Browsing: Africa’s tech startups ecosystem

• Africa is home to 65 percent of the world’s uncultivated fertile land, but millions sleep hungry daily.
• Amini Corp seeks to address the scarcity of data in Africa as well as facilitate capital investment.
• The scarcity of high-quality environmental data prevents others from building climate solutions such as farmer insurance schemes.

Amini Corp, a Kenyan-based climate tech startup, has raised $2 million in pre-seed funding which it plans to channel into developing an environmental data platform for Africa. The funding was secured through an oversubscribed round led by top European Climate Tech Fund, Pale Blue Dot. 

Other investors in the venture are Superorganism, RaliCap, W3i, Emurgo Kepple Ventures and angel investors from the global tech community.

Amini Corp seeks to address the scarcity of data in Africa as well as facilitate capital investment. The company also promotes climate resilience, and helps accelerate economic development opportunities in the region.…

• Tanzania gives six months tax break to domestic start-ups, usually Small and Micro Enterprises (SMEs).
• Foreign companies in Tanzania enjoy a five-year tax holiday as permitted by the investment law.
• At the moment, new Tanzanian businesses are required to full tax payments despite the availability of this six months’ tax break provision

Start-ups in Tanzania are given six months of tax holiday as the government looks to boost the private sector competitiveness but a quick survey on the ground by The Exchange shows the program still lags behind.

The move to extend a tax holiday comes in the wake of persistent outcry by the private sector over the unfair competition by foreign companies that can afford to offer lower prices for their services and/or products.

However, does a reduction in taxes equate to improved productivity, increased efficiency and higher quality of services or products?

There is an overarching argument …

• In 2018, fintech Flutterwave received a series A funding of $20 million, setting its pace ahead of most of its competition.
• In 2022, Kenya’s tech Industry accumulated $574.8 million in funding, showcasing its tech startups’ potential.
•  Mr Oluwabankole Falade claimed that Fluttwerwave recognizes Kenya’s invaluable role in East Africa.

Nigerian fintech company Flutterwave has picked Kenya as its hub as the firm seeks to grow its presence across East Africa. This announcement signal’s Kenya’s growing significance in Africa’s digital transformation and competitiveness in business.

Olubenga Agboola, CEO of Flutterwave, said the organization is propelling financial inclusion in the country. Started in 2010, Flutterwave facilitates cross-border payment transactions of both small and large African businesses.

Flutterwave is among the few organizations to tap into Africa’s rising virtual economic community; the Web3 Community. One of its main selling points is its ability to integrate blockchain technology and use it to drive financial …

According to a report published by Partech, an investment platform for tech and digital companies in 2021, 640 African tech start-ups raised a total of US$5.2B across 681 equity rounds. This is 3.6 times YoY growth that makes Africa tech VC-; the world’s fastest-growing ecosystem.

In 2021, Partech tracked a total of 681 equity rounds raised by 640 start-ups. This is a 92 per cent increase in growth YoY compared to the 359 rounds raised by 347 start-ups in 2020.

However, 73 per cent of total funding went to the top 4 countries, with half of it going to Nigeria alone. According to the latest report, in equity funding the West African country took 1.8 billion which is 34 per cent of the total. Nigeria recorded 185 equity deals representing 27 per cent of all deals.…