Welcome to another edition of EMEA Weekly. This week had some interesting happenings across the region, such as Wasoko's issues with its former employees, the launch of Varsity VC, and Saudi Anabolic's $9 million seed round. Let's dive right in!

Africa

Important News:

• Boost, a pan-African B2B commerce platform has partnered with Mastercard to offer digital payment wallets and integrated supply chain finance solutions. This collaboration aims to empower and facilitate the growth of small businesses in the FMCG sector across Africa.

• The Kenya Robotics and Artificial Intelligence Society Bill 2023 proposes imposing fines of up to $6,250, a maximum prison term of two years, or both, on unlicensed entities engaged in robotic and AI businesses if they neglect to register their organizations with the RSK.

• A Kenyan court has halted Wasoko from terminating the employment of nine workers amidst its merger intentions with MaxAB.

• The Ethiopian Minister of Transport and Logistics has declared that the government will permit solely electric vehicles into the country, prohibiting gasoline and diesel-powered cars.

• Paystack has rolled out the "Pay With Apple Pay" payment feature in Cote D’Ivoire and South Africa, enabling users to make payments within iOS apps and on the web through Safari.

Top Funding Rounds:

• Uganda-based electric cooking startup PowerUP has announced the initial close of its seed round.

• Klas, an ed-tech startup from Nigeria, has obtained $1 million in pre-seed funding to expand its vision of providing services to approximately 100,000 virtual schools worldwide.

• The World Innovation League, previously known as NaijaHacks, has secured $1.2 million in funding from a Canadian accelerator.

Notable Exits:

• Mastercard has invested $200 million to acquire a minority stake in MTN's fintech division.

Premium Insights:

Europe:

Important News:

• Fairphone, the ethical smartphone manufacturer, has named Reinier Hendriks as its new Chief Executive Officer.

• There are plans in the European Union to update current legislation to align with technological advancements, potentially leading to the criminalization of AI-generated imagery and other forms of deepfakes depicting child sexual abuse.

• Amsterdam-based MotoShare, a platform for motorcycle rentals, has announced the resumption of its operations after filing for bankruptcy on December 21, 2023.

• Meta is contesting a fee imposed by the European Union on larger online platforms as part of its revamped e-commerce regulations. This marks the first lawsuit specifically targeting the supervisory fee.

• Klarna has relocated to its new London headquarters, which is being promoted as the "world's largest co-working space.

Top Funding Rounds:

• Starship Technologies, an Estonian startup specializing in last-mile delivery robots has secured $90 million in funding.

• Pennylane, an accounting platform based in Paris, has completed a €40 million Series C funding round, elevating the company's valuation to €1 billion. With this, Pennylane becomes the first French startup to attain unicorn status this year, despite a challenging market environment for fintechs.

• ID Finance a prominent fintech player in Spain, has revealed securing $150 million in debt funding.

• Xensam, an AI-powered Software Asset Management startup has disclosed raising $40 million in a growth round.

• Heura Foods has secured €40 million in its Series B funding round to expand its plant-based food enterprise.

Notable Exits:

• The London-based customer identity verification scaleup, Onfido, is currently in discussions for a potential acquisition by the US payments company, Entrust.

• General Atlantic has purchased the shares previously held by Stichting Administratiekantoor funda (STAK) in Funda BV, a real estate classifieds platform in the Netherlands.

• Monolithic Power Systems has announced its acquisition of Axign, a Dutch fabless semiconductor startup.

• Heatland Discgolf AB revealed its acquisition of European Birdies for an undisclosed amount.

• Developer team-building startup Deazy disclosed its acquisition of Geektastic, a platform offering customizable, peer-reviewed technical assessments.

About Investors:

• The European Tech Champions Initiative marks its one-year milestone with a close of €1 billion in investments, with plans to mobilize up to €6 billion.

• London-based early-stage venture capital firm, Episode 1, reveals the closure of its third fund, totaling £76 million. The fund will primarily focus on investing in B2B startups predominantly based in the UK.

• Future Food Fund II specializing in agrifoodtech investments with environmental impact, has concluded its funding round at €40 million.

• Amsterdam-based investment firm, Orient Growth Ventures, announced the successful closure of the second fundraising for its second fund, Orient Growth Fund II, at $90 million.

Premium Insights:

Middle East

Important News:

• PayTabs has partnered with NearPay, a fintech startup based in Saudi Arabia, to enhance the soft point of sale payment experience for users in Jordan and other markets across the region where PayTabs operates.

Top Funding Rounds:

• Saudi-based proptech startup Rize disclosed the completion of its seed funding round, securing $2.9 million.

• The Digital Hotelier has secured a substantial $1 million investment from renowned investors marking a significant milestone in its growth trajectory.

• CAMB.AI, an AI dubbing platform based in Dubai, has secured a $4 million investment led by Courtside Ventures of New York.

• Wayl, a fintech company based in Iraq, has secured $150,000 in pre-seed funding from EQIQ Ventures.

• Anabolic has concluded a $9 million Seed Round. The startup plans to utilize the funds to further develop its technologies and expedite its expansion within the Saudi market.

Notable Exits:

• Maqta Gateway, the digital division of AD Ports Group, has purchased a 60% equity stake in Dubai Technologies for $7.6 million.

About Investors:

• TASARU Mobility Investments, a company fully owned by the Public Investment Fund (PIF) has made its debut investment outside Saudi Arabia, backing Zagreb-based Project 3 Mobility.

Premium Insights:

That's a wrap for this edition, I hope you had an absolute blast! See you next week with more exciting news and insights!