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💵 Kenya leads 2024 startup funding with $437 million

💵 Kenya leads 2024 startup funding with $437 million

Plus: Meta partners GoFundMe

Innovation Village
October 23, 2024

Today’s Menu ☕️

💵 Kenya leads as the top destination for startup funding in 2024, raising $437 million so far
💵 Meta partners with GoFundMe to enhance donation features on social media
💵 tappi partners with Safaricom to propel digital growth for 650,000 M-PESA merchants in Kenya
💰 Sawari Ventures sets sights on African innovation with $200 million fund for startups
📱 MTN, Digitel, and Zain Announce Telecom Tariff Hikes in South Sudan, Citing Currency Devaluation

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💵 STARTUPS

Kenya leads as the top destination for startup funding in 2024, raising $437 million so far

Credit: Africa - The Big Deal

Kenya and Egypt dominate 2024’s African startup funding, securing a combined 58% with $437 million (31%) and $373 million (27%) respectively, their highest shares since 2019. Nigeria, with $218 million (15%), maintains last year’s level but remains far below its 2019-2022 average of 35%. South Africa lags, raising only $125 million (9%), its worst performance since 2019.

The rest of Africa accounts for 18% of the funding, with markets like Tanzania, Ghana, and Benin standing out due to major deals, including Spiro’s $50 million and Nala’s $40 million

💵 CROWDFUNDING

Meta partners with GoFundMe to enhance donation features on social media

Meta has teamed up with GoFundMe to enhance the way people contribute to charitable causes through social media. With this collaboration, sharing GoFundMe campaigns on social media platforms will not only continue but will also see significant enhancements, particularly on Instagram and Facebook.

The partnership introduces an upgraded GoFundMe link that offers an “interactive experience for potential donors.” A notable feature is the introduction of a prominent, new donate button that directly takes users to the GoFundMe website to finalize their donations. Additionally, the social media posts featuring these links will dynamically update, reflecting the latest fundraising totals and donor counts in real time...........continue reading

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💵 PAYMENTS

tappi partners with Safaricom to propel digital growth for 650,000 M-PESA merchants in Kenya

tappi, a SaaS startup specializing in digital commerce, has forged a strategic alliance with Safaricom, leveraging the telecommunications giant’s M-PESA platform to empower 650,000 Kenyan micro, small, and medium enterprises (MSMEs). The collaboration is designed to enhance the digital footprint of these businesses, significantly bolstering their online credibility and visibility, and providing them with a robust foundation to flourish in the digital economy.

Through this partnership, tappi’s suite of digital services has been integrated into the M-PESA For Business Super App, an initiative aimed at expanding the range of services available to M-PESA’s extensive merchant network. M-PESA is a pivotal player in Africa’s digital payment landscape, with a user base exceeding 60 million and connections to around 900,000 businesses...........continue reading

💰FUNDING

Sawari Ventures sets sights on African innovation with $200 million fund for startups

The venture capital firm Sawari Ventures, based in Egypt, is gearing up to introduce its latest investment vehicle, “Sawari Ventures II,” in the early part of 2025. According to a report by Launch Base Africa, the firm has set an ambitious fundraising goal of $200 million for this second fund. Sawari Ventures II aims to capitalize on the firm’s initial fund’s achievements by broadening its investment scope to encompass additional sectors and geographical regions.

The forthcoming fund is structured with a dual focus: one segment will concentrate on Egypt, seeking to galvanize local capital, while the other segment will be oriented towards international investors, including foreign investment entities and development finance institutions. The strategy is to channel support towards startups not only in Egypt but also in Tunisia, Morocco, Kenya, and various countries in West Africa. Out of the total $200 million target, Sawari Ventures anticipates dedicating a substantial 70%—which equates to $140 million—specifically to Egyptian startups over a period of four to five years......continue reading

📱TELECOMS

MTN, Digitel, and Zain Announce Telecom Tariff Hikes in South Sudan, Citing Currency Devaluation

South Sudan’s leading telecom providers, MTN, Digitel, and Zain, have jointly announced an impending increase in tariffs for their services. This decision, driven by the Central Bank’s recent adjustment of the foreign exchange rate, aims to align telecom pricing with the prevailing economic realities in the country.

The National Communications Authority (NCA) and the Bank of South Sudan (BOSS) have approved this tariff adjustment, recognising the need for telecom operators to maintain financial viability in the face of currency fluctuations. The increase will be implemented in three phases, starting on October 18th, 2024, with subsequent adjustments on November 18th and December 18th, 2024.

“This adjustment follows a thorough analysis of its potential impact on customers and the telecommunications sector,” the operators stated in a joint press release. “Henceforth, telecommunications service prices will align with the BOSS’s official exchange rate.”.......continue reading

📱SOCIAL MEDIA

Meta suspends jet-tracking accounts for Elon Musk, Mark Zuckerberg, and celebrities on Instagram and Threads

Accounts on Instagram and Threads that were dedicated to monitoring the private jet travels of various celebrities, including Mark Zuckerberg, Elon Musk, Kim Kardashian, Bill Gates, Jeff Bezos, and Kylie Jenner, were recently suspended. The accounts were managed by Jack Sweeney, a college student from Florida. Meta, the parent company of Instagram and Threads, commented that the suspensions were due to violations of its privacy policies, specifically pointing to the potential “risk of physical harm” these accounts could pose to the individuals being tracked.

Attempts to access the Instagram/Threads accounts that followed the flights of notable figures such as former President Donald Trump and Florida Governor Ron DeSantis, as well as other celebrities, resulted in an error message on Monday evening, indicating either a broken link or the removal of the page. Additionally, Sweeney’s account that tracked Taylor Swift’s jet was disabled the previous Friday.

A Meta spokesperson explained in a statement that the decision to disable these accounts was made in light of the possible danger to the individuals’ safety and was consistent with the recommendations of the independent Oversight Board......continue reading