Africa’s startup ecosystem is thriving, with innovative companies emerging in various sectors. Here’s a rundown of recent developments and trends:

Funding and Investments

• Chowdeck Raises $9 Million Series A Funding: Chowdeck, a Nigerian on-demand delivery platform, secured $9 million in Series A funding to launch quick commerce and expand across Nigeria and Ghana.
• Egyptian Quick-Commerce Startup Breadfast Raises $10m Series B2 Funding: Breadfast, an Egyptian quick-commerce startup, raised $10 million in Series B2 funding to further its growth.
• Japanese VCs Launch $20M Fund for African and MENA Startups: Japanese venture capital firms, UNCOVERED FUND and Monex Ventures, launched a $20 million fund targeting early-stage startups in Africa and the Middle East.
• Sun King Secures $156M to Expand Clean Energy: Sun King, a Kenyan off-grid solar energy company, closed a $156 million funding round to expand its clean energy services.

Fintech and Payments

• Nedbank Acquires iKhokha: Nedbank Group acquired fintech innovator iKhokha for R1.65 billion to boost SME banking.
• Happy Pay Partners with Peach Payments: Happy Pay partnered with Peach Payments to expand its buy-now-pay-later offering across South Africa.
• Safaricom and PayPal Collaborate: Safaricom and PayPal announced a strategic collaboration to enable account-to-account payments.

Artificial Intelligence and Technology

• Botlhale AI Pioneers Inclusive African Language Tech: Botlhale AI is building responsible and scalable NLP tools for real-world impact, putting African languages at the center of AI innovation.
• Google for Startups Accelerator Opens for SA AI Startups: Google opened applications for its Google for Startups Accelerator program, inviting South African AI startups to apply.
• Mastercard Explores AI in Africa: Mastercard released a whitepaper on harnessing the transformative power of AI in Africa, highlighting its potential to drive digital transformation.

Other Notable Developments

• Takealot and MortgageMarket Launch Digital Home Loan Platform: E-commerce giant Takealot partnered with MortgageMarket to launch a digital home loan platform in South Africa.
• Giga Accelerator Opens Applications: The Giga Accelerator, part of the global Giga initiative, opened applications for African tech startups.
• EV24.africa Becomes Leading Electric Vehicle Marketplace: EV24.africa established itself as the leading electric vehicle marketplace in Africa, just three months after launch.