Startup Researcher - Africa: Week 24, 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

• South Africa Legalizes Ride-Hailing: South Africa has legalized ride-hailing services, allowing Uber and Bolt to obtain operating licenses after a 13-year wait. The new law updates regulations and enhances safety and passenger rights.

• Ethiopia Opens Largest EV Factory: Ethiopia opened its largest electric vehicle factory, which is set to produce 1,000 cars annually. The country has imported 100,000 electric cars and built 60 charging stations in Addis Ababa.

• TymeBank Raises $150M for Expansion: TymeBank, backed by Tencent, is raising $150 million to expand and prepare for a New York IPO by 2028. The bank aims to complete funding by Q4 and enter Indonesia by year-end.

• Mastercard Foundation's EdTech Fellowship in Egypt: Mastercard Foundation's EdTech Fellowship expands to Egypt via EdVentures, backing 12 startups with $60,000 each to boost the ed-tech sector with mentorship and training.

• Meta Downsizes Lagos Office: Meta will downsize its Lagos office after layoffs in mid-2023 impacted 35 Nigerian employees. The company is renegotiating its Kings Tower lease and transitioning to desk sharing while maintaining its presence in Nigeria.

💸 Top Funding Rounds

• Egyptian fintech Sahl raised $6M in Series A and seed funding rounds, led by Ayady for Investment and Development.

•  Zuri, a tech-driven African beauty startup, has received an undisclosed investment amount from Renew Capital.

• Egyptian B2B Medtech i'SUPPLY secured pre-Series A funding led by Disruptech, totaling $2.5M since 2022.

• Egypt's "The Potcast Productions Company" (TPP), secured pre-seed funding from Innovative Media Productions and Ahmed Tarek Khalil.

💰️ Notable Exits

• Diageo has sold its 58% stake in Guinness Nigeria to Singapore’s Tolaram for approximately N103 billion ($70 million), marking a strategic move amidst Nigeria’s economic challenges.

🏦 About Investors

• HSBC Egypt To Launch a $31.5M Fintech Fund: HSBC Egypt plans to launch a $31.5 million fund in Q3, managed by EFG Holding and supported by institutions like the Suez Canal Bank, to boost Egypt's fintech sector.

📈 Deep Dive Bites

Egypt's startup ecosystem thrives with the support of influential venture capital firms like Flat6Labs, Algebra Ventures, and Sawari Ventures.

These firms provide crucial funding and strategic guidance to startups such as Dharma and MNT-Halan, driving innovation and economic growth in the region. Explore the impactful role of these leading VC firms in Egypt by diving into the full article.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Sahl

Egyptian fintech startup Sahl has raised $6M in Series A and seed funding rounds to advance its platform for household bill payments. Led by Ayady for Investment and Development, alongside Egypt Pay, Delta Electronic Systems, and E-Finance, Sahl simplifies utility payments through direct integrations with entities like the Egyptian Electricity Holding Co. and major telecom operators.

This funding will fuel Sahl's expansion into the UAE and Saudi Arabia, while cementing its presence in Egypt's robust digital payments sector. Sahl's innovative NFC technology allows users to recharge prepaid cards digitally, enhancing convenience and saving time.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

HSBC Egypt

HSBC Egypt is gearing up to launch a fund worth EGP 1.5B (approximately $31.5M) to support small and medium-sized enterprises (SMEs) within Egypt's burgeoning fintech sector.

Managed by EFG Holding and scheduled for launch in Q3 this year, the fund has garnered contributions from various financial institutions, including the Suez Canal Bank, with approval from the Central Bank of Egypt (CBE).

🤑 Opportunity Radar

Timbuktoo Fintech Startup Accelerator Programme

The Timbuktoo Fintech Startup Accelerator Programme, based in Lagos, Nigeria, is seeking innovative fintech startups aiming to address Africa's developmental challenges. If you have a scalable fintech solution with a strong technology core and a clear path to profitability, this program offers mentorship from industry leaders, equity-free funding up to $25,000 USD, networking opportunities, and access to potential investors. Don’t miss out on this chance to accelerate your startup!

Application Deadline: June 20, 2024