Africa

Jumia

Jumia Rises from the Ashes, Records Lowest Losses in Four Years

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In the first quarter of 2023, Jumia, the African e-commerce giant, reported its lowest losses in four years. The company’s adjusted EBITDA and operating losses experienced a significant decrease, reaching $27 million and $30.9 million, respectively. These figures represented a 55% and 57% decline year-over-year, putting Jumia on track to meet its end-of-year target of […]

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African StartUp Emtech Raises $4 Million Seed Investment to Revolutionize Central Banking with CBDC Innovation

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Emtech, an African provider of central banking infrastructure, recently introduced its CBDC Innovation Kit, which aims to facilitate experimentation with digital currencies pioneered by central banks. The New York-based company has now announced a $4 million seed investment, led by Matrix Partners India, to further develop its CBDC stack and regtech solution. Other investors in

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Sendy’s Demise: The Fall of a Once-Promising Kenyan Logistics Startup

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Kenyan logistics startup Sendy, known for its platform that facilitated direct purchases of fast-moving consumer goods (FMCGs) from manufacturers, is ceasing its operations and considering the sale of its assets, according to sources familiar with the matter. Co-founder Meshack Alloys confirmed the acquisition process without divulging specific details but mentioned that a joint statement would

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Ikorodu Bois Remake Iconic “No Limits” Dano Milk Ad

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The Ikorodu Bois, a Nigerian comedy group made up of young boys, have done it again with their unique style of remaking iconic advertisements using everyday household items. This time they recreated the “No Limits” advertisement for Dano Milk that encourages people to never give up on their dreams no matter the obstacles they face.

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Flutterwave’s Troubles Worsen: Kenyan Judge Rejects ARA’s Bid to Withdraw Fraud Case

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Kenya’s Assets Recovery Agency (ARA) has been denied its request to withdraw its second case against Flutterwave, an African fintech giant, by the country’s High Court. The ARA had frozen $3 million belonging to Flutterwave, Hupesi Solutions, and Adguru Technology Limited in August 2022 on suspicion of money laundering and fraud. The ARA had also

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African Startup Kubik raises $3.34 million seed funding

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A report by the Organisation for Economic Co-operation and Development (OECD) predicts that global plastic waste production will triple to over 1,000 million tons by 2060. Developed countries are expected to continue producing the most plastic waste per person, while Africa and Asia are expected to experience the fastest growth due to population growth and

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Eze, a YC-backed African Tech StartUp raises $3.7million

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Eze, a B2B marketplace connecting global electronic wholesalers to trade devices in large quantities with real-time market data, has raised $3.7 million in an oversubscribed seed round. The startup, founded by Joshua Nzewi and David Iya in 2020, connects distributors and retail stores of used smartphones, mostly iPhones, and other electronics including laptops and tablets

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The Transsion Holdings Brand Strategy to Conquer Africa

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More than 3 billion people around the world use social media each month with 9 in 10 of those users accessing their chosen platforms via mobile devices. In Africa, people have more access to mobile phones than electricity and clean drinking water. Of all the mobile phone companies active in Africa right now, only one

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Amini

Kenyan Start Up Amini Raises $2 Million to Bridge Africa’s Environmental Data Gap with AI and Satellite Tech

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Kenyan start-up Amini has raised $2m in pre-seed funding for its AI and satellite technology platform, which aims to address Africa’s environmental data gap. The six-month-old company gathers data from weather sensors and other sources and provides local and international companies with environmental information. Amini’s founder, Kate Kallot, said the platform could provide granular data

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