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Kenyan music streaming platform, Mdundo, reports 290% user growth since 2020 IPO

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Foremost Kenyan music streaming platform, Mdundo, says it has recorded a whopping 290 percent user growth which has taken it to a 20 million mark since going public in 2020.

Mdundo which was launched in 2023, provides access to the continent’s hottest music to users in 15 countries in Sub-Saharan Africa, with millions monthly downloads and streams via its website and app.

According to Disrupt Africa, the company got listed on the Nasdaq First North Growth Market Denmark in 2020 following an over-subscribed pre-sale period that raised $6.4 million at the time in a bid to solidify its leading position in the pan-African music market.

Since then, it has grown the number of monthly active users by 290 percent from five million to almost 20 million, with revenue growing by approximately 340 percent over the same period.

Mdundo CEO Martin Nielsen, in a statement on Thursday, said the platform is also planning to focus more deeply on the five biggest music markets in Sub-Saharan Africa which include Nigeria, South Africa, Kenya, Tanzania and Ghana.

“Our growth strategy in the last two years has paid off with strong user growth and consistent revenue growth across our core markets. Looking forward towards 2025, we will continue focusing on aggressive growth in users and revenue but with an increased focus on driving value per user and we expect a positive EBITDA by 2025,” Nielsen said.

“Our focus will remain on user and revenue growth and we expect to grow our revenues by approximately 100 per cent from this year to the year ending June 2023,” he added.

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Kenyan digital assets startup, Crypsense, selected for Draper VeChain Accelerator programme

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A Kenyan digital assets startup, Crypsense Digital Group, has been selected for the 2022 Draper VeChain Web 3 Accelerator Programme which will grant it access to mentorship and support.

The 12-week Web 3 Accelerator Programme which is designed to deliver high-growth blockchain companies, is run by Draper University, a leading pre-accelerator and incubator in Silicon Valley, California, USA, and fosters growth of high potential technology startups.

The programme was founded by Timothy Cook Draper, a top tier venture capital investor with the likes of Tesla, SpaceX, Twitter, Coinbase, Skype, and Baidu among his investments.

The Nairobi-based digital assets capacity building and management platform, a brainchild of The Africa Blockchain Centre, and one of the startups at Adanian Labs, a venture studio, was established to nurture, and scale 300 impact-driven tech startups across Africa, according to Disrupt Africa.

“This is an amazing opportunity to accelerate Web 3 adoption in Africa through the programme and partnerships.

“We have so much untapped talent and potential within our continent in blockchain and Web 3.

“I am excited for Africa and I can’t wait to see where this opportunity takes us,” Alice Anangi, co-founder and CEO of Crypsense Digital Group, said on Friday.

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Egyptian food-tech startup, Bonbell, secures $350k in initial funding round

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Egyptian food-tech startup, Bonbell, has secured $350,000 in an initial funding round through a Canadian angel investor for the App services development.

Bonbell, a food ordering technology startup, according to the Chief Business Officer of the company, Doaa Abdel-Hameed, is seeking to increase the number of restaurants it covers to 750 by the end of 2022 across Egypt and other North African country.

She added that the startup is negotiating with two other venture capital funds in Europe and the GCC to raise $10 million in seed funding by the end of the year.

“We aim to help restaurants in offering an easier food ordering experience to their customers, either through food delivery or reserving a table in the restaurant, as well as take away orders and also the special orders made by customers in their restaurants.

“We pursue a better experience for the Egyptian user in food ordering; we see a lot of potential and opportunities to do that through developing the App constantly based on the user reviews, and adding more restaurants in all of the Egyptian governorates,” Abdel-Hameed said on Thursday.

Abdel-Hameed emphasized that the Bonbell has, in the past six months, earned the trust of more than 12,000 customers who used the app in food ordering in all ways offered.

She added that the success of the
Bonbell App, in offering the best experience to its users can only be done through strategic partnerships with many more restaurants, in addition to the constant development of the technology used in the App, as well as relying on offering inventive solutions to the Egyptian user such as Robotic Stations service.

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