Startup Researcher - Africa: Week 25, 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

• 🏦 About Investors

• 📈 Deep Dive Bites

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• BYD and Ampersand have signed an MOU to decarbonize Africa's commercial motorbike transport, with Ampersand buying BYD's battery cells to build 40,000 electric motorcycles by 2026.

• Africa50 and Rwanda are partnering to develop Kigali Innovation City, a 61-hectare smart city in Kigali that will host STEM universities, tech companies, and startup incubators.

• Paystack has launched its Virtual Terminal product in Ghana, Cote D'Ivoire, Kenya, and South Africa, providing a hardware-free payment solution for businesses.

• Sierra Leone aims to raise $150 million for a Tech City in Tikonko, Bo District, led by Technology Minister Salima Bah to foster innovation and attract talent regionally.
  

• AfriLabs has signed an MOU with the Korea-Africa Foundation to foster innovation and economic growth in Africa by bridging the gap with Korean startups through expertise exchange, joint research initiatives, and talent cultivation.

💸 Top Funding Rounds

• Cadana, a payroll services provider for emerging markets, has raised $7.1 million in seed funding led by Costanoa Ventures, to expand its technology and reach, addressing payment challenges in over 32 countries.
  

• Downforce Technologies, based in London, raised $4.2 million led by Equator VC to expand soil fertility measurement tools in African markets, aiming to enhance food security and climate resilience in the region.
  

• Angola-based urban mobility platform Wewa has raised $150,000 in a pre-seed round at a pre-money valuation of $850,000.

🏦 About Investors

• The Lagos State Science, Research & Innovation Council (LASRIC) has secured NGN1 billion (US$660,000) to support local tech startups, aiming to boost innovation and enhance Lagos' startup ecosystem.
  

• Breega, a fast-growing European VC firm, has launched a $75 million fund, "Breega Africa Seed I", to invest in early-stage African startups focused on sectors aligned with UN Sustainable Development Goals.

📈 Deep Dive Bites

Kenya's startup ecosystem is flourishing, driven by a surge of accelerators and incubators nurturing early-stage ventures. Key programs like Antler Kenya, Baobab Network, and iHub are propelling innovations in fintech, health tech, and climate solutions. Funding and support have scaled, with organizations like Catalyst Fund and GrowthAfrica facilitating substantial investments and mentorship.

Read the full article for more insights on each incubator/accelerator.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Ampersand

Ampersand signed last week an MOU with BYD to decarbonize Africa's commercial motorbike transport, intending to build 40,000 electric motorcycles by 2026 using BYD's battery cells. Ampersand is an e-mobility energy provider based in Kicukiro, Kigali, Rwanda, focusing on electric motorbike taxis. Founded in 2016 by Alp Tilev, Emmanuel Hakizimana, Josh Whale, and Olaf Lange, the company aims to make sustainable mobility affordable and accessible in developing markets by providing a battery swap network and operating system. The company has raised $34.4 million in funding across 15 rounds, with notable investors including Alphamundi, Africa GoGreen Fund, and Acumen.

💼 Investor of the Week

Breega

Paris-headquartered VC Breega, renowned for its European investments in tech pioneers like Alice&Bob and Moneybox, has launched a $75 million seed fund specifically targeting African startups. With $52 million already secured and the remainder expected by year-end, Breega's expansion includes new offices in Lagos and Cape Town. Backed by investors including Bpifrance and FMO, Breega aims to leverage Africa's demographic boom and technological demands to drive impactful investments.

🤑 Opportunity Radar

TechCabal Battlefield 2024

TechCabal Battlefield 2024 is TechCabal's premier annual startup pitch competition, set to take place on October 9-10, 2024. This eagerly awaited event gathers African startups aiming to pitch their innovative tech solutions to solve unique challenges across the continent. Building on the success of Moonshot 2023, this year's Battlefield introduces new enhancements including pre-accelerator programs, deal sessions, and more opportunities for startups to shine on a global stage. If you're a founder with a game-changing tech solution, seize this chance to showcase your vision and compete for exciting prizes. Applications are now open until June 30, 2024. Don't miss out on this unparalleled platform to elevate your startup!