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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 🌍
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📰 Important News
- Nigeria's FIRS to launch real-time VAT tracking for banks and fintechs by 2026 to close digital tax gaps.
- Ghana to introduce crypto regulations by Sept 2025 to formalize platforms and boost cross-border trade.
- Egypt’s FRA approved five fintech initiatives, including three new startups to drive inclusion and innovation in the non-banking financial sector.
- AfriLabs and ATU signed an MoU to boost tech innovation by aligning policy, enhancing infrastructure, and supporting frontier technologies in Africa.
- Luno launched Nigeria’s first crypto staking with up to 18% annual returns, no fees, and flexible access.
💸 Top Funding Rounds
- AfDB and SEFA partnered to back BURN with $10 million to deploy 115,000 induction cookers in East Africa and promote clean cooking.
- Flend raised $3 million to scale its digital SME lending platform, targeting Egypt’s $50 billion credit gap with $21 million in new loans.
- Oyass Capital invested $3 million in Eyone Medical to scale digital health records and AI tools across West Africa.
- Tru secured $130,000 on Kickstarter for its elegant, women-focused ankle step tracker, created by former Paystack lead Temilola Giwa.
- Rujo Agri-Trade raised funding to expand rice and soybean value chains in Northern Ghana, aiding 3,000+ farmers with climate-smart solutions.
💰️ Notable Exits
- Verod Capital fully exited its stake in TAG West Africa, owner of Lancaster University Ghana, after an 8-year impact-driven partnership supporting campus growth, ESG, and student access across West Africa.
🏦 About Investors
- 54 Collective collapsed after Mastercard Foundation pulled $114 million over governance and financial issues during a disputed rebrand.
- VNV Global’s top African holding Breadfast hit $150 million ARR and a $382 million valuation as it expands into fintech with Breadfast Pay.
🚀 Startup of the Week
Introducing our Startup of the Week 🏆
Flutterwave
Founded in 2016 and headquartered in San Francisco with a major base in Lagos, Flutterwave was launched by CEO Olugbenga “GB” Agboola, alongside co-founders Iyinoluwa Aboyeji and Adeleke Adekoya, who bring extensive experience in fintech and enterprise technology. The company is revolutionizing digital payments across Africa by providing API-based infrastructure that enables businesses to accept, process, and send money globally across over 150 currencies and 15+ payment methods. To accelerate its growth and solidify its pan-African footprint, Flutterwave has raised approximately $500 million to date, achieving a $3 billion valuation after its $250 million Series D in February 2022. Backed by investors like Tiger Global, B Capital, Greycroft, and Avenir, Flutterwave continues to drive cross-border commerce and prepare for a potential IPO, following a formal invitation from the Nigerian Exchange in April 2025.
💼 Investor of the Week
Introducing our Investor of the Week 🏆
Future Africa
Founded in 2019 and headquartered in Lagos, Nigeria, Future Africa is led by founding partner Iyinoluwa “E” Aboyeji and managing partner Mia von Koschitzky-Kimani, both seasoned operators turned investors with deep experience scaling African startups. The firm is redefining early-stage venture capital on the continent by providing pre-seed and seed funding alongside intensive founder support, typically investing between $100,000 and $500,000 in the first 300 to 500 days of a startup’s journey. With a portfolio of over 130 companies across 10 countries and more than $9.7 million deployed through Fund II alone, Future Africa has helped attract hundreds of millions in follow-on capital while maintaining a sector-agnostic approach. Its recent initiatives, such as the Africa Deep Tech Challenge 2025, underscore a growing commitment to frontier technologies that address Africa’s infrastructure and climate challenges. As Future Africa scales its pan-African reach and builds on a triple-digit IRR, the firm is increasingly viewed as a catalyst for the continent’s next generation of category-defining startups.
🤑 Opportunity Radar
Call for Applications: Startup Elevate 2025
Applications are now open for Startup Elevate 2025, a two-day investor-founder engagement program hosted by Lifetime Ventures in partnership with the Okinawa Institute of Science and Technology (OIST). Taking place in Okinawa, Japan, from September 29–30, 2025, the program targets early-stage startups in healthcare, sustainability, and deep tech from across Africa and beyond, particularly those at the pre-seed and seed stages. Selected startups will benefit from tailored mentorship, pitch refinement, 1-on-1 VC matching, and live exposure to global investors, with all sessions conducted in English and partial travel support available. With a focus on founders who have raised less than $2 million and are ready to scale globally, Startup Elevate offers a unique opportunity to refine business strategies and gain international visibility. The application deadline is July 31, 2025—apply now to connect with top investors and position your startup for long-term impact.
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