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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A startup, in its broadest sense, is a young, ambitious company that is in the initial stages of its business operations. These companies are typically driven by a unique business idea or a novel product or service, which they believe has the potential to disrupt the market. Startups are characterised by their innovative approach, high growth potential, and scalable business model that can rapidly expand to meet the increasing market demand. One of the most critical aspects of a startup’s journey is raising capital. This is primarily because startups, in their early stages, often operate at a loss due to…
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The entrepreneurial landscape in Uganda has witnessed a remarkable upsurge, with a proliferation of startups offering innovative solutions to local and global challenges. This burgeoning ecosystem has been fueled by a combination of factors such as technological advancements, a youthful demographic, and an increasingly supportive regulatory environment. However, the journey from a fledgling startup to a successful enterprise is fraught with numerous challenges. One of the most significant hurdles is securing adequate funding to propel growth and expansion. In the words of renowned entrepreneur and venture capitalist, Paul Graham, a startup is a “company designed to grow fast.” This rapid…
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On a regular basis, tech publications are awash with stories of startups raising funding from investors, who more often than not, are venture capitalists. This type of funding is called venture capital, and it usually fills a void that most types of financing dont. But like every investor, VC firms have to make returns off their investment. So how do they do it? In this latest article of CEO East Africa explains, we will break down how a typical VC firm makes these returns. But first, lets understand what venture capital is. What is venture capital? Venture capital is a…
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India is arguably the world’s third biggest startup ecosystem behind the USA and China. But much of India’s boom has happened within the last two decades. Between 2013-2020 Jagruti Bista and Ajay Ramasubramaniam were in the thick of it. In 2020, they decided to share their lessons learnt. They founded Hindsight Ventures. “We run accelerator programs and we work closely with early-stage tech startups on the African continent”, Bista, the co-founder and Managing Partner tells me as she kicks off our interview. You see, Africa has been known as the last frontier of tech for a long time. But being…
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In 2022, Ugandan startups raised $70 million according to Africa: The Big Deal data. One of the standout deals that year was raised by Rocket Health, a telemedicine startup that secured $5 million for its Series A funding round to accelerate its expansion across East Africa. This funding round was led by Creadev who were joined by existing investors LoftyInc Capital Management and Grenfell Holdings. The round was greeted with optimism in the Ugandan startup ecosystem, partly because the entire Rocket Health founding team are Ugandans. And internally, it was the culmination of almost a decade of building and a…
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2022 was a good year for startups in Uganda. Startups here raised $70m across that year according to Africa: The Big Deal data. Some of the standout deals that year included Rocket Health’s $5 million Series A and Numida’s Series A. If you have followed startup funding, you will notice the use of these terminologies (Series A, Seed round or Pre-Seed). In today’s explainer, CEO East Africa will do a deep dive into the startup funding round stages. But to understand the dynamics of startup funding rounds, one needs to delve into the essence of what a startup truly means…
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Startups raise funding for various reasons that are essential for their growth and success. Firstly, funding provides the necessary capital to support and accelerate the growth of startups. It enables them to invest in expanding their operations, hiring talented individuals, and scaling their business. By securing funding, startups can seize opportunities, penetrate new markets, and establish a competitive edge in their industry. Additionally, funding plays a crucial role in product development, allowing startups to invest in research and development, prototype creation, testing, and launching their offerings. This financial support empowers startups to bring their innovative ideas to life and deliver…
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Ugandan startup, Yunga Technologies, has made it to the finals of the Africa Prize for Engineering Innovation organized by the Royal Academy of Engineering in the UK. Yunga is now in line to take home £25,000 (about shs 120 million) in equity-free money. The startup will face off with three other African startups. As a finalist, Yunga is assured of winning £10,000 (shs 47 million). .Yunga is a startup that builds a Yaka-like device that connects neighbours to neighbours and neighbours to law enforcement in real-time without requiring the internet. Neighbourhoods are organized into groups or Yunga networks, and each…
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