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...
I have always wondered how founders, who start out while at university build startups from scratch. At that stage, the majority of founders have neither the experience nor the resources to even cater for the basics of building. But what these founders have in abundance is sheer grit and perseverance. So when I heard of a founder who has managed to successfully build while still in school, I quickly scheduled a call with him. After a few near reschedules, we finally got down to it. The conversation began with the usual startup camaraderie, but as soon as he started to…
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In 2022, Uganda received USD 1.3bn in remittances from its diaspora community according to a World Bank and KNOMAD report. This would account for about 4.5% of Uganda’s GDP and make Uganda the 8th biggest recipient of remittances below Sudan and DRC, but ahead of Mali and South Africa. In general, remittances to sub-Saharan Africa increased by 6.1% to USD 53bn in 2022 driven by several African countries dealing with food insecurity, supply chain disruptions, severe drought (Horn of Africa), floods (in Nigeria, Chad, Niger, Burkina Faso, Mali, and Cameroon), and high youth unemployment/underemployment rates (Uganda) that force people to…
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Ham Serunjogi, the co-founder and CEO of Chipper Cash, a fintech company that facilitates cross-border payments, remittances and wealth management in Africa, has been chosen as one of the inaugural members of the advisory council on African diaspora engagement. This means he will be part of a group of 12 African Americans who will serve on the council until 2025. The advisory council is made up of exceptional individuals from various fields like government, sports, creative industries, business, academia, social work, and faith-based activities. Their main goal is to strengthen the cultural, social, political, and economic ties between the United…
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Building a startup is an endeavour that is as challenging as it is rewarding. It is a journey that is fraught with uncertainty, risk, and the potential for failure. The default outcome for most startups is failure, with success being the exception rather than the norm. This is not to discourage potential entrepreneurs, but rather to underscore the reality of the startup landscape and the need for resilience, determination, and a willingness to learn from mistakes. A startup, by definition, is a young company founded by one or more entrepreneurs to develop a unique product or service and bring it…
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In venture capital, a ‘funding winter’ denotes a prolonged period marked by reduced capital inflow, posing formidable challenges for startups seeking investment. During this financial downturn, startups often contend with workforce cuts, delayed capital decisions, slashed departmental budgets, and diminished valuations compared to previous funding rounds. A funding winter serves as a rigorous test of resilience for founders, forcing them to navigate volatile market conditions, while also presenting investors with an opportunity to identify robust investment prospects amid the economic chill. The global startup funding winter, which started in early 2022 and shows no signs of abating in 2023, arose…
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The East African Venture Capital Association (EVCA), a body that represents private capital providers including development finance institutions (DFIs), private equity and venture capital funds, family offices and impact investors among others that support businesses and enterprises across the region, released its report of PE and VC deals from its inception in 2013 to the first half of 2023. Over the past decade, Kenya has consistently claimed the majority of PE and venture capital deals in East Africa, accounting for a staggering 69% of the 478 PE and development finance institution (DFI) investments made between 2013 and the first half…
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Emata, a pioneering fintech and microfinance firm based in Uganda, has successfully secured $2.4 million in a seed funding round. The funds, which include $800,000 in equity and $1.6 million in on-lending capital, will be utilized to expand the company’s innovative agri-loan services throughout the East African region. The seed funding round was supported by a group of investors, including African Renaissance Partners, a venture capital firm dedicated to fostering entrepreneurship in East Africa and the Horn of Africa. Norrsken Accelerator, the investment division of Europe’s largest impact tech ecosystem, also contributed to the round, along with Zephyr Acorn, Marcus…
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Kenyan fintech powerhouse, Lipa Later Group, has successfully raised $5 million in a private debt issuance, marking a significant milestone in its financial journey. However, the company’s ambitious expansion plans require an additional $20 million, which it aims to raise through a combination of equity and debt. Lipa Later is also in the midst of a crowdfunding campaign, seeking to raise $1.2 million in exchange for equity at a valuation of $30 million. This campaign is hosted on the crowdfunding platform, Republic. Founded in 2018 by Eric Muli and Michael Maina, Lipa Later has made a name for itself in…
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Startups need funding to grow at a speed that they want. This funding usually comes in the form of venture capital which is raised from VC firms, angel investors and other programs in exchange for equity. Funding for African startups has been growing steadily. In 2016, African startups raised just $130m according to Partech. But by 2022, the funding had risen to $3.33bn as per Disrupt Africa which represents a growth rate of over 2000% within a seven-year period. But with funding, comes investor communications. As per Wimbart’s Startup Performance Reporting in Africa, only 71% of investors said they received…
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In a significant development for the African fintech sector, Lipa Later, a leading fintech platform, launched a global crowdfunding campaign after securing regulatory greenlight in the USA. The company aims to raise $1.24 million in capital through Republic, a renowned global investor ecosystem at a $30m valuation cap. So far, the startup has raised $26,000 as per its Republic page. This move marks a significant milestone for Lipa Later, placing it among a select group of African startups that have successfully ventured into the realm of global crowdfunding. Crowdfunding is a method of raising capital through the collective effort of…
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