The African tech ecosystem has taken a significant hit in Q3 2022 due to a lack of funding from investors. In 2021, fintech startups successfully raised $2 billion in funding and once dominated the African startup funding space, but the significant increase signifies a problematic time for African startups – so why is that? Several factors have contributed to the slowdown, from the economic downturn which has forced many investors to deploy less capital to the decline in venture capital funding for crypto startups together this has caused global fintech
Many crypto traders in Africa who frequently use FTX platforms have been shocked and unable to withdraw their funds after an unexpected collapse. FTX’s collapse hits Africa hard The cryptocurrency exchange FTX filed for bankruptcy earlier this month, and its CEO, Sam Bankman-Fried, decided to step down from his position. Once valued at $32 billion, FTX, the platform is now valued at nothing with mountains of debts. According to TechCrunch, over 100,000 Africans used FTX to convert their local currencies to dollars and to bump up their savings. This was
Twitter recently terminated the contracts of almost all its staff based in Ghana, but the former employees are fighting back. The team has accused the social media giant of “deliberately and recklessly flouting the laws of Ghana” and, with legal assistance, are demanding national labor laws are followed. Violation of Labor Laws Three days after opening a physical office in Accra, Ghana—the first in Africa—Twitter locked staff out of their emails and work laptops. Since then, the African employees have not been offered any concrete information about compensation or the
Black Girls In Tech are all about making big moves, and the launch of their brand-new cyber academy further proves that. What Are Black Girls In Tech? Black Girls In Tech is a UK-based company that aims to increase women’s representation within the tech industry. According to reports, women comprise approximately 26% of the tech workforce. Unfortunately, they are more prone to leave the industry due to gendered biases and a lack of work-life balance, which is why communities like Black Girls in Tech are essential. Black Girls In Tech,
Tech accessory company, oraimo, has announced a new ambassadorial deal with Grammy award-winning artist Burna Boy. For many, the partnership between one of Africa’s leading tech brands and the artist known as the ‘African Giant,’ is a marriage made in heaven. What is oraimo? Described as ‘as far from your regular smart accessory brand,’ oraimo is Africa’s leading TWS (true wireless technology) and smartwatch brand. The company’s initial product line of durable charging bricks and chords became hugely popular amongst the Nigerian community when it first launched due to its
Microsoft has announced the expansion of its AI for Good Research Lab to Cairo and Nairobi. The expansion aims to close the climate data divide by researching and developing AI machine learning in areas in Africa worst affected by the climate crisis. Africa’s Climate Crisis Research has revealed that high climate risk correlates with income and health inequalities. The findings also coincide with the fact that two billion people in the Global South were found to be living in some of the most climate-risk areas between 2008 and 2018. Despite Africa contributing less
Twitter has terminated the contracts of almost all its staff based in Accra, Ghana. The news comes after Elon Musk’s recent acquisition of the app, which has seen thousands of employees worldwide laid off work. Twitter’s presence in Africa In April 2021, Twitter announced its plans to build a team in Ghana as a part of its broader mission to expand its services across the region. After almost a year of working remotely, Twitter’s African staff finally opened a physical office in the continent. But celebrations were short-lived. A mere
Dr. Abasi Ene-Obong, the co-founder of African genomics company 54gene, has officially stepped down as chief executive officer. 54 Gene, founded in 2019 by Ene-Obong, works to address the gap in the genomics market. Despite being more genetically diverse, Africans currently make up less than 3% of genetic material used in pharmaceutical research, which is why 54 Gene’s work is incredibly important in bridging that gap. Ene-Obong will continue his duties as a co-founder while transitioning into a new role as a senior advisor. The platform has hired General Counsel Teresia Bost as
Venture capital (VC) investment in African startups has seen a 33% increase compared to this time last year, according to gathered by The Big Deal. This follows similar reports of funding for African startups hitting new records in the first half of 2022. So far this year, more than 800 investors have contributed to at least one $100K+ startup deals on the continent. Investors have also been far more active than in previous years. For example, 250 firms made at least two investments (45% more than in 2021), and 60 partook
Serena Williams is making big moves in the venture capital world. After announcing earlier this year, that she would be stepping away from tennis, Williams has embodied the phrase ‘put your money where your mouth is, by investing over $100 million in early-stage startups. Ugandan-based fintech, Numida, is the latest business to benefit from investment from Serena Ventures. The fintech recently raised $12.3M in a pre-series A funding round led by Serena Ventures. Participation included the Pan-African VC fund, Launch Africa, Breega, Soma Capital, Y Combinator, and MFS Africa. What is
