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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
- Morocco launched a $43 million catalytic mechanism to de-risk VC funds for local startups with support from Mohammed VI Fund, CDG, and Tamwilcom.
- Senegal launched the Écosystème Startup platform to activate its 2020 Startup Act and give labeled startups tax breaks and procurement access.
- Stitches Africa launched an AI fashion platform and a $50 million program to connect African tailors with global diaspora customers.
- Revolut is preparing a full South Africa launch, naming Dr Gaby Magomola as chairman, with Jacques Meyer leading execution.
- Yellow Card appointed fintech leader Maria Oldham as COO to drive global expansion of its stablecoin-based cross-border payments platform.
💸 Top Funding Rounds
- South African energytech startup Plentify raised an oversubscribed Series A of $15 million to scale its AI-powered home energy platform.
- Ghana-based Wahu Mobility secured new funding from Sahara Impact Ventures to scale its electric bicycle platform.
- Five women founderswon $100,000 in equity-free funding in the inaugural Tech FoundHER Africa Challenge backed by Naspers and Prosus.
- FoodCare obtained a convertible private credit investment from BFA Asset Management’s Kimbo Fund to overcome capital constraints.
💰️ Notable Exits
- UM6P Ventures is set to acquire a 15% stake and joint control of Spotter, with the deal under review by Morocco’s Competition Council.
🏦 About Investors
- Spain’s AECID committed up to $10 million to Novastar’s $200 million Africa People and Planet Fund III, backing climate and impact startups serving low income communities.
- Nigeria launched the Student Venture Capital Grant offering up to $3,500 equity free funding plus Google backed support to turn campus ideas into scalable startups.
🚀Startup of the Week
Introducing our Startup of the Week 🏆
Plentify
Founded in 2017 in South Africa, Plentify is a climate-tech startup turning ordinary homes into smart clean-energy assets. Led by co-founder and CEO Jon Kornik with chief growth officer Kailas Nair, the company connects water heaters, solar inverters, and batteries to an AI-powered platform that shifts consumption to cheaper, cleaner power. Plentify has raised nearly $15 million to date, including an oversubscribed Series A backed by Secha Capital, Buffet Investments, E3 Capital, Fireball Capital, Satgana, and Endeavor South Africa’s Harvest Fund. Now preparing pilots in the United Kingdom, Australia and Brazil, Plentify aims to build a global virtual power plant that cuts household bills while accelerating decarbonization.
💼 Investor of the Week
Introducing our Investor of the Week 🏆
Novastar Ventures
Novastar Ventures, one of Africa’s leading early-stage impact investors, continues to expand its climate and inclusion strategy through its $200 million Africa People and Planet Fund III. The Nairobi-born firm, led by managing partner Steve Beck, backs technology-driven startups that deliver climate resilience and improved livelihoods for low-income communities across East and West Africa. Fund III targets about twelve scalable ventures in renewable energy, e-mobility, smart logistics, the circular economy, and regenerative agriculture. Its momentum accelerated further with a recent $10 million commitment from Spain’s AECID, joining JICA and the Green Climate Fund in a growing coalition of global backers. Through this fund, Novastar reinforces its role as a catalyst for a low-carbon, inclusive African future.
🤑Opportunity Radar
Call for Applications: The HAX Program
The HAX Program, run by SOSV, is a global accelerator for hard-tech startups building solutions in hardware, climate tech, health tech, industrial tech, energy, and AI. Founders gain access to investment, hands-on engineering resources, a world-class mentor network, and long-term venture support through SOSV’s multi-stage platform. The program targets pre-seed hard-tech teams with early prototypes and strong customer insight. Apply now to join a globally diverse community and accelerate your path from prototype to scale.
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