SKIIVE's €1.5Mn Project Outlines Achievements in Kenya's Startup Ecosystem
Grants awarded by the Strengthening Kenya Intermediaries and Innovation Ecosystem (SKIIVE) to six digital solutions in the country enabled them to upscale operations. The success of the SKIIVE Project underscores [...]
Copia Halts Operations in 6 Towns after Going into Administration
Barely two weeks after going under administration, e-commerce platform, Copia has reportedly stopped its delivery service in six towns as the company continues its restructuring attempts. We regret that we [...]Agri-Data Platform, Gro Intelligence Shuts Down
Agri-data platform, Gro Intelligence, has reportedly shut down after months of capital shortage, leadership changes, and a controversial restructuring at the beginning of the year. The company received US$ 85 [...]Copia Kenya to Retrench More than 1,000 Employees
A memo dated 16th May from e-commerce platform Copia Kenya to all its staff members has revealed that the company is about to restructure its operations by laying off staff [...]Flutterwave Denies Losing Customers' Money Worth 11 Billion Naira
Pan-African payment startup, Flutterwave, has confirmed that there was a security breach in one of its customer platforms but claims no money was stolen after early detection. We can assure [...]Egyptian Fintech Startup MNZL Raises US$ 3.5mn to Scale Operations
MNZL, an Egyptian Fintech, has raised US$ 3.5 million in seed funding from several local and international venture capital firms, one year after being founded. By enabling Egyptians to safely [...]Nigerian Startup Seamfix Receives US$ 4.5 Million to Upscale Continental Operations
Seamfix, a Nigerian startup that offers services in identity management, was boosted by a US$ 4.5 million private equity fund from Alitheia IDF money that will facilitate their expansion [...]Logistics Startup Renda Raises US$ 1.9 Million to Expand into Kenya
Nigerian logistics startup, Renda, received debt funding worth US$ 600,000 plus equity funds amounting to US$ 1.3 million in its pre-seed round to scale up operations in other cities in [...]Agritech Startup iProcure Placed under Administration
Agritech startup iProcure, which raised millions of dollars in funding, was placed under administration on April 26, the administrator said in a notice published in local dailies on May 1st. [...]
Supporting the African tech ecosystem requires a mixed approach, with capital only one part of the solution
Equity capital is an important cog in the flywheel of the African tech ecosystem. However, it is not the defining ingredient that drives innovative entrepreneurship in the continent’s different markets. [...]CBN Directs Four Nigerian Fintechs to Halt New Account Openings
The Central Bank of Nigeria (CBN) has ordered Kuda Bank, OPay, Palmpay, and Moniepoint to prevent more customers from onboarding their services, as scrutiny continues in the Nigerian financial sector. [...]Ethiopian Startup Kubik Closes Seed Round at US$ 5.2 million
Several Venture Capital firms raised an additional US$ 1.9 million in seed funding to enable Kubik, an Ethiopian eco-startup to ramp up production of cheap building materials from plastic waste. [...]
