $150,000 starter cheques and access to a network of experts for startups' launch. Focused on B2B Software, AI, Fintech, and Health & Work, OpenseedVC aligns its portfolio with the UN Sustainable Development Goals.

🤑 Opportunity Radar

Africa’s Business Heroes 2024

Africa’s Business Heroes (ABH) 2024 aims to identify and support impact-driven African entrepreneurs. Open to founders from all African countries and sectors, this competition offers finalists extensive exposure and a share of $1.5 million in grant money. The top 10 finalists also gain access to a vibrant entrepreneurship community, mentorship from business icons, and targeted training programs.

Application deadline: June 9, 2024

GoGettaz Agripreneur Prize Competition 2024

The GoGettaz Agripreneur Prize Competition 2024 seeks innovative agrifood ventures tackling Africa's challenges in climate resilience, food security, and nutrition. Two winners (one male, one female) will each receive $50,000. Finalists also get flight, accommodation, and visa costs covered to pitch their businesses at the Africa Food Systems Forum Summit in Kigali, Rwanda, in September.

Application deadline: June 10, 2024