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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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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In today’s fast paced world, financial stability and achieving one’s goals go hand in hand. Every now and again, we need an extra boost, and personal loans can be a powerful financial tool when used wisely. In this article, Madina Nalubiri, Ag. Senior Manager – Pinnacle Banking at dfcu Bank identifies and breaks down five ways in which you can achieve more with personal loans. A personal loan can make you more money if invested wisely. Personal loans avail lump sums of money that if invested in strategic investments can generate passive income and accelerate wealth accumulation. With proper research…
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Uganda is set to host the 8th edition of the East Africa Venture Capital Association (EAVCA) Annual Private Capital Conference on the 13th of June 2024 at Speke Resort Convention Centre in Munyonyo. “As we embark on the journey of defining the next era of East Africa’s investment landscape, the East African private capital landscape stands out as a beacon of resilience and opportunity. In the face of unprecedented global challenges, East Africa has demonstrated its ability to adapt and thrive, emerging as an increasingly attractive investment destination for private capital,” says a statement on the conference’s website. The theme…
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Startups are the lifeblood of the global economy, driving innovation, creating jobs, and shaping the future of industries. They are the engines of growth and the catalysts for societal transformation. However, the journey of a startup is fraught with challenges and uncertainties. One of the most critical aspects of this journey is the ability to raise and use capital efficiently. Startups always raise funding. This is a fundamental truth in the world of entrepreneurship. The reasons for this are manifold. Firstly, startups need capital to transform their innovative ideas into viable products or services. They need funds to hire talent,…
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Uganda is often called a small market. Despite having a population of over 40m, the purchasing power is relatively low. As a result, it is imperative for startups and other businesses to have expansion strategies on their mind. One of the most popular destinations when Ugandan companies are expanding in Kenya due to its similar culture and its relatively bigger spending power. As a result, AVODA Institute has launched the Business Growth Accelerator Program (BGAP) to help startups and businesses expand regionally in association with Strathmore University. “A lot of Kenyan companies have expanded into Uganda, but only a handful…
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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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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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