Startup Researcher - Africa: Week 23, 2024

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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

• 🏦 About Investors

• 📈 Deep Dive Bites

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• Uber and Bolt Oppose Kenya's Proposed 6% Tax: Uber and Bolt are opposing Kenya’s proposed 6% tax on non-resident digital firms, arguing it would hurt their operations. If the tax passes, it could lead to higher fares, lower driver earnings, and possibly the companies exiting the Kenyan market.

• Binance Generates $20 Billion in Nigeria: Binance, operating without registration in Nigeria, generated over $20 billion turnover in 2023, surpassing the budgets for health and education, according to Nigeria's Minister for Information.

• Bolt Blocks 6,000 Drivers in South Africa: Bolt has permanently blocked over 6,000 drivers in South Africa over the past six months due to safety and non-compliance issues.

• Rwanda to Develop CBDC in Two Years: Rwanda plans to develop a Central Bank Digital Currency (CBDC) within two years to streamline its financial system and increase financial inclusion.

• Gro Intelligence Shuts Down: Kenya's Gro Intelligence, once well-funded, shuts down after struggling to secure further capital despite previous investments.

💸 Top Funding Rounds

1. Ivory Coast-based cloud communication startup LAfricaMobile has raised $4.6M in Series A funding to accelerate its expansion across French-speaking Africa.

2. Egyptian prop-tech startup Birdnest has raised an undisclosed pre-Series A funding round from Beltone Venture Capital and CI Venture Capital, acquiring a 20% stake.

🏦 About Investors

• Mastercard Supports African Content Creators: Mastercard is investing $2.04 million to support African content creators, partnering with Wowzi and Masria Digital Payments to provide innovative digital card solutions for seamless financial management and exclusive benefits.

• AfriLabs and UM6P Ventures Partnership: AfriLabs and UM6P Ventures have partnered to support African startups and drive innovation. Their one-year collaboration, announced at GITEX Africa, aims to empower startups and advance scientific entrepreneurship.

• 4Di Capital Plans Third Venture Fund: South African early-stage VC firm 4Di Capital plans to raise its third venture fund in "due course" to invest in startups across the continent, focusing on seed to Series A investments.

📈 Deep Dive Bites

Explore the dynamic venture capital landscape in Morocco for 2024, where leading firms are driving innovation and supporting emerging startups across diverse industries. Read the full article for insights into the key players shaping the future of Morocco's entrepreneurial ecosystem.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

LAfricaMobile

LAfricaMobile, an Ivory Coast-based cloud communication startup, enables clients to conduct large-scale communication campaigns using mobile technologies such as SMS, USSD, voice, WhatsApp, airtime, and text-to-speech.

The company has raised $4.6 million in Series A funding to accelerate its expansion across French-speaking Africa. Led by Janngo Capital and including notable investors like French footballers Aurélien Tchouaméni and Jules Koundé, the funding will help LAfricaMobile consolidate its financial position and expand its operations, particularly in Central Africa.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Mastercard

Mastercard has announced a $2.04 million investment in partnership with Wowzi, an African influencer marketing platform, and Masria Digital Payments (MDP). This initiative aims to transform financial management for African content creators through innovative digital card solutions. The five-year collaboration will provide Wowzi’s content creators with access to digital card benefits, streamlining online and in-store transactions and offering exclusive Mastercard rewards.

The partnership introduces unique digital card features like Watch Cards and Ring Cards, offering convenience, security, and style. “Our decision to invest in the influencer and content creation space is a testament to our belief in the transformative power of the gig economy,” said Shehryar Ali, Senior Vice President and Country Manager for East Africa and Indian Ocean Islands at Mastercard.

🤑 Opportunity Radar

Startupper of the Year Challenge by TotalEnergies Edition 4

Young entrepreneurs in Africa, here's your chance to shine! TotalEnergies is hosting the Startupper of the Year Challenge across 32 African countries. If you're aged 18-35, have a startup less than 3 years old, or a promising business idea, this is for you. Benefits include financial support, media visibility, coaching, and an invite to the exclusive 100 Startuppers Event.

Application Deadline: June 18, 2024