Tag Archives: African startups
African startups: Latest News
Peter Pedroncelli, 5:36 am
The World Bank Group has committed to supporting the growth of Africa’s digital economy with the launch of XL Africa, a business acceleration initiative that will provide a raft of benefits for the 20 most promising startups in sub-Saharan Africa over the next five months. African digital entrepreneurs will have an opportunity to be mentored by various global specialists, increase their visibility on the continent and receive access to corporate partners and investors.
Staff, 4:43 pm
Demo Africa has sent 20 African startups to Silicon Valley over the last four years. Arriving there is no guarantee of success. Twelve of the startups are still alive and breathing, four are on life support and four “are just dead and done,” said angel investor Stephen Ozoigbo. Demo Africa was launched five years ago by the U.S. State Department. It’s the African edition of a bigger group of events that include Demo U.S., Russia, Europe, Brazil and Demo China. The Demo-brand launchpad has helped big-name startups such as Adobe got exposure.
Tom Jackson, 4:41 am AFKI Original
Last year, the annual AfricaCom conference in Cape Town finally got serious about startups, launching the co-located AHUB event to bring together entrepreneurs, investors and other stakeholders from across the continent. The event took place for the second year last week, bigger and better, and allowing the ecosystem to join together to map the sector’s progress and discuss obstacles.
Kevin Mwanza, 6:22 am
Digital crowdfunding has the potential to build African economies through creation of employment, in a continent where it accounted for less than 0.1 percent of the $34 billion raised globally last year. Growing investor interest in crowdfunding platforms across Africa is quickly turning in to a legitimate and easier way of souring for startup capital on the continent, according to CrowdExpert.
Tom Jackson, 5:14 am
African universities are increasingly playing a part in encouraging student-led tech startups, in the hope that young people can become job creators. These new initiatives across the continent are replicating successful models from abroad, such as the US knowledge regions of Route 128 – which developed around MIT – and the renowned Silicon Valley, which developed around Stanford University. University incubators and initiatives have can have enormous benefits for a startup
Kevin Mwanza, 9:38 am
Boniface Githinji could soon become a darling to Kenyan parents, or the most hated person by students in the East African nation, for making it easier for schools to deliver reports on students’ progress to their guardians. The tech entrepreneur has developed a mass text system known as Sematime that enables schools to communicate to parents on their children’s progress or update them on school fees balance and upcoming events.
Kevin Mwanza, 9:43 am
With just about $48 and constant probing from her sister studying in the U.S., Kenyan entrepreneur, Anzazi Kiti, managed to start a successful spices business that generates about $1,600 in revenue per month and employs two people. In an interview with CNBC Africa, Kiti, who’s full time job is an accountant with audit firm Ernst & Young, said she decided to start Taste Afrique, a company that produces natural spice mixes under the brand Chibundiro “that gives food that extra yumminess”.
Kevin Mwanza, 5:27 am
Nigeria’s digital advertising startup S&T Media said on Thursday it had raised $1 million in seed funding from early-stage technology venture capital firm, EchoVC Partners. The startup runs a digital advertising network known as AdPump, that places screens at petrol stations in major cities of the West African nation to display video ads to the filling stations patrons. S&T Media said in an emailed statement it will use the seed funding for “expansion, product development, hardware and staff acquisition”.
Staff, 3:13 am
Startups raised $27.3 billion globally, down from 30% from the previous quarter, according to the research firm CB Insights. Last year, startups on the African continent brought in more than $185.7 million, according to a report from Disrupt Africa. And Kenyan startups especially saw their best year in fundraising since 2010. Kenyan startups raised over $47.4 million last year, according to the publication.
Kevin Mwanza, 4:32 am
Kenyan technology firm BRCK, which manufactures routers and modems that enable Wifi Internet access in remote areas, has secured $3 million from foreign investors to help it expand local and international operations. Fundraising included investments from former AOL executives Jean and Steve Case, along with other participating international investors.
- Real Estate