News, Stories, Events, & Trends that shape the Eastern African region
President Yoweri Kaguta Museveni took center stage at the 23rd Ordinary Summit of the EAC Heads of State in Arusha, Tanzania, underscoring the urgent need for East African Community (EAC) integration, particularly emphasizing its significance for the region’s youth
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Entrepreneurs hailing from Nigeria, Kenya and Egypt were in the top three following the final pitching session in the Grand Finale; Africa’s Business Heroes grant recipients contribute to the creation of over 123,000 direct and indirect jobs through their entrepreneurial endeavors.
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Streaming platforms are partnering with mobile operators to expand in new markets while helping users save on some of the world’s highest data costs.
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Kenya’s Ed Partners Africa, a non-banking financial institution that specialises in providing loans to affordable private schools, has announced the commitment of a US$10 million loan guarantee facility from the United States’ Development Finance Corporation (DFC) to help it expand access to affordable education.
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Kenyan fish farming startup Aquarech has raised US$1.7 million in equity funding to help it improve outcomes for small-scale fish farmers in Kenya through its mobile app platform. Founded in 2019 and led by Kisumu-based founder and CEO Dave Okech, alongside co-founders James Odede and Joseph Okoth, Aquarech is working to streamline the production behind fish farming
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The new goal for African telcos is becoming technology platforms not just old goody mobile carriers with dynamic software solutions replacing traditional voice calls and SMS
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Outside of tracking fundraising metrics, the last $12bn to $15bn invested in African startups through VC should have been a learning experience. So what are we learning about these experiments in African venture capital so far?
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In 2012, Jumia, Africa’s first ecommerce giant, revolutionised shopping by offering the service online, alongside shipping. Since then, they have grown as a market leader over the African continent. They have also gone on to list their shares on the stock exchange, in 2019. The listing went well; their stock prices surged 75% on its first day of trading. This made the company a unicorn with an over $3 billion valuation. But four years after that IPO, everything has crashed. Its stock now trades at somewhere around $4, losing nearly 70% of its value since its listing date.
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The highly anticipated Black Friday shopping extravaganza takes a revolutionary turn in East Africa this year as Carrefour, under the ownership of Majid Al Futtaim, introduces EPIC Carrefour Friday in Kenya and Black November in Uganda.
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