Opening a restaurant is a dream that many people share, but only a few are able to turn it into a successful reality. The restaurant industry is known for being...
Not every entrepreneur faces the same barriers. While some struggle to access financing, others—like Ian Clarke—have found ways to navigate the system and unlock new opportunities. After stepping away from...
For three decades, the mobile phone has been an evolving cornerstone of Uganda’s landscape, consistently defying obsolescence. Far from being a mere communication device, it has seamlessly integrated into the…
Diana Nabukenya Adeyemi, Co-founder and CEO of Richland Foods Ltd, is the trailblazing entrepreneur behind the Yo ‘Nyama brand — a fast-growing network of halal butchery kitchens in Uganda. Her...
Ugandan, Humble Lukanga’s remarkable journey from a small village in Masaka, Uganda, to becoming a prominent wealth manager in the United States exemplifies resilience and determination in the face of adversity. Born into a life marked by political turmoil, poverty, and personal loss, Lukanga’s early experiences shaped his commitment to education and hard work, ultimately leading his family to seek political asylum in the U.S. at the age of 11. Humble Lukanga was born in a small village in Masaka, Uganda, where he spent the first decade of his life amid the turmoil of political instability, genocide, and poverty. His…
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Jumia, Africa’s pioneering e-commerce platform, has experienced a remarkable resurgence in its stock price, surging 55% over the past five days. This rally has lifted the company’s market value to $1.32 billion, signalling renewed confidence among investors as Jumia works to reposition itself for future growth. Founded in 2012, Jumia was celebrated as Africa’s first unicorn in 2016 after raising $200m, achieving a valuation of over $1 billion as it revolutionised online shopping on the continent. The company initially thrived by offering a wide range of products, from electronics to fashion, and quickly expanded its operations across multiple African countries. …
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Ugandan startups have increasingly become attractive to VC firms across Africa. Outside the big four of Kenya, South Africa, Nigeria and Egypt, Uganda regularly hovers next to them competing with other startup ecosystems like Ghana, Senegal, Tunisia, Morocco and Rwanda for the best of the rest. Today, we will rank the biggest funding rounds ever raised by Ugandan startups from 2019-2024. For starters, let’s break down what an investment round is. Throughout their lifetime, startups raise funding to meet their growth and scaling targets. A single startup can raise multiple funding rounds over time. Startup funding rounds usually start with…
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The EAVCA (East Africa Venture Capital Association) is the primary industry association for East Africa’s private equity and venture capital ecosystem. It was founded in 2013 to represent the private equity industry in East Africa, provide a voice for industry players, and promote private capital investment in the region. Since it was founded in 2013, it has tracked private capital investments in East Africa. After celebrating a decade in operation in 2023, EAVCA released a report highlighting the impact of private capital in the region. Over the last decade, private capital has become more available for entrepreneurs partly through awareness…
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Artificial Intelligence (AI) has emerged as a transformative force, reshaping the very fabric of our society. Born from the pioneering work of computer scientists and visionaries, AI has evolved from its humble beginnings as a concept to a reality that permeates nearly every aspect of our lives. At its core, AI is the ability of machines to exhibit intelligent behaviour, learn from data, and make decisions akin to the human mind. From powering virtual assistants that anticipate our needs to algorithms that diagnose diseases with pinpoint accuracy, AI has unlocked a world of possibilities. Governments in the West have recognised…
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Two Ugandan companies, AgroSupply Ltd and Med-Optics Vision Centre Ltd have been named for the 2024 Financial Times List of the Fastest Growing Companies in Africa. This marks the first time that any Ugandan company has made this list which is now in its third year. The Financial Times list, which features 125 companies across multiple countries, is based on the highest compound annual growth in revenues (CAGR) between 2019 and 2022. Agro Supply, founded in December 2016 by Ugandan entrepreneur Joseph Ogwal, is a mobile layaway platform that helps smallholder farmers in Africa access agricultural inputs like seeds and…
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Ugandan startups raised $19m in the first half of 2024, as per Africa: The Big Deal data. Overall, African countries raised $780m which is a 57% decline from what African startups managed to raise in H1 2023. It is also a 31% decline from what was raised in H2 2023. The $19m raised by Ugandan startups was good enough for 7th on the continent. Kenya was the most attractive destination for funding, attracting $244m in H1 2024, edging out the other big four members; Nigeria ($172m), Egypt ($101m) and South Africa ($85m). Together, the big four accounted for 79% of…
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Mastercard Foundation has appointed Kenyan business executive, Carole Wamuyu Wainana to its Board of Directors. Carole joins Mastercard Foundation on the back of a tremendous 35-year career as a business leader in Africa, Europe and the USA. She joins a board that includes Zein Abdalla, the retired president of PepsiCo, Ellen Johnson Sirleaf, former president of Liberia and 2011 Noble Peace Prize winner, Louise Arbour, CC, the former Justice of the Supreme Court of Canada and Jay Ireland, the retired president and CEO of General Electric Africa among others. “I am delighted to welcome Carole Wainaina to our Board of…
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Succession planning is a crucial aspect of family businesses, yet many founders struggle to prepare their heirs for the responsibility of taking over the reins. In Uganda, the statistics are stark: 90% of family-owned businesses fail to survive the transition to the next generation, and even fewer make it to the third generation. However, the Kirumira family is bucking this trend. In a rare glimpse into the dynamics of a successful family business, Gideon Kirumira, son of tycoon Geofrey Kirumira, shares his experiences and insights on the importance of hard work, mentorship, and values in ensuring the continuation of generational…
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Rwanda is set to commence the construction of its ambitious Kigali Innovation City (KIC) in September 2024 after key details regarding the project’s financing were agreed upon on the sidelines of the Africa Development Bank (AfDB) Annual Meeting in Nairobi, Kenya. The $300m project was agreed upon by Rwanda’s Finance and Economic Planning Minister Uziel Ndagijimana and the Africa50 CEO Alain Ebobisse. Africa50, the continental infrastructural financier of which Rwanda is a member, will make its biggest investment in this project and will be joined by the Arab Bank for Economic Development (Badea). Badea will fund the construction of the…
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