Startup Researcher - Africa: Week 22, 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

• 🤑 Opportunities

📰 Important News

• Oracle's Cloud Expansion in Morocco: Oracle plans to establish two Cloud Regions in Morocco, aiding local and regional organizations with enterprise cloud services.

• AfDB and Mastercard Launch MADE Alliance: AfDB commits $300M with Mastercard to launch MADE Alliance: Africa, empowering 100M individuals and businesses over 10 years.

• Botswana Grants Starlink License: Botswana granted Starlink license after initial rejection, following President Mokgweetsi's meeting with executives.

• Next-Gen InfraCo's 5G Services in Ghana: Next-Gen InfraCo will launch 5G broadband services in Ghana by year-end, holding exclusive rights for a decade.

• Flutterwave Wins African Banker Award: Flutterwave was named 'Fintech of the Year' at the African Banker Awards for its contributions to Africa's fintech sector.

💸 Top Funding Rounds

1. M-KOPA secured a $51M loan from the U.S. International Development Finance Corporation.

2. Moroccan agritech startup YoLa Fresh raised $7M in pre-Series A funding led by Al Mada Ventures.

3. South Africa's Orca Fraud secures $550k in pre-seed funding led by Norrsken22 with participation from other investors.

4. Zambian construction e-commerce startup Bosso raised $400k in pre-seed funding.

💰️ Notable Exits

• Paystack-Led Consortium Acquires Brass: Nigeria's banking startup Brass was acquired by a consortium led by Paystack, with investors including PiggyVest, Ventures Platform, and P1 Ventures.

• Santam Acquires Kandua: Santam, a short-term insurance specialist, acquired Kandua, an online home services marketplace, integrating it with its Home+ offering to form a wholly owned subsidiary.

🏦 About Investors

• Orange Ventures and Digital Africa Co-invest: Orange Ventures and Digital Africa pledge to co-invest in startups from the "Orange Digital Centres" network in Africa and the Middle East, fostering entrepreneurship and innovation.

• US DFC Invests in Kenya: The DFC announced over $250 million in new investments in Kenya's e-mobility and digital connectivity sectors, aiming to boost development in these areas.

📈 Deep Dive Bites

The Moroccan startup ecosystem is emerging as a dynamic hub in North Africa, driven by strategic location, young talent, and supportive government policies. From 2021 to 2023, the ecosystem saw significant investment growth, culminating in 43 deals worth $34.5 million in 2023.

Key startups like Mubawab, Inyad, and Chari have secured substantial funding, while notable exits such as DabaDoc and WaystoCap highlight the ecosystem's maturity. In 2024, initiatives like TAMWILCOM's Innov Invest and the "Morocco Startup Offer" underscore continued efforts to bolster innovation and entrepreneurship in the region.

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

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

M-KOPA

Kenyan fintech startup M-KOPA has been granted a $51 million loan from the U.S. International Development Finance Corporation (DFC) to enhance digital connectivity in Kenya. This funding will enable M-KOPA to provide affordable smartphones to underserved communities, expanding access to digital financial services for underbanked individuals.

Operating in Kenya, Uganda, Nigeria, and Ghana, M-KOPA uses a pay-as-you-go (PAYG) financing model, allowing customers to gradually own appliances through micro-payments. With over $1 billion in credit provided to over 4 million people, M-KOPA is transforming digital access and financial inclusion in Sub-Saharan Africa.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Digital Africa

Digital Africa has committed to co-invest in startups from the “Orange Digital Centres” network in Africa and the Middle East. In partnership with Orange Ventures, this initiative aims to support and accelerate the growth of startups by providing comprehensive resources ranging from digital training to startup incubation and acceleration.

Digital Africa already operates the Fuzé investment facility, which offers up to EUR 50,000 in equity funding to early-stage startups in Francophone African countries. This partnership with Orange Ventures enhances their mission to foster entrepreneurship and innovation, creating a nurturing environment for emerging tech champions in the region.

🤑 Opportunities

WFF Startup Innovation Awards

The WFF Startup Innovation Awards, powered by Extreme Tech Challenge (XTC), is a global competition supporting innovators and entrepreneurs driving sustainable transformation in agrifood systems. Aligned with the Sustainable Development Goals, the awards focus on Better Production, Better Nutrition, Better Environment, and Better Life. Winners gain global visibility, the opportunity to raise capital, network with global entities, join startup accelerator programs, and share a total of USD 30,000 in prizes.

Application Deadline: June 8, 2024

Empowering Sustainable Entrepreneurship Africa 2024

Empowering Sustainable Entrepreneurship Africa 2024 is a Village Capital program supported by Norad, focused on boosting ESOs and climate-focused startups in Ghana, Kenya, Malawi, Mozambique, and Tanzania. The initiative aims to identify 14 high-performing ESOs to develop strategies for supporting impactful startups, offering mentorship, training, and collaboration with experts in renewable energy and climate adaptation. One ESO per market will be selected at the end of 2024 to co-lead future programs.

Application Deadline: June 14, 2024