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The startup ecosystem in Uganda has experienced remarkable growth over the past five years, with an increasing number of entrepreneurs launching innovative ventures across various sectors. As these startups seek to scale their operations and drive impact, they have turned to investors for funding support. This analysis delves into the funding landscape of Ugandan startups from 2019 to 2024, uncovering key trends and insights that shed light on the startups that have raised the most funding. For a startup to be included on this list, we had a cut-off of at least $1m raised in its lifetime and 16 startups…
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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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Tugende, Uganda’s pioneering boda boda financing startup, has found itself in a precarious situation with its investor, Goldfinch. The startup, which holds the distinction of being Uganda’s most funded startup according to Digest Africa, has come under scrutiny for a financial transaction that appears to violate its loan agreement. The issue at hand involves a $1.9 million loan that was extended from Tugende Kenya to its Ugandan counterpart. This transaction, while seemingly innocuous, contravenes the stipulations of the loan agreement that Tugende has with Goldfinch. The startup operates through three entities: Tugende Global, their Mauritius-based holding company; Tugende Uganda, their…
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The Tax Appeals Tribunal (TAT) has disallowed a UGX 504,098,312 tax bill by Uganda Revenue Authority (URA) on asset-financing firm Tugende Limited, saying the tax authority wrongly assessed the tax. The 2 against 1 majority ruling follows an application by Tugende Limited arguing that the tax assessment was based on discounts to its customers who repaid their leases early, yet these should be allowable expenses. URA disagreed and issued an additional income tax assessment of UGX504,098,312 which the applicant objected to. Tugende was represented by Oscar Kamusiime and Linda Mugisha from Birungyi, Barata & Associates, while URA was represented by…
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From the look of things- it appears the pandemic set the business back a couple of years- how would you describe the path to recovery? It is fair to say that the pandemic has been an unprecedented challenge for many businesses and especially for Tugende because of the number of customers in the transport and the informal sector as a whole which were hard hit by lockdowns and now inflation. Before going into more detail it’s useful to take a step back and review the journey as a whole. Tugende is a for-profit social enterprise providing MSMEs in the informal…
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Ugandan fintechs Chipper Cash, Tugende and Asaak have been named in the top 100 Most Funded African Startups in research compiled by Digest Africa, a Pan-African data and intelligence startup headquartered in Kampala. Startups, according to Forbes, is a term used to refer to young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers. Startups are high-growth companies, and instead of bootstrapping, they turn to investors to grow at the pace they want to. This model is followed globally, and Digest Africa has tracked this funding data for…
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Tugende, the innovative fintech platform for MSME credit and asset-financing in East Africa, closed in Q2 pre-Series B equity funding from existing shareholders led by Partech and two new investors, including Women’s World Banking. The new investors add to the diversity of Tugende’s shareholding and complement the experience and skills that each contribute to Tugende’s growth. Along with a recent debt closing, the combined US$10 million investment further strengthens Tugende’s balance sheet, allowing it to increase portfolio growth and address a significant credit demand amongst MSMEs, particularly after the strict lockdowns of 2020 and 2021. Tugende continues to deliver this…
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Uganda Breweries Limited (UBL) has partnered with Buganda Kingdom to hold a mass vaccination this weekend with the aim of driving vaccination uptake among the population. The event will be held at Bulange on Saturday, 6th and Sunday 7th November, 2021 from 9AM to 5PM. “Vaccination remains the strongest response to this pandemic and a full return to normal. Vaccination is the safest and most sustainable way to ensure we safeguard both the health and economic wellbeing of our people. I call upon all subjects of His Majesty to embrace vaccination and turn up in big numbers to Bulange on…
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In one of a kind move, Tugende, a Ugandan social enterprise that provides asset financing to informal sector entrepreneurs and MSMEs, has suspended, for two months, penalties on late repayments for it’s over 23,000 active customers in Uganda and Kenya. This is to ease cash flow pressures on their mainly boda-boda riding customers caused by Covid-19 related travel restrictions that have been imposed by governments in Kenya and Uganda. Boda-bodas are motorcycle taxis commonly found in East Africa. In Uganda for example, the government has extended a previous 14-day movement ban by another 21 days, till May 5th, 2020 and…
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