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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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MTN, Vodacom remain South Africa’s most valuable brands— Report

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A report released on Tuesday by global brand valuation consultancy, Brand Finance, has rated telecom giants, MTN and Vodacom, as the most valuable brands in South Africa.

According to the report, MTN is still the standout company, maintaining its position as the most valuable South African brand, despite experiencing an 8% decrease in brand value to ZAR68.2 billion.

Part of the report noted that the telecommunications company has significantly “expanded outside of its home market and has a stronghold in Nigeria, which is now MTN’s largest market in terms of both user base and revenue.”

“On the other hand, Vodacom’s brand value increased 10% to ZAR43.9 billion in 2024,” it said.

“This secures its second place in the ranking, while also narrowing the gap with leading competitor MTN.”

The Brand Finance research indicates that the influence of majority shareholder Vodafone has bolstered Vodacom’s brand and market standing.

Although Vodacom operates autonomously and is listed on the Johannesburg Stock Exchange, Brand Finance data reveals that Vodacom’s association with Vodafone enhances brand equity, cultivating recognition and trust.

“Amid the myriad of challenges that South African businesses are facing, our research highlights that now, more than ever, brand consistency is crucial in driving growth,” the report endorsed by Jeremy Sampson, Chairman, Brand Finance Africa, stated.

“For the past fifteen years, MTN and Vodacom have consistently maintained their positions as the top two most valuable brands and six of the top ten brands have stayed in the top ten.

“Leading brands like MTN, Vodacom, Standard Bank, and Absa have also nearly doubled their brand values since 2016.

“Time and time again, our findings underscore the critical need to prioritise brand investment as a strategic imperative, safeguarding companies’ brand as a valuable asset for the future,” it added.

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Nigerian healthtech startup Remedial Health launches app with digital POS, barcode scanner

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Nigerian healthcare startup, Remedial Health, has announced the launching of a new app with digital point of sales (POS) and barcode for neighbourhood pharmacies and Proprietary Patent Medicine Vendors (PPMVs) across Africa.

Co-founder and CEO of Remedial Health, Samuel Okwuada, who disclosed this in a statement, said the new “app comes with a digital POS terminal to support payment collection, virtual business accounts to receive payments.”

“It also has an in-built barcode scanner feature for recording product sales and store-switch functionality to enable the seamless management of multiple stores, as well as inventory management solutions for restocking and easily identifying short-dated products.”

Okwuada added that the app also offers comprehensive financial reporting to manage profit and loss, and data analytics to inform decision making.

“Neighbourhood pharmacies and PPMVs represent the frontline of healthcare delivery in Africa but they have historically been left to their own devices to figure out how to be efficient and profitable,” he said.

“Our mission is to empower these essential service providers with the tools they need to manage day-to-day operations and seamlessly run their practices effectively.

“We spent a lot of time interacting with our customers in the process of delivering this product and the feedback has been great.

“We are excited by the opportunity to get the app into the hands of pharmacies and PPMVs across the country to support their ongoing success, as well as the health and wellbeing of the nation.

“Our customers can also access same-day delivery and leverage inventory financing to minimise cash-flow friction for routine orders and maximise sales opportunities.”

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