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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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CEO East Africa is thrilled to announce the launch of a groundbreaking series of articles titled “The Investors’ Digest,” which aims to shed light on the investors that are backing Ugandan startups. In this inaugural edition, we had the exclusive opportunity to speak with Petra Wolkenstein, the General Partner of Startup Wise Guys (SWG) Africa. With its headquarters based in Vienna, Austria, SWG has garnered a commendable reputation as one of the first investors in African startups. SWG’s commitment to fostering innovation and entrepreneurship across the African continent is evident in its extensive portfolio, which spans Ghana, Nigeria, Kenya, Tanzania,…
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As per Africa: The Big Deal, African startups raised $621.8 million from just 34 deals which makes it an average of $18.3 million per deal in May 2023. This is a 42% increase year-over-year from May 2022. On a month-over-month basis, funding grew by 379% from the 129.8 million that was raised in April. Startups raise funding for several reasons. Firstly, funding allows startups to fuel their growth and scale their operations. It provides the necessary financial resources to hire talented employees, develop and improve products or services, and expand into new markets. Additionally, startups often require capital to invest…
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Ugandan fintech, Zofi Cash, has raised USD 1 Million in a pre-seed round from Advancly. The funding round, which is purely debt, will see Zofi Cash extend its salary advance services to cover a waiting list of 20,000 employees. Zofi Cash was founded in October 2021 by Paul Kirungi, the CEO and Gordon Turibamwe as the CTO, a pair of Ugandans who returned to Uganda after a decade in the USA with a goal to end the 30-day pay cycle. “We partner with employers who want to extend this (salary advances) to their employees,” Paul tells CEO East Africa in…
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In September 2012, Paul Kirungi arrived at New York’s John F. Kennedy International Airport, with one goal in mind, to pursue the American dream. Paul had decided to leave behind a burgeoning journalism career that he had carved out at Kisementi-based Capital FM to pursue better opportunities in the USA. “It was a leap of faith for me. “ Paul tells me. “I was excited for this new chapter in my life.” Just like any new migrant to a new place, he knew he had to find a way to survive and get his new life started. His first job…
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