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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

• 💰️ Notable Exits

• 🏦 About Investors

• 📈 Deep Dive Bites

• 🚀 Startup Of the Week

• 💼 Investor of the Week

• 🤑 Opportunity Radar

📰 Important News

• Nigeria's consumer protection agency, FCCPC, has fined Meta $220 million for alleged data abuse, with Meta planning to appeal the decision.

• U.S. Congress members are urging Nigeria to release Binance executive Tigran Gambaryan and are also calling on the U.S. government to declare him a “wrongfully detained U.S. citizen” and use all resources to secure his release.

• Ghana’s Cyber Security Authority has licensed 51 cybersecurity players to improve cybersecurity standards amid a significant increase in data breaches.

• Nokia and state-owned Telecom Egypt have partnered to launch 5G technology in Egypt, deploying Nokia’s equipment in key cities to enhance connectivity and network performance.

• Lagos State Government announced a $260 million investment to acquire 5,000 new vehicles for its ride-hailing platform LagRide, including 1,000 electric vehicles.

💸 Top Funding Rounds

• Egypt-based Fintech Dopay has raised $13.5 million in a Series A extension round led by Argentem Creek Partners.

• Kenya’s Uncover has raised $1.4 million in an oversubscribed seed II round co-led by EQ2 Ventures and IgniteXL Ventures to enhance its tech platform, launch new products, and expand into new markets.

• Kenyan climate startup Bio-Logical has raised $1.3 million to expand its Mount Kenya biochar facility, aiming to boost production and support smallholder farmers.

• South African travel fintech TurnStay raised $300,000 from American investors DFS Lab and DCG to expand into Africa and build on its existing traction.

• Pan-African logistics startup Logidoo received a $50,000 grant from IDRC to develop AI solutions for Africa’s logistics market, aiming to simplify transactions and streamline transport operations.

💰️ Notable Exits

• LULA, a South African corporate commute platform, has acquired the South African operations of Zeelo, a US-based staff bus-sharing startup.

🏦 About Investors

• Ghana Venture Capital Trust Fund, a government-backed Fund of Funds has committed $11.2 million to five investors following a $40 million recapitalization.

• Dutch development finance institution FMO has approved a $7 million investment in the LoftyInc Alpha Fund to support early-stage tech startups across Africa, aligning with its goals of promoting innovation and sustainable development.

📈 Deep Dive Bites

North American investors are transforming Africa's startup ecosystem with capital, expertise, and global connections. From Silicon Valley to New York, tech giants, venture capital firms, accelerators, and government agencies are driving growth in fintech, e-commerce, health tech, and clean energy. Check out the key players that are collaborating with African entrepreneurs on fostering technological advancements and positioning Africa as a leading tech hub.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Dopay

Dopay, an Egypt-based fintech founded in 2014, offers a virtual banking platform that digitizes cash payments from employers to workers. The company has recently secured a $13.5 million Series A extension round, led by Argentem Creek Partners, bringing its total Series A funding to $31.5 million. This fresh capital will fuel Dopay's expansion in Egypt, enable the launch of new financial services, and support its growth into other markets through its multi-bank, multi-country platform.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

Ghana Venture Capital Trust Fund

Ghana Venture Capital Trust Fund (VCTF) is a government-backed fund of funds established in 2004 aiming to promote venture capital financing for Small and Medium Scale Enterprises (SMEs) in Ghana. Following a $40 million recapitalization through the Ghana Economic Transformation Project, VCTF has committed $11.2 million to five investors, including Oasis Africa Fund II, Zinari Women's Enterprise Fund, Mirepa Capital SME Fund, Mirepa Capital SME Fund, Injaro Ghana Venture Capital Fund, and Wangara Green Ventures. This investment marks a significant revival for VCTF, which had experienced periods of inactivity in investments between 2011-2015 and 2017-2020, and demonstrates its renewed commitment to fostering Ghana's venture capital industry and supporting SME growth.

🤑 Opportunity Radar

NINJA Accelerator South Africa 2024

Join the NINJA Accelerator in South Africa to benefit from skills development, resources, and networking opportunities to become "Corporate Ready." Focus areas include Agriculture, Energy, and Telecommunications. Eligible startups should be post-product, post-revenue, digital tech-enabled businesses based in South Africa, with a dedicated full-time founding team and at a stage to raise from seed to post-series A funding rounds. Apply before July 28th, 2024, and accelerate your startup's growth potential!