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- The shortage of agricultural inputs like fertilizer, unpredictable prices and the proliferation of substandard products into markets are some of the biggest challenges for Kenya’s agricultural sector. This impact is especially felt in the country because agriculture accounts for 23% of its gross…
- Niraj Varia spent the last eight years at Novastar Ventures, a global VC with hubs in Nairobi, Lagos and London, having joined it at inception and rising through the ranks to become partner. Under his watch, the firm invested in numerous tech-enabled startups in Africa’s sub-Saharan region, and,…
- Lori Systems, an African on-demand logistics and trucking company digitizing haulage and providing shippers with solutions to manage their cargo and transporters, has raised a pre-Series B round in which Google participated along with other existing investors. Sources say the company raised at a…
- Kenya-based Crossboundary Energy Access (CBEA), a mini-grid infrastructure fund, has raised $25 million from ARCH Emerging Markets Partners limited, Bank of America, and Microsoft Climate Innovation Fund to back renewable energy projects across the continent. In this round, the ARCH made $10…
- The construction industry in Kenya is so big that it is among the few globally that expanded amidst the Covid lockdowns of 2020. And it is not showing any signs of slowdown with the country’s data agency — the Kenya National Bureau of Statistics — projecting it to grow at an average rate of 6.1% […]
- American social media giant Meta is seeking to have a case filed against it in Kenya dropped saying that the East African country has no jurisdiction to determine it. The application follows a lawsuit filed by Daniel Motaung last month against Meta and Sama, its main subcontractor for content…
- Global digital payments giant Visa and East Africa’s biggest telecom Safaricom, the operator of the M-Pesa mobile money product, have today launched a virtual card, enabling millions of M-Pesa users to make digital payments globally, and giving Visa extended reach across Africa. The launch of the M…
- Affordability is one of the biggest impediments for insurance penetration in Kenya. Often, policy holders are required to make one-off payments for long-term covers, and the quoted sums are usually beyond the reach of most people. It is this gap that Kenyan insurtech MotiSure is working to seal.…
- Uber today announced a significant milestone — it has completed 1 billion rides across all its markets in Africa. This feat translates to over 10 billion kilometres in terms of distance covered, according to the company. This milestone for Uber is coming nearly a decade after the mobility tech…
- South African edtech startup FoondaMate has secured $2 million seed funding in a round led by LocalGlobe, the UK-based venture capital firm, to drive uptake of its Whatsapp and Facebook-based learning chatbot across the globe. Foondamate helps students with their revision by giving them immediate…
- New details have emerged showing that Uber was planning to further reduce commuter charges in Kenya, months after the 35% cut of 2016, which is the subject-matter of a civil suit filed by drivers against Uber BV and its local subsidiary. Alissa Orlando, a former Uber executive in Kenya, said that…
- Victory Farms, an aquaculture startup and farm for tilapia fish comprising hatcheries, nursery ponds and deep-water cages, has raised $5 million in new funding. The investment was led by Ed Brakeman, a senior managing director at Bain Capital and Hans den Bieman, founder and ex-CEO of Mowi, one of…
- In 2010, Bastian Gotter invested up to $200,000 into IROKOtv, an African video-on-demand company Jason Njoku, his friend and co-founder, launched in Lagos, Nigeria. For the next couple of years, Gotter, as CFO, was instrumental in turning IROKO — after raising over $30 million from VCs, including…
- CarePoint, a technology-driven healthcare startup, has raised $10 million bridge round to accelerate its growth across Africa, as it seeks to make healthcare accessible to the masses. The startup recently entered Egypt, its fourth market in Africa, after Kenya, Nigeria and Ghana. It is now eyeing…
- African merchants encounter many challenges when it comes to international shipping ranging from logistics and customs to hidden and excessive charges. Digital freight forwarders on the continent have grown to tackle these supply chain issues. In some way, they are taking after the likeness of an $…
- Stock-outs, unpredictable prices of farm produce and a lack of working capital are among the challenges that plague small restaurants and food vendors in emerging markets. These are some of the pain-points that TopUp Mama (previously Kibanda TopUp) is working to alleviate since its launch in Kenya’…
- The use of cryptocurrency in sub-Saharan Africa, particularly among its young people, cannot be overstated. Data from blockchain intelligence firm Chainalysis says the region’s crypto usage grew 1,200% last year, making it the third-fastest growing cryptocurrency economy. But despite the…
- Mobile penetration in Africa is growing impressively at about 46% as more people come online for the very first time. In turn, this has increased the market opportunity for startups, especially fintechs and e-commerce, which try to provide various solutions to meet the financial needs of the…
- Uber has opted for arbitration to solve a dispute it has with drivers in Kenya over the reduction of commuter fares. The ride-hailing firm asked Kenya’s Supreme Court, in an application, to allow it to solve its issues with the drivers through channels agreed upon in contracts, while stating that…
- Egyptian fintech Paymob, which enables merchants to accept digital payments online and in-store, announced today it has raised $50 million in Series B funding. PayPal Ventures, the global corporate venture arm of PayPal, New-York-based venture capital Kora Capital, and London-based Clay Point led…
- Masa Finance, a hybrid credit protocol and decentralized credit bureau founded by Pngme CEO Brendan Playford in late 2020, has raised $3.5 million in pre-seed funding. According to a statement, the company seeks to “disrupt traditional centralized credit infrastructure by providing individuals,…
- Startup pitches with promises to provide various services to Africans — across different sectors — are commonplace now. And in trying to sweet-talk investors, what’s not taken into context or often disregarded is that Africa is a fragmented $3 trillion market. The continent is also home to more…
- Pangea Trust, through its equity crowdfunding platform Connect, is unlocking diaspora remittance inflows as funding source for early and growth-stage startups in Africa. Remittances to sub-Saharan Africa reached $45 billion last year, with Nigeria, Ghana, Kenya, Senegal and Zimbabwe leading the…
- One of the largest solar companies in Africa and Asia, Sun King, has raised $260 million in series D funding to deliver off-grid energy technologies to more people across the two continents. Sun King (formerly Greenlight Planet) plans to use $100 million to expand its pay-as-you-go solutions and…
- A few weeks ago, a law firm threatened to sue American social-media giant Meta and its main subcontractor for content moderation in Africa, Sama, over alleged unsafe and unfair work conditions at the latter’s hub in Kenya. The law firm, Nzili and Sumbi Advocates alleged that Sama had violated…
- A McKinsey and Co. study suggests that while sub-Saharan Africa has the potential to increase (even triple) its agricultural output and overall contribution to the economy, the sector remains untapped largely due to lack of access to quality farm inputs, up to par infrastructure like warehousing…
- Google has today announced the launch of a product development center in Nairobi, its first in the continent, to build “transformative” products and services for the African market and the world. This comes after the tech giant revealed plans to invest $1 billion over the next five years in October…
- Kenya plans to double the digital service tax (DST) to 3% beginning July this year, as the government taps the growing online economy to increase its domestic revenues and narrow fiscal deficit. It is expected that the new rates, proposed in the Finance Bill by the country’s Treasury department,…
- The gig economy is experiencing profound growth in Africa. Yet, all that growth hasn’t changed the status of workers who are seen as contractors rather than employees. Because many of them, particularly in the two-wheeler space, lack access to some financial services, being contractors is…
- Global digital payments giant Visa has opened an innovation studio in Kenya, its first in Africa and sixth globally, after posts in Dubai, London, Miami, San Francisco and Singapore. The studio will bring together developers, Visa’s internal and external clients, and other partners to co-create…
- On Monday, Clara Wanjiku Odero, a former employee of African payments giant and unicorn Flutterwave, accused the company’s chief executive officer Olugbenga ‘GB’ Agboola of bullying and harassing her for years. She made the allegations in a Medium post and series of tweets that came after. In the…
- Tushop, a social-commerce platform in Kenya that enables the group buying of fast-moving consumer goods (FMCGs), is set for expansion across Nairobi after raising $3 million in pre-seed funding in a round led by 4DX Ventures. Founded last year by Cathy Chepkemboi, also the CEO, Tushop uses…
- Churpy, a fintech startup based in Kenya, is looking to expand across Africa by setting up hubs in Egypt, Nigeria and South Africa for a planned continent-wide growth, driven by the $1 million in seed funding it just raised. The account receivables automation startup is out to change how businesses…
- The adoption of buy now, pay later (BNPL) in Nigeria as a payment option both online and at the point of sale is expected to record a CAGR of 20% from 2021 to 2028, per this report. BNPL’s growth is further highlighted as GMV is predicted to increase from $204 million to over $1 billion […]
- Digital credit providers (DCPs) in Kenya will have to disclose their sources of funds and provide evidence of the same after a law meant to regulate the sector came into effect. The new regulations published Monday by the country’s financial regulator, the Central Bank of Kenya (CBK), also require…
- A wholesale e-commerce platform based in Kenya, with hubs in the Americas, Asia and Europe, Powered by People, has secured $5 million in seed funding to increase its transaction volume by growing the number of small brands using its B2B online marketplace to reach international buyers. The equity…