Welcome to the fifth edition of "Startup Researcher - EMEA Weekly" – your premier source for the latest insights into the vibrant startup scene across Europe, the Middle East, and Africa. This issue provides a concise yet comprehensive overview of what happened this week. Thank you for choosing us as your guide to the pulse of EMEA's entrepreneurial landscape.

Africa

Important News:

• What a week for a Bolt!! The company launched its services in Zimbabwe, it has also launched Bolt Send, a same-day parcel delivery service available in Johannesburg North. At the same time, the hashtag #BoycottBolt has gained traction on Ghanaian social media after an X user narrated her story of being assaulted by a Bolt driver.

• Bboxx is relocating its HQ to Kigali, Rwanda with the company planning to invest $100 million in the country and train 500 Rwandans.

• After the closure of Kippa Pay, Duke Ekezie, Co-founder of Kippa, is leaving the company.

• Google has inaugurated its first Google Cloud region on the continent, with its headquarters situated in Johannesburg, South Africa.

• The Nigerian Electronic Fraud Forum, in collaboration with other agencies, has introduced a fraud-flagging feature for point-of-sale (PoS) terminals. Despite being a positive development, the companies owning these terminals are currently unaware of the existence of this feature.

Top Funding Rounds:

• Roboost, an Egyptian delivery management startup, has raised a $3 million investment round to expand regionally.

• Apollo Agriculture, a Kenyan startup specializing in a commercial farming platform designed to optimize profits for small-scale farmers, has secured $10 million in funding to support its ongoing expansion.

• ProXalys, a startup based in Senegal that focuses on digital transformation in B2B commerce, has successfully raised $500,000.

• InspiraFarms Cooling, a Kenyan-based provider of cooling solutions, has obtained a $1.09 million investment to aid its off-grid energy cold storage initiatives throughout Africa.

• Carry1st, the leading game publisher and digital commerce platform in Africa has announced that it has secured a strategic investment from Sony Innovation Fund. This marks the fund’s first investment in the continent.

Notable Exits:

• AUTO24, a car marketplace, has strengthened its position in Africa by acquiring Kupatana in Tanzania, thereby augmenting its regional footprint.

Europe

Important News:

• Delivery Hero is divesting its 4.5% Deliveroo stake, selling 68 million shares for £82.28 million.

• The Dutch Data Protection Authority fined Uber €10M for not transparently disclosing data details and obstructing drivers' privacy rights. The penalty follows complaints from over 170 French drivers, indicating the severity of Uber's violations of driver privacy.

• Bird, formerly known as MessageBird, undergoes a rebranding and aggressively reduces SMS prices by 90% to compete with Twilio

• UK-based AltFi, a fintech news publication, is closing down. The shutdown marks the end of a decade-long era covering the UK fintech landscape.

• The EU member states approved the world's first comprehensive AI regulation, the AI Act, setting harmonized rules for AI technology. The EU takes the lead over international competitors like the US and China, with implementation to follow amid ongoing concerns.

Top Funding Rounds:

• The Enhanced Games, a reimagined Olympics-style tournament that "embraces future advancements in medical science," has received funding from billionaire Peter Thiel and other venture capitalists.

• Aqemia, a biotech company based in Paris that employs AI to expedite drug discovery and design, has secured a €30 million extension to its Series A, elevating the total funding for the round to an all-equity €60 million.

• Barcelona's Nebeus raised €250M for its fast crypto-backed loan program, offering quick access to funds for individuals and businesses.

• London's Kriya secured £50 million from Viola Credit to power £1 billion in B2B payments, enhancing its PayNow and PayLater services across 45 markets.

• Heart Aerospace, a startup in Sweden developing hybrid-electric planes backed by Bill Gates, has closed a $107 million Series B funding round, reaching a total funding of $145 million.

Notable Exits:

• Bruker has acquired Chemspeed making its third acquisition within the Swiss startup sector since 2023.

• ORCA Computing, a UK quantum computing firm, acquired GXC's Integrated Photonics Division, to advance its quantum capabilities.

• Amadeus acquired Vision-Box for €320 million, bolstering biometric travel solutions for seamless passenger journeys. The deal is subject to regulatory approval.

• Zeelo acquires Kura, forming the UK's largest virtual bus operation. The undisclosed deal integrates Kura's school transport software into Zeelo's services.

• Vienna's BAWAG Group acquires Amsterdam's Knab, an online bank specializing in self-employed customers, for €510M.

About Investors:

• SMOK Ventures has recently concluded its second fund, securing $25 million to support early-stage startups in SaaS, AI, and gaming across Central Eastern Europe (CEE) and the diaspora of the region.

• Future Energy Ventures has revealed the initial close of €110 million for its second climate tech fund, aiming for a total size of €250 million.

• Giant Ventures, known for its support of serial founders, is initiating two new funds totaling $250 million. A $100m seed fund and a $150 million growth fund.

• Speedinvest has successfully concluded its fourth early-stage fund, Speedinvest 4, at $380 million, exceeding the initial target of $325 million.

• Practica Capital closes its third fund at €80 million, marking the Baltics' largest seed fund. Investors include EIF, EBRD, and local fund managers.

Middle East

Important News:

• The Scale Iraq program, a collaborative effort involving the International Finance Corporation, Iraq Venture Partners, and Innovest Middle East, has been launched to assist 20 startups in Iraq.

Top Funding Rounds:

• iStoria, an ed-tech company headquartered in Saudi Arabia, secured $1.3 million in Seed funding.

• KSA-based P2P car rental platform Ejaro successfully raised $3.28 million in a Pre-Series A round.

• Cognitiwe AI successfully raised $1.05 million, drawing support from a diverse range of investors including TechOne VC, Eleven Ventures, Flat6Labs, Domino VC, and Caucasus VC.

Notable Exits:

• Plant & Equipment, the leading marketplace for construction equipment in the MENA region, revealed the acquisition of Global Equipment Trading.

• Dubai Investments has purchased a 34.3%equity share in Global Fertility Partners (GFP), a network of fertility and reproductive genetics centers in the Middle East.

• Serco, an international public services company, has acquired Climatize, an engineering consultancy.

As we conclude this edition of "Startup Researcher - EMEA Weekly," we appreciate your ongoing support. Our commitment to delivering insightful content on the EMEA startup and tech scenes remains steadfast. Stay tuned for more captivating stories and trend analyses. Thank you for being part of our community, and here's to the limitless possibilities ahead. Until next week!