Tech

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

Published

11 months ago

January 11, 2024

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.

Related Topics:Featured Funding Kenya Nigeria Startups TECHNOLOGY

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Tech

DR Congo sues tech giant Apple over illegal mineral exploitation

Published

11 hours ago

December 18, 2024

Isaac Dachen

The Democratic Republic of Congo (DRC), has filed a criminal case against the European subsidiaries of tech giant, Apple, accusing them of illegal mineral exploitation and allegedly using “blood minerals” in its supply chain.

In the suit filed on Tuesday, the DRC alleges that Apple has bought contraband supplies from the country’s conflict-ladden east and Rwanda, zones in which it allege the materials are mined illegally and then integrated into global supply chains before ending up in tech devices.

The DRC suit specifically mentioned Apple subsidiaries in France and Belgium, accusing the tech giant of using conflict minerals in its supply chain.

The DRC is a major source of tin, tantalum, and tungsten which are used in electronic devices, with some mines controlled by armed groups responsible for human rights violations.

International lawyers representing the African country’s government have accused Apple’s local subsidiaries of taking these minerals from conflict areas and laundering them through international supply chains, with one lawyer telling journalists that Belgium had a moral duty to act given its history of exploiting the country’s resources under colonial rule.

However, in its response, Apple claims it conducts supplier audits and does not directly source primary minerals.

https://www.thenews.com.pk/print/1262670-dr-congo-sues-apple-over-alleged-illegal-mineral-exploitation

Tech

Moroccan retail-tech startup Z raises $1.5m to drive intense growth

Published

4 days ago

December 15, 2024

Isaac Dachen

Morocco-based B2B retail-tech marketplace, ZSystems, has announced closing a $1.5 million seed funding round which will see it carry out its ambitious expansion dreams.

In a statement by co-founder and CEO, Meriem Benabad, the funding round was led by Morocco-based Venture Capital firms, MNF Ventures (through its MNF II fund), Witamax (through Fund II and III), Cash Plus Ventures, and Kalys Ventures.

“This funding marks a pivotal moment for Z, as we aim to scale operations and bring cutting-edge solutions to traditional retail.

“Our vision is to empower small businesses and unlock growth across Morocco and Africa,” Benabad said.

According to Benabad, the newly acquired capital will support Z’s technology development, product catalogue expansion, and preparation for its next growth phase.

“Z is reshaping the retail landscape by integrating technology and innovation across the value chain. Its scalable platform empowers traditional retailers and brands with direct access to consumers, reviving competitiveness in traditional trade (hanouts), which accounts for 85% of the FMCG market,” he added.

Founded in 2022 by the trio of Benabad, Samer Choumar and Youssef Ait-Haddouch, Z’s platform empowers traditional retailers and brands with direct access to consumers, reviving competitiveness in traditional trade (hanouts), which accounts for 85% of the FMCG market.

Since launch, the startup has helped over 15,000 active retailers, and seen more than 800,000 orders placed.