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African startups

Capital crunch: African startups reel from 27 per cent drop in Q1 2024 funding

Industry and Trade
  • 121 African startups secured $466M, marking a 27 per cent drop from the previous quarter; women-led startups got 6.5 per cent of the capital.
  • About 87 per cent of startup funding in the three months to March went to entities in Nigeria, Kenya, Egypt, and South Africa.
  • Gender imbalance persists as only 6.5 per cent of the financing went to female-led startups in Africa.

The big four economies of Nigeria, South Africa, Kenya, and Egypt continue to attract the highest share of funding going to startups in Africa, even as the ecosystem suffered a 27 per cent drop in financing to $466 million in the three months to March 2024.

The latest analysis from Africa: The Big Deal shows that 87 per cent of startup funding in the three months to March went to upcoming entities in Nigeria, Kenya, Egypt and South Africa.

Attracting $160 million, Nigeria’s economy accounted for …

Bolt Tanzania, Uber Tanzania Ride share Indrive, Indrive Tanzania

Ride-Hailing Services thrive as Bolt and Uber return to Tanzania 

Tech & Business

Moving from one point to another has never been easier and more convenient as transportation or mobility applications have come to play. In Tanzania, where internet penetration stands at around 25 percent, digital mobility services simplify transportation, thanks to Bolt and bber ride-hailing services.  

However, this was not always the case, as in early 2022, Uber decided to leave Tanzania. Bolt also limited its operations due to regulatory concerns and the increase in transportation taxes imposed by authorities.    

With population expansions in cities such as Dar es Salaam, Arusha, Mwanza, Kilimanjaro, and Dodoma, digital mobility services are again getting attention and usage over time and space. 

Tanzania is witnessing the stark rise of locally developed solutions such as Paisha, Twende, and Linkee, which are challenging the status quo established by Uber and Bolt, which are progressively resuming their services. 

READ:Bolt Food revamps app, incorporates mobile money

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OPIBUS unveils first locally made electric bus. www.theexchange.africa

OPIBUS challenges Kenya’s electricity generation with EV production increasing

Tech & Business

The start-up has converted more than 170 vehicles from petrol and diesel engines to electric powered ones. The company is building supporting infrastructure to their cause through installation of public charging stations.

Brand new OPIBUS electric buses will cost US$100,000.

The chief strategy and marketing officers at OPIBUS, Albin Wilson said that the company would be testing 10 of their buses in Nairobi to ensure that the product fits and is optimized to the usage patterns in the country.…