Tech

Female-led startups in Africa raised $203.2 million in 2022, report says

Published

2 years ago

January 12, 2023

A report released on Thursday by a research firm which tracks the performance of startups across Africa, has revealed that active female-led startups on the continent raised funds in excess of $203.2 million in 2022.

In the report, the outfit, “The Big Deal”, said though the amount raised was still quite significant, it was 58% less than what they raised in 2021

“There has been a significant focus on funding for African-led startups across the globe. Across the continent, several venture capital (VC) firms have created special funding kitties focusing on women-led tech startups.

“There are also several investment vehicles that only fund women-led enterprises across the continent,” the report noted.

It further added that the reduction of funds raised by the startups in 2022 “largely goes against the general trend of the sector.”

“Last year, however, remains one of the most successful years in capital funding for African startups in general.

The survey also made a comparative analysis of the performance of Africa’s five regions in raising investments, with the result showing that the Western African region received the lion’s share at $1.8 billion in 2022, though there was a shortfall of 12% from 2021 when investments hit $2 billion.

The Eastern Africa region however, hit a $1 billion milestone for the first time, and attracted twice as much funding compared to 2021, rising up to $1.2 billion from $600 million the previous year, while the Southern Africa region recorded a 44% loss from $1.1 billion in 2021 to just over $600 million in 2022.

The Central African region was only able to raise $50 million which even an increase to double the funds raised in 2021.

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Tech

20 African tech-preneurs embark on Korean innovation tour

Published

7 hours ago

December 22, 2024

Isaac Dachen

The African Development Bank Group’s Innovation and Entrepreneurship Lab has selected 20 promising tech entrepreneurs from various African technology ventures and enterprise support organisations to embark on a two-week study tour of the Republic of Korea, with the aim of seeking investment and insights from the country’s innovative tech ecosystem.

The selected entrepreneurs are from 133 ventures that participated in last month’s Africa Tech Startup Forum.

The forum which will hold under the auspices of the lab’s “Leveraging the Entrepreneurial and Innovation Success of Korea to Strengthen African Enterprise Support” project, had selected entrepreneurs who pitched the best business models during the week-long virtual market access and acceleration programme preparing, training, and connecting technology ventures with opportunities.

The 20 young tech-preneurs were selected from eight African countries including Nigeria, Egypt, Ghana, Kenya, Morocco, Rwanda, South Africa, and Uganda, with the delegates spanning various sectors in the technology space.

While in Korea, the African delegates will pay visits to prestigious institutions such as Global Startup Centre, LG Science Park, the Korea Software Technology Association, and the Global Digital Innovation Network.

Speaking on behalf of the delegates, founder of Kenya-based health technology venture Zuri Health, Uche Ezadinachi said:

“I am excited to go to Korea because the country has made serious technological developments. The country is a technology-driven society, and this tour is an opportunity for me to see how we can bring such technology to Africa.

“We will share experiences with our Korean counterparts; they will learn from us as much as we learn from them,” he added.

Tech

Kenya’s ticketing startup BuuPass partners Flexpay for flexible travel payments

Published

3 days ago

December 19, 2024

Isaac Dachen

Kenyan digital ticketing startup, BuuPass, has entered into a partnership with goal-based savings platform, Flexpay, to offer customers flexible payment plans ahead of holiday travels as well as simplify travel planning and ease the financial burden of holiday travel for Kenyans.

Co-founder and CEO at Buupass, Sonia Kabra, who unveiled the package at a press conference, said the collaboration between the two platforms will allow travellers to save for their journeys in manageable, interest-free installments over four to 12 weeks.

“Travelers can select their travel dates, book tickets, and pay a small deposit upfront, with the remaining balance spread across weekly or monthly payments,” she said.

“This approach offers a stress-free way for families and large groups to secure their tickets early, helping them avoid last-minute price hikes as fares are locked in.

“By partnering with Flexpay, we’re giving travelers the flexibility to budget for their trips in advance. This initiative aligns with our mission to make travel accessible to everyone, providing a solution that meets customers where they are financially,” said Kabra.

Also speaking at the event, Richard Machomba, CEO and founder of Flexpay, said:

“Flexpay’s mission is to empower individuals by providing accessible financial solutions that make it easier for them to achieve their financial goals.

“By partnering with BuuPass, we’re making travel more accessible and stress-free for Kenyans, especially during the holiday season when expenses can be overwhelming,” Machomba added.

Founded in 2016 by Kabra and Wyclife Omondi, BuuPass is a B2B2C mobility marketplace that enables users to search, compare, and book travel tickets via web, app, or USSD, while its SaaS platform helps bus operators manage their operations, inventory, and sales.

FlexPay, on the other hand, is an online and offline payment gateway that allows merchants to offer interest-free targeted savings to their customers in Africa.