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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
- Rwanda and Anthropic signed a three-year agreement to integrate AI into the nation's health, education, and public sectors.
- Affinity Africa partnered with the Cisco Foundation and FINCA to expand digital financial services and literacy for underserved communities in Ghana.
- Souhoola received initial approval to issue a reloadable prepaid card with Banque Misr, Visa, and Modupay, offering installment plans of up to 60 months.
- Payaza secured a Payment Service Provider (PSP) license in Canada to connect the financial ecosystems of Africa and North America.
- Redtech is planning a major expansion into 29 African countries, eyeing acquisitions and a $100 million fundraising round.
💸 Top Funding Rounds
- Breadfast secured $50 million in a pre-Series C round from investors including Mubadala to expand its infrastructure.
- Terra Industries raised an additional $22 million in a round led byLux Capital, bringing its total funding to $34 million.
- Flextock secured $12.6 million in a Series A round led by TLcom Capital to expand its unified commerce platform in Egypt and Saudi Arabia.
- Axmed obtained a $6 million grant from the Gates Foundation, bringing its total capital to $13 million to scale its medicine procurement platform.
- Arc Ride landed a $5 million equity commitment from the IFC to anchor its Series A round and scale its battery-as-a-service (BaaS) network.
💰️ IPO and M&A Watch
- Araxi acquired an 80% stake in Pay@ Group for $62 million, forming a dominant fintech entity in Southern Africa to drive regional expansion.
- Dawar acquired a stake in Bekya Pay to vertically integrate and digitize Egypt’s fragmented recycling landscape.
- Rafiki spun out Petl Pay to simplify multi-party invoicing and cross-border payments for globally distributed project teams.
- Netopia Solutions acquired Moroccan Sportstech startup MyTeam Solution, a specialist in digital tools for sports management.
- AntX acquired EdTech startup Magnum Egypt to integrate R&D with talent building, and to strengthen Upper Egypt’s entrepreneurship ecosystem.
🏦 About Investors
- HAVAÍC reached a third close of its $50 million African Innovation Fund 3, with commitments exceeding $30 million following a lead investment from E Squared Investments.
- The Dutch Good Growth Fund committed $3 million in seed capital to First Circle Capital, a female-led fund backing early-stage African fintech startups to enhance financial inclusion across the continent.
🚀 Startup of the Week
Introducing our Startup of the Week 🏆
Breadfast
Breadfast, the Cairo-born e-commerce and quick-commerce standout founded in 2017 by Mostafa Amin, Muhammad Habib, and Abdallah Nofal, has charted an impressive evolution from its origins delivering fresh bread to becoming a vertically integrated platform offering groceries, pharmacy items, ready meals, digital payments, private-label products and branded coffee outlets across Egypt. Under CEO Mostafa Amin’s leadership, the company just closed a $50 million pre-Series C funding round led by Abu Dhabi’s MubadalaInvestment Company alongside key investors like Olayan Financing and SBI Investment, fueling infrastructure build-out and a strategic push into North and West African markets ahead of a larger raise.
💼 Investor of the Week
Introducing our Investor of the Week 🏆
HAVAÍC
Founded in 2015 in Cape Town, HAVAÍC has become a standout venture capital fund manager backing post-revenue African tech built to scale globally. Through its $50 million African Innovation Fund 3, now past $30 million after a third close led by E Squared Investments, the firm is actively putting money to work in companies like SAPay and fraud-prevention player Entersekt, while doubling down with follow-ons into Sportable and Talk360. Its credibility is sharpened by landmark outcomes, including RapidDeploy’s sale to Motorola Solutions and hearX’s merger with Eargo to form LXE Hearing. Led by Managing Partner Ian Lessem alongside partners Rob Heath and Kiara Suttner-Tromp, HAVAÍC pairs capital with hands-on advisory to turn “local innovation” into global elevation across the ecosystem.
🤑 Opportunities Expiring Soon
gBETA Electrify Nevada Spring 2026
- 📢 Organizer: gener8tor
- 🗂️ Category: Accelerator, Training & Learning
- 🪜 Target Stages: Ideation, Pre-seed, Seed
- 🏭 Focus Sectors: Energy & Environment, DeepTech
- 📅 Application Deadline: February 22, 2026
AI Ventures Accelerator for Young Women
- 📢 Organizer: Technovation
- 🗂️ Category: Accelerator, Funding, Training & Learning
- 🪜 Target Stages: Ideation, Pre-seed
- 🏭 Focus Sectors: Sector Agnostic
- 📅 Application Deadline: February 23, 2026
Amazon Devices Climate Tech Accelerator 2026
- 📢 Organizer: Amazon Devices & Services
- 🗂️ Category: Accelerator
- 🪜 Target Stages: Stage Agnostic
- 🏭 Focus Sectors: Energy & Environment, AI & Data, Manufacturing & Materials, Retail & Consumer
- 📅 Application Deadline: February 24, 2026
FAO International Innovation Award 2026
- 📢 Organizer: Food and Agriculture Organization of the United Nations
- 🗂️ Category: Award/Prize
- 🪜 Target Stages: Stage Agnostic
- 🏭 Focus Sectors: Agriculture & Food, Social & Governance, Mobility & Logistics
- 📅 Application Deadline: February 28, 2026
2026 TEF Entrepreneurship Programm
- 📢 Organizer: The Tony Elumelu Foundation
- 🗂️ Category: Accelerator, Funding, Training & Learning
- 🪜 Target Stages: Ideation, Pre-seed, Seed
- 🏭 Focus Sectors: Sector Agnostic
- 📅 Application Deadline: March 01, 2026
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