Funding for female-led and female-founded ventures in Africa reached a record low in 2024, ‘Africa: The Big Deal’ reported. These figures are the lowest they’ve been since 2019, as female CEOs received only $48 million in funding in 2024. That number is four times less than in 2023. In contrast, $2.2 billion went to their male peers in 2024. Additionally, female CEOs only received 2% of the total invested last year. Funding for gender-diverse teams was slightly better as they received $123 million in funding, while $21 million went to solo
The Duke and Duchess of Sussex have raised their concerns over Meta ending its fact-checking system, arguing that the changes directly undermine free speech. What are Meghan and Harry’s Concerns? “Contrary to the company’s talking points, allowing more abuse and normalizing hate speech serves to silence speech and expression, not foster it,” they said. In a statement on their website, the pair accused the company of lacking integrity and believed the move was “responding to political winds; they once again abandon public safety in favor of profit, chaos, and control.”
Egypt is introducing a new plan to tackle phone smuggling whilst promoting its local phone industry. A 38.5% customs tax will be given to individuals who import mobile phones into the country. “The number of devices entering the country through smuggling is too large,” Prime Minister Mostafa Madbouly said in a press conference. “Countries resort to such measures to regulate the market and encourage the growth of local industry,” he added. The Finance Ministry and the Ministry of Communications and Information Technology are working together to create an electronic system that
The Communications Authority of Kenya is ushering in new licensing rules and fees to crack down on fake electronics in the country. Distributors and telcos must now pay a one-off fee of KSh 250,000 ($1,933.49) for a 15-year licence. They will also be obliged to pay 0.4% of their yearly income as an annual fee, but not under KSh 120,000 ($928.07). There are also proposals to better regulate satellite internet service providers (ISPs) like Elon Musk’s Starlink. Why is Kenya introducing a telecom fee? The new licence, which is called
Sub-Saharan African countries lost $1.5 billion to internet shutdowns in 2024, according to data by Top10VPN. Deliberate internet outages and social media shutdowns globally led to a $7.69 billion loss. While Pakistan and Myanmar were most affected, 19% of the economic cost of internet shutdowns total came from Africa. The cost of internet shutdowns Globally, worldwide internet shutdowns have been decreasing since 2022 ($24.61 billion to $7.69 billion), however many countries across the globe still suffer from this form of internet censorship. In 2024, 28 internet shutdowns occurred in 28
Startups in Africa raised $2.2 billion in 2024, with Kenyan startups receiving the most funding, according to Africa: The Big Deal. For the second year in a row, Kenya secured the most funding in Africa, raising $638 million, with 88% of the total amount raised in East Africa. How much money was raised in Kenya and East Africa? East Africa raised $725 million in total, equal to 1 in 3 dollars raised in Africa. Kenya received $638 million in funding on its own, which makes up 88% of the overall
Africa’s startups raised $2.2 billion in equity, grants, and debt (excluding exits). While this is an impressive figure, it highlights a 25% decrease compared to last year, when startups in Africa secured $2.9 billion, according to ‘Africa: The Big Deal.’ Who were the major key players? The total of $2.2 billion was primarily driven by two significant deals by Nigeria’s Moniepoint and South Africa’s Tyme Group. A gross of 188 ventures secured $1 million or greater (excluding exits) in funding, 10% less given in 2023 despite the 25% dip in
The Democratic Republic of Congo (DRC) has lodged criminal complaints in France and Belgium against Apple and its local subsidiaries, accusing the tech giant of benefiting from conflict minerals in its supply chain. In a statement, lawyers for the Congolese government allege that these “blood minerals” fuel violent conflict in the region, including atrocities committed by armed groups. Apple has denied the claims. Apple Accused of Covering Up War Crimes Eastern Congo is a major source of tin, tantalum and tungsten—the 3T minerals—which are widely used in electronics like computers
South Africa’s digital lender Tyme Group has raised $250 million in a Series D funding round, pushing its valuation to $1.5 billion and securing its place as Africa’s ninth unicorn. Nu Holdings Backs Tyme’s Global Ambitions The round was led by Nu Holdings, Latin America’s largest fintech company. Nu Holdings, the parent company of Nubank, invested $150 million for a 10% stake, marking its first major bet outside of Latin America. M&G Catalyst Fund contributed an additional $50 million, while existing investors, including Tencent and Gokongwei Group, also participated. Tyme’s
Nigerian fintech startup Billboxx has raised $1.6 million in a pre-seed funding round, aiming to empower African small and medium-sized enterprises (SMEs) with cash flow management solutions. The funding, a combination of debt and equity, was led by Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures. Addressing SME Cash Flow Issues Founded in 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx offers invoice financing and payment processing services to help SMEs combat cash flow challenges caused by delayed payments from enterprise clients. The platform facilitates upfront payments for
