📈⬆️ Highs & Lows ⬇️📉

⟹ 🚀 STARTUPS WATCH 🚀 ⟸

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

Kobo360, a trailblazing pan-African tech company, is revolutionizing the logistics industry across the continent. With its powerful platform, Kobo seamlessly connects cargo owners with trucks and drivers, leveraging big data and agile technology to enhance efficiency. By addressing challenges in the logistics sector, Kobo bridges the gap between asset owners and MSMEs, streamlining operations and boosting productivity.

Excitingly, Kobo is now venturing into agro-trading with plans for a groundbreaking marketplace. This initiative aims to empower farmers by directly linking them with global buyers, cutting out costly intermediaries. By doing so, Kobo not only fosters fairer trade practices but also promises substantial profit increases for smallholder farmers. Keep an eye on Kobo360 as they continue to shape the future of African logistics and agro-trading!

In the News:

• Kobo360 appoints Cikü Mugambi as new CEO - Techcabal

• Kobo360 raises US$ 30M, sets its sights on the $1.3 trillion intra-African trade opportunity - Techcabal

• Nigerian logistics startup Kobo360 formally launches in Kenya - Disrupt Africa

Kwik, the Nigerian startup celebrated for its on-demand B2B logistics service, is forging into Africa's e-commerce realm through KwikStore—a user-friendly online storefront empowering African businesses.

Founded in 2018, Kwik initially focused on providing logistics solutions to urban hubs in West Africa like Lagos and Abuja. However, recognizing the evolving needs of its clientele, the company has expanded its vision to encompass financial services, including a forthcoming merchant lending solution, positioning itself as a comprehensive partner in the growth journey of African businesses.

With the launch of KwikStore, African entrepreneurs gain access to a seamless platform for setting up and customizing online shops, sans technical barriers. These smartphone-friendly stores simplify sales and inventory management while seamlessly integrating with social media channels for automated sales processes. As Kwik aims to reach 800,000 online merchants this year, KwikStore solidifies its status as the go-to destination for African merchants looking to thrive in the digital era.

In the News:

• Nigeria’s Kwik launches e-commerce solution for African businesses - Techcabal

• Nigeria’s Kwik gets $2M to add financial services to its last-mile delivery offerings - Techcrunch

InstaDeep, headquartered in Tunis, leads the charge in AI innovation with its self-learning decision-making systems and diverse AI solutions. Leveraging reinforcement learning, InstaDeep enables autonomous decision-making across industries like robotics, finance, and healthcare, driving efficiency and innovation.

With a focus on efficiency and performance, InstaDeep offers GPU-accelerated insights and optimized deep-learning solutions. Through Nvidia's DGX-1, businesses gain access to unparalleled computing power, streamlining AI deployment and solving the most complex challenges. For businesses seeking AI-driven transformation, InstaDeep provides expertise and support, offering free consultations to unlock the full potential of AI-driven decision-making.

In the News:

• Tunisia-founded AI startup InstaDeep acquired in $684m deal - Disrupt Africa

• Tunisian enterprise AI startup InstaDeep secures $100m Series B funding round - Disrupt Africa

⟹ 💼 💰️ VENTURE CAPITAL WATCH 💼 💰️ ⟸

Last week's surge in startup investments continues with two fundraises totaling $6.5M and a significant $89M acquisition this week.

Seamfix, a Nigerian digital identity solutions provider, secured $4.5 million in funding from Alitheia IDF to expand its services to five new African countries, including Ghana, Kenya, South Africa, Ethiopia, and Uganda.

Axmed, a B2B marketplace, received $2 million in seed funding from Founderful Ventures to address the global issue of inadequate access to essential medicines, particularly in lower- and middle-income countries.

South African fintech company Adumo was acquired by Lesaka for US$85.9 million, pending regulatory approval. This acquisition strengthens Lesaka's position in Southern African fintech, expanding its reach to serve over 1.7 million consumers and 119,000 merchants across five countries.

The investment momentum continues to give a positive outlook and we sure hope to report more such great news in the coming months.

👀 This week’s featured investor is The Raba Partnership. 👀

Raba is not your typical venture fund; they're long-term business partners to founders, focusing on building lasting relationships and solving real-world problems. With a unique investment partnership approach, Raba dedicates time, network, and capital to support founders in building software and internet-first companies.

They've been early backers of category-defining African startups like Stitch, Kwara, Kobo360, Valr, Pharma, Flutterwave, Yellowcard, and Lori Systems.

Raba's investment philosophy revolves around long-term partnerships with long-term individuals, getting involved early to maximize impact. Their investment themes center on companies facilitating efficient capital and product movement, serving as essential infrastructure for other businesses.

⟹ 📺️ MEDIA WATCH 📺️  ⟸

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

1. Axmed raises $2M from Founderful to streamline drug supply chains in underserved markets - Techcrunch

2. Nigeria’s Seamfix raises $4.5m funding to expand digital ID services across Africa - Disrupt Africa

3. Chipper Cash resumes US operations two months after pausing services - Techcabal

4. After two fundraisers in 2023, Alerzo cut its workforce in February due to “digitization” - Techcabal

5. Egypt’s Swypex launches an all-in-one fintech platform after $4m seed round - Disrupt Africa

If you have any comments or feedback, just respond to this email!

Thanks for reading. Happy Mother’s Day to my mum and all mothers out there.

Gitonga, the Stoic Founder at StartupHub.Africa 🚀

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