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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

• Ten African tech startups have been selected for the eighth cohort of the Google for Startups Accelerator Africa program, with 5 startups coming from Nigeria, 3 from Kenya, one from South Africa, and one from Rwanda.

• Flutterwave has received an Enhanced Payment Service Provider license from the Bank of Ghana, enabling it to offer seamless money transfers and payment solutions across the country.

• Spiro, Africa’s largest EV player, has launched operations in Ogun State, Nigeria with plans to expand into up to eight major Nigerian provinces.

• OurPass, the e-commerce one-click checkout company turned business bank, has acquired a Microfinance banking license from Nigeria’s Central Bank.

• JumiaPay, the fintech arm of Jumia, has appointed former PalmPay executive Anthony Mbagwu as Managing Director in Nigeria, reporting to Sunil Natraj, CEO of Jumia Nigeria.

💸 Top Funding Rounds

• Egyptian B2B e-commerce platform Cartona has raised $8.1 million in a Series A extension round led by Algebra Ventures, with additional funding from Silicon Badia and SANAD Fund for MSME.

• Cairo-based edtech Educatly has raised $2.5 million in a round led by TLcom Capital and Plus VC, with participation from Egypt Venture and the HBAN syndicate.

• Egypt-based AI startup Synapse Analytics secured $2 million in funding from Silicon Badia and Hub 71 to expand its AI solutions across the GCC and Africa.

• Morocco's logistics startup DBS Group has secured $50,000 in debt financing from Impact Lab.

💰️ Notable Exits

• LH Telecoms Limited has acquired a 95.5% stake in Nigeria's 9Mobile, with approvals from the NCC and FCCPC, supported by a major capital injection from AFREXIM.

🏦 About Investors

• Cape Town-based VC firm HAVAÍC has announced the first close of its $50 million African Innovation Fund 3, securing $15 million in commitments from Universum Wealth, The SA SME Fund, and other investors.

📈 Deep Dive Bites

Explore the pivotal role European investors are playing in Africa's booming startup ecosystem. This comprehensive guide profiles 16 key investors, from German development finance institutions to French venture capital firms, who are fueling innovation across the continent. Delve into the full article to gain insights into each investor.

🚀 Startup Of the Week

Introducing our Startup of the Week 🏆

Cartona

Cartona, an Egypt-based B2B e-commerce platform, has secured $8.1 million in a Series A extension round, led by Algebra Ventures with participation from Silicon Badia and SANAD Fund for MSME. Founded in 2019 by Mahmoud Abdelfattah, Mahmoud Talaat, and Rafik Zaher, Cartona aims to digitize Egypt's traditional trade market by connecting small retailers, FMCG producers, wholesalers, and distributors on its platform. The funding, which includes $5.6 million in equity and $2.5 million in debt, will be used to accelerate growth, increase market share, expand into new MENA markets, and explore B2B2C opportunities. With its asset-light model, Cartona focuses on empowering local retailers and suppliers in the FMCG sector, enhancing efficiency and market reach within the supply chain.

💼 Investor of the Week

Introducing our Investor of the Week 🏆

HAVAÍC

HAVAÍC, a Cape Town-based venture capital firm, has announced the first close of its $50 million African Innovation Fund 3, securing $15 million in commitments from investors including Universum Wealth and The SA SME Fund. This marks HAVAÍC's largest fund to date, following its $6 million Fund 1 in 2016 and $20 million Fund 2 in 2020. The new fund aims to make 15 investments in early-stage, high-growth, post-revenue African startups with regional and global potential. Led by Ian Lessem, HAVAÍC specializes in technology businesses across Africa, particularly in South Africa, Nigeria, and Kenya. With notable portfolio companies like hearX, BigTeam, and RapidDeploy, HAVAÍC continues to play a crucial role in fostering innovation and growth in the African startup ecosystem.

🤑 Opportunity Radar

Climate Finance Accelerator Phase 2 – Uganda

Apply to the Climate Finance Accelerator (CFA) Uganda Phase 2 by August 9th, 2024, to accelerate your climate project's access to finance. Gain valuable capacity building, investor connections, and support for your low-carbon initiative in sectors such as energy, water, smart agriculture, clean transport, waste management, forestry, or circular economy. The program is designed for project developers with initiatives seeking a minimum of $ 500,000 in financing and demonstrating measurable climate mitigation outcomes. Begin your application process today and join a cohort of 6-8 selected projects that will receive tailored support from June 2024 to February 2025, enhancing your ability to attract investment and contribute to Uganda's green economy.