📉 Big 5 Economies dominate with 85% of Africa's funding! 💰️

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⟹ 🚀 STARTUPS WATCH 🚀 ⟸

Here are the 5 top startups in the African eco-system we think you need to know:

Shuttlers is a Lagos-based platform offering shared transportation solutions for professionals, transforming the daily commute into a more comfortable and efficient experience. With the Shuttlers App, users can book seats, pay for rides, and track shuttle arrivals on various routes designed to cater to the commuting needs of professionals in Lagos. The company’s goal is to provide a safe, affordable, and enjoyable way to commute to work and back, with air-conditioned buses ensuring a pleasant ride.

Shuttlers also offers tailored services for businesses, providing employee shuttle solutions that ensure timely and comfortable commutes. Additionally, the platform provides daily shuttles, vehicle rentals, and event transportation, making it a versatile transportation provider. Whether for routine work commutes, business needs, or special events, Shuttlers delivers seamless transportation services designed to enhance the daily travel experience across Lagos.

Mivors is a leading provider of industry-specific cloud applications and platforms in the Middle East and Africa, helping businesses transform through seamless cloud technology deployment. Specializing in Oracle Cloud solutions, Mivors delivers tailored services for ERP, HCM, CX, and BI/EPM, ensuring compliance with industry regulations and specific needs. Their cloud platform integrates with existing ERP and CRM systems, offering accelerated implementation and continuous innovation to drive business success. Mivors promises a one-stop shopping experience, handling everything from solution design to ongoing support, making them a trusted partner for companies seeking efficient, off-the-shelf configured cloud solutions.

AZA Petrosolutions, based in Agadir, specializes in designing technology solutions for the oil sector, focusing on automation and efficiency. Founded in 2020 by Zakaria Azemzi, the company develops advanced fuel management systems (AFMS) that help businesses optimize fuel inventory, prevent fraud, and enhance resource utilization.

AZA Petrosolutions offers integrated solutions for both fuel distribution and station management, with systems designed to track stock, improve productivity, and ensure reliability. With a commitment to innovation, AZA Petrosolutions provides high-performance, cost-effective solutions for both private and institutional clients in Morocco and internationally.

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

🌍 Africa’s Private Capital Landscape: The 'Big 5' economies—South Africa, Kenya, Nigeria, Ghana, and Egypt—dominated private capital deals in Q3 2024, accounting for 85% of all investments on the continent, according to a Stears report. These countries remain attractive to investors due to stable economic conditions, favorable policies, and thriving sectors like fintech and tech innovation. In total, 73 private market deals were recorded, with $2.27 billion in disclosed value. Kenya & SA lead with 33% of the share each with Nigeria third at 23% while Egypt and Rwanda close the top 5 with 18% and 15% respectively. While the Big 5 continue to lead, smaller economies are also growing, especially in sectors like agriculture and renewable energy. As these economies improve their policies and infrastructure, they’re becoming increasingly viable for private capital. 🚀💰

Amenli, an Egyptian insurtech startup, has raised $2.3 million in a funding round led by the European Bank for Reconstruction and Development (EBRD) to accelerate its growth and enhance its offerings. Founded in 2020, Amenli offers a wide range of insurance services, focusing on medical, car, home, and business insurance. With backing from Y Combinator and the EBRD, the funding will help Amenli expand its technological capabilities, improve the customer experience, and diversify distribution channels in Egypt’s growing insurance market. 🏥💼 The company’s innovative platform is positioning it for rapid growth as the insurance sector continues to mature. 🌍

6 standout startups have been selected for Google’s Black Founders Accelerator Program, receiving ZAR1 million ($50K) in grants and up to ZAR3.6 million ($200K) in Google Cloud credits. These ventures—Aveade, Breaze Delivery, Mapha Logistics, Swagshack, Vuleka, and Wisi-Oi—are set to revolutionize sectors like digital marketplaces, fashion, and logistics with mentorship and networking opportunities. 💡

Meanwhile, 19 innovators from across Africa have joined the AU Digital and Innovation Fellowship, a 12-month initiative by AfriLabs and the African Union. These fellows will work to enhance data systems and drive socio-economic development, helping to shape the continent’s digital future. 🌱💻

Early-stage VC fund Launch Africa Ventures is making its first exits and adapting its strategy for Fund II as it deploys capital. Founded in 2020, Launch Africa closed its inaugural fund at US$36.3 million and made 133 investments across Africa. With Fund II, the firm is diversifying its investment strategy away from fintech and into climate-tech, health-tech, and ed-tech. Launch Africa plans to invest more deeply in fewer companies—between 70 and 85—while increasing its average investment from US$300,000 to US$1 million per company. This strategy shift aims to balance the need for liquidity with long-term sustainability and deeper sectoral expertise across the continent. 🌍

Nigeria’s Shyft Power Solutions, known for its innovative digital energy solutions, has been acquired by UK-based SteamaCo, a leader in energy revenue management. The acquisition, coupled with new funding led by Equator VC and joined by Praetura Ventures and KawiSafi Ventures, aims to transform Africa’s energy sector. Shyft, which develops IoT hardware and integrated software for energy management, will combine its expertise with SteamaCo’s advanced metering technology to improve energy services across emerging markets. This merger strengthens both companies’ ability to provide affordable, reliable, and sustainable power solutions to communities in Africa.

👀 This week’s featured investor is Launch Africa Ventures. 👀

Launch Africa Ventures is a prominent Pan-African VC fund founded in 2020 by Zachariah George and Janade Du Plessis. With a mission to bridge the funding gap for Seed and pre-Series A tech startups, Launch Africa has invested over US$36 million into 133 startups across 22 countries in Africa. The fund focuses on high-growth opportunities in critical sectors such as technology, healthcare, agriculture, and education.

Launch Africa leverages its deep understanding of the African market and strong relationships with global ecosystems to provide not only capital but also strategic guidance and operational support to scale businesses that solve pressing challenges. By empowering startups across multiple regions and sectors, Launch Africa is playing a transformative role in driving innovation and socio-economic growth across the continent.

Some of the startups in the portfolio include TerraPay, Kuda, Amitruck, Balad, Bosso, Lengo, Kredete, and Zuri among many others.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

Here are the 5 key things in the news this week that you need to know:

1. Andela partners with CNCF to train 20,000 Africans in cloud-native skills  - Techcabal

2. Egyptian insurtech startup Amenli raises $2.3m to accelerate growth - Disrupt Africa

3. Yellow Card secures crypto license in South Africa - Techcabal

4. 19 innovators selected for 2nd AU Digital & Innovation Fellowship Programme - Disrupt Africa

5. The ‘Big 5’ accounts for 85% of Africa’s private capital deals in Q3 2024 - Techcabal

And that’s your weekly dosage of the African startup ecosystem! If you have any comments or feedback, just respond to this email. We are always looking to hear from our community.

Thanks for reading. See you next week.

Gitonga, the Stoic Founder at StartupHub.Africa 🚀

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