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Kenyan startups raised highest amount of funding in Africa in 2023– Report

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A report put together by a technology research firm, “Africa: The Big Deal”, has revealed that in the year 2023, Kenyan startups got the highest amount of funding in Africa.

The report published on Thursday noted that for the first time in many years, Kenya was able to attract more funding than the largest tech markets in the continent which are Nigeria, Egypt and South Africa.

“The year saw rebalancing of investments across four of the continent’s largest tech markets, Egypt, Nigeria, Kenya, and South Africa,” the firm said.

“For some time now, Nigeria has always received the biggest share of startup investments, however, in 2023, Kenya overtook the West African country, gaining the highest amount of tech funds on the continent,” it said.

The report noted that Kenyan startups raised a little under $800 million to claim the top spot in Africa.

‘’With just under $800m raised in 2023, Kenya attracted the most funding, 28% of the continent’s total.’’ the report reads.

‘’While it suffered a decline (-25% YoY), its share of Eastern Africa’s funding grew from 86% in 2022 to 91% in 2023. 93 start-ups raised $100k or more during the period (19% of Africa’s total),’’ the report reads.

The report also pointed out that Nigerian startups recorded a significant drop in funding in 2023, falling by 65.83 percent year-on-year to $410 million in 2023 from $1.2 billion in 2022.

‘’Nigeria is the country where the most dramatic change happened in 2023. While the country still claimed the highest number of startups to raise $100k or more (146, 29% of the continent), the amount they raised was divided by 3 YoY (-67%) to reach $410m, compared to $1.2b in 2022, and $1.7b in 2021,” the report said.

Kenyan President William Ruto, while acknowledging the feat by his country, attributed the increased funding to the strategic reforms that have enhanced Kenya’s business environment.

‘’Proud that Kenya leads Africa in startup capital, securing an impressive $800 million (Ksh 124 billion) in 2023,’’ he wrote on X.

‘’Our strategic reforms have enhanced the business environment, positioning Kenya as the preferred choice for investors.”

“This achievement reflects our commitment to fostering innovation and economic growth. The substantial funding is driving groundbreaking ideas, fueling technological advancements, and propelling job creation. ‘’ he added.

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Again, Starlink raises prices of its services in Nigeria

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Elon Musk’s satellite internet service provider, Starlink, has again jacked up the prices of its services in Nigeria after an earlier increase caused uproar among customers.

The service provider, in a statement released on Friday, informed its Nigerian customers that it would raise its monthly subscription prices, with the new rates set to take effect on January 27, 2025.

Under the new pricing regime, the lowest subscription tier will increase significantly from ₦38,000 to ₦75,000 per month, while mobile global roaming service will now cost ₦717,000 monthly.

The company stated that new subscribers will immediately pay the adjusted prices while existing customers will see the changes reflected in their upcoming bills.

In an email sent to users, Starlink said:

“To continue enhancing the Starlink network and provide reliable, high-quality service across Nigeria, we are adjusting our monthly subscription prices.

“These changes are part of our ongoing commitment to investing in the infrastructure needed to improve your experience with Starlink.”

This is the second time Starlink has attempted a price hike in Nigeria. The Nigerian Communications Commission (NCC) has rejected its previous increase in October on the grounds that the company had not sought the necessary regulatory approval.

However, insiders believe the NCC is set to approve an increase in the first quarter of 2025, which gives credence to insinuations that Starlink may have gotten an approval for the price increments.

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Safaricom Ethiopia launches 4G network in Gambella

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Ethiopia’s second largest telecom provider, Safaricom Telecommunications Ethiopia P.L.C., has announced the official launching of its 4G network services in Gambella and other surrounding areas.

The launching of the 4G network in the region, according to Safaricom Ethiopia CEO, Wim Vanhelleputte, highlighted the significant impact that enhanced telecommunications infrastructure could have on the region’s social and economic progress.

“In line with our commitment to digital education, Safaricom Ethiopia donated 20 laptops and 4 routers, including six months of free internet, to two high schools in Gambella City, supporting digital literacy and educational opportunities for local students,” Vanhelleputte stated.

Vanhelleputte reaffirmed Safaricom Ethiopia’s commitment to expanding its reach and ensuring that more regions gain access to reliable and high-speed internet.

“The introduction of the 4G network in Gambella is designed to deliver significant advantages to the local community,” he said .

“Enhanced connectivity will open doors to better access to information, education, and healthcare services. Additionally, it will create new opportunities for businesses and entrepreneurs, driving economic growth and development within the region.

“Safaricom Ethiopia’s move into Gambella aligns with its broader strategy to extend 4G coverage to more areas, furthering its mission of fostering nationwide connectivity,” the CEO added.

Alemitu Oumud, President of the Gambella Region who also spoke at the event, stated that, enhanced infrastructure is driving positive social and economic growth in our region.

“We commend Safaricom Ethiopia for its contributions to job creation, improving connectivity, and making Gambella a more attractive destination for investment,” Oumud said.

He stressed the potential of the new 4G network to drive business activities, attract investments, and foster entrepreneurship in the region.

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