🛜 Government Internet Shutdowns Cost $7.69 Billion in 2024

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🛜 Government Internet Shutdowns Cost $7.69 Billion in 2024
💰 African Start-ups raised $2.2 billion in 2024, a -25% YoY drop
🌾 Egypt's ReNile secures $450,000 investment for expansion
‼️ Tencent Shares Drop Following US Inclusion on Chinese Military Blacklist

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🛜 INTERNET

Government Internet Shutdowns Cost $7.69 Billion in 2024

According to an annual report by Top10VPN, there were government internet outages in 28 countries lasting almost 89,000 hours which in total, cost the global economy $7.69 billion in 2024.

Although the cost of internet shutdowns decreased by 15.8% in 2024 compared to the previous year, the number of hours of deliberate internet disruptions reached an all-time high.

The total duration of internet shutdowns increased by 12% in 2024, marking the highest recorded number of hours in a single year. Additionally, internet blackouts nearly doubled, with a 92.3% rise in hours compared to last year, while hours of social media shutdowns saw a significant reduction of 26.1%..….…continue reading

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STARTUPS

African Start-ups raised $2.2 billion in 2024, a -25% YoY drop

Start-ups in Africa raised $2.2b in 2024 in equity, debt and grants (exc. exits). While this is a good amount in absolute terms, it represents a -25% drop compared to the $2.9b that were raised on the continent in 2023. A total of 188 ventures raised $1m or more in 2024 (exc. exits), which is just 10% less than in 2023 though. On the exit front, there were 22 exits made public last year, versus 20 in 2023…..The Big Deal

🌾 AGRICULTURE

Egypt's ReNile secures $450,000 investment for expansion

Egypt-based agri-tech startup ReNile has secured $450,000 in funding from undisclosed investors. Founded in 2017, ReNile provides smart farming solutions to enhance agricultural productivity. Following its Shark Tank appearance, where initial commitments of $150,000 grew to $450,000, the company gained significant visibility.

ReNile plans to expand into Saudi Arabia with a new subsidiary and establish a strategic partnership in Kuwait. The startup aims to secure EGP 40 million in contracts by Q1 2025, with ambitions to become a billion-dollar company within five years. This funding will support its mission to revolutionize agriculture with innovative technology.....……continue reading

GOVERNMENT POLICY

Tencent Shares Drop Following US Inclusion on Chinese Military Blacklist

The US has blacklisted Tencent Holdings Ltd. and Contemporary Amperex Technology Co. Ltd. for alleged links to the Chinese military, targeting the world’s biggest gaming publisher and top electric-vehicle battery maker in a surprise move weeks before Donald Trump takes office.

CATL, a major supplier to Tesla Inc., joined Tencent on a Federal Register of entities deemed to have ties with the People’s Liberation Army. Both companies protested their inclusion as a mistake, saying they have no ties with the military. Tencent’s stock slid more than 7% in Hong Kong, notching its biggest intraday drop since October. CATL’s shares fell more than 5%, also their biggest fall in about three months...……..read more

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