Every end of the year we curate some of the hottest and trendiest stories that touched on the startup and entrepreneurial ecosystem in Africa. From highlighting the largest funded startups to notable acquisitions of the year, we take note of the key entrepreneurs driving innovation in the continent.
Here are the trendiest stories that Founder360° covered in 2019.
African E-commerce Company, Jumia shares sank 14.6% (At the time of publishing) after Citron Research’s Andrew Left released a report describing the company as a “fraud” with worthless stock.
Tech talent startup, Andela announced plans to lay off over 400 staff across Kenya, Uganda, and Nigeria. According to the CEO, the company has more significantly more junior talent than they are able to place hence releasing approximately 250 Andelans in Nigeria and Uganda, with an additional 170 potentially impacted in Kenya.
Cairo-based transportation startup Swvl raised US$42 million as it looks to expand into other parts of Africa, including Nigeria. The startup which offers an app-based mass transit system secured the funding from venture-capital firms including Sweden’s Vostok, Dubai-based BECO Capital, China’s MSA and Endeavor Catalyst, based in New York.
This 20-Year-Old Kenyan Entrepreneur is Building an Organic Cosmetic Premium Brand While Pursuing a Law Degree
At 20 years old, Halima Hussein is the Founder of H.H Glam, a cosmetic company that manufactures premium natural and organic Lip-gloss for the African woman. The company which she founded less than a year ago is banking on the growing number of young and health-conscious women in the continent who prefer the pricey natural and organic beauty products that are harmless to the body.
Jiji, Nigeria’s largest classified marketplace acquired OLX businesses in Ghana, Kenya, Tanzania, and Uganda. The deal involved OLX users in Nigeria being redirected to Jiji.
If sharing the lessons I learnt can stop you from making the same mistakes I did, and in fact, help accelerate your growth then read this two-part blog post on what to do and not do when starting your own business.
This list looks at startups that are still in the seed stage, just emerged out of stealth or extending their wings across the continent. These are also startups that have participated in some sort of funding rounding within 2018.
Kenyan startups and technology companies closed 2018 with a record US$126 million raised over 41 disclosed deals – a 101% steep leap from the previous year signifying the increasing fertility levels of the entrepreneurship landscape in Kenya.
In the wake of the Ethiopian Airlines aircraft fatal crash in which a Boeing 737 MAX 8 Crashed few minutes after take-off en route to Nairobi killing all the 157 on board, there has been rising interest on the safety of this popular aircraft model.
The Mulliez Family, one of the wealthiest families in France acquired an undisclosed stake worth US$5 million at Kenyan-based technology food distribution platform, Twiga Foods. The investment on Twiga Foods will be under the family’s investment firm, Creadev.
The travel and tourism industry in Africa has made significant progress over the last ten years due to the continent’s richness in natural resources and the potential to further develop its cultural heritage.
As a startup founder, it is essential to be cognizant of technical terms that come up when raising funds or simply engaging an investor. One important term to know is “funding round” which basically refers to the stages in funding a startup will go through to raise capital.
Pan-African E-commerce Company, Jumia suspended its operations in Rwanda, its third country to offload at it aims to achieve profitability.
We highlight African startups and technology companies that have attracted more than US$10 million in funding in 2019 – The US$10 million club.