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All posts by Daniel Mpala

  • Lessons from a business sale that didn’t quite go right – Farmcrowdy founder

    His business may have raised a $1-million round from Silicon Valley investors in December last year. But Farmcrowdy founder Onyeka Akumah says he learnt how not to do business when he sold his last business some years ago. Although Akumah (pictured above) won't disclose the name of the startup -- a news aggregator which he founded with a friend in 2012 and subsequently sold to Nigerian newspaper Business Day -- he says it taught him "how not to do business". "We latter sold parts of it. It’s one of the lessons I’ve learnt how not to do business," he says. "We raised...

  • Andela’s VP global operations on why Kigali is strategic location for tech hub

    US software training organisation Andela is betting on East Africa as a strategic location from which to recruit and train software developers for top employers around the world. And the organisation's vice president for global operations -- Seni Sulyman -- believes the region has a supply of "amazing" tech talent and potential for growth. "Over the years, Kenya’s Silicon Savannah has had a tremendous impact on the region in terms of developing a strong tech scene that has seen a proliferation of talent and innovative startups," Sulyman told Ventureburn in an email last Wednesday (29 July). Andela's Kigali hub is set to open this December The effects of this...

  • Investec out to fund fintech startups through global investment platform

    SA bank and asset management group Investec currently looking to invest in three or four early-stage SA fintech startups, Investec Emerging Companies spokesperson Akash Maharaj has confirmed. Earlier this month, the bank invested an undisclosed amount in Retail Engage's Bonsella loyalty and rewards programme. Responding yesterday (30 July) to an email from Ventureburn, Maharaj (pictured above) would not disclose the details of the equity investment deal. He however stated that this was the first deal for the Investec Emerging Companies mandate -- which forms part of Investec Private Capital and was launched in July last year -- and aims to invest in "innovative, early-stage companies with high growth potential". 'Investec Emerging Companies...

  • Expat founders have it easier than locals says Danish founder of Rwandan startup

    Do expat tech founders that set up startups in Africa have it easier than their local counterparts when running their business? Expat and entrepreneur Olivia Zank, the co-founder of Rwandan factoring firm BeneFactors, believes they do. Zank, who is Danish and whose startup last week came out tops at the Seedstars Kigali pitching competition, believes its definitely easier in some ways, but harder in others. She started the company last year with Jani Moliis (who is Finnish) after working as a policy advisor to Rwanda's Minister of Trade and Industry in 2016 and 2017. "We have easier access to external funding and more exposure to lean startup methods....

  • Cape Town carpooling platform Jumpin Rides raises R1.8-million

    Cape Town based carpooling platform Jumpin Rides has raised R1.8-million from undisclosed local and international angel investors. The investment deal had however been concluded already in May -- the startup's co-founder Pauline du Paty (pictured above) revealed in an email to Ventureburn yesterday (26 July). Jumpin Rides claims it currently has more than 10 000 users on its platform. "Our objective is to bring the startup to the next level by investing these funds into integrating new functionalities, launching mobile apps, marketing, and starting to look at other African markets," said Paty. She added that her vision is to expand the startup's service to the rest...

  • How football helped kick off Nigerian agritech startup Farmcrowdy

    In just 18 months Nigerian agritech platform Farmcrowdy has grown to helping 7000 farmers on farm land across nine states in Nigeria to help fund the purchase of inputs such as seed, fertiliser and day-old chicks. Farmcrowdy assists farmers to source funding to buy farm inputs. Last year the startup raised $1-million in a round from Techstars, Cox Ventures and Social Capital. But, just how did the Lagos-based startup -- which last week won the Digital Business of the Year Award at the 2018 Global African Business Awards -- achieve such success so quickly? Farmcrowdy CEO and founder Onyeka Akumah, who will speak at a Startup Grind Lagos event this...

  • MyLifeline to put R200k prize money into marketing, setting up web presence

    Days after winning the Santam Safety Ideas Challenge, Stellenbosch-based wearables startup MyLifeline will invest a portion of its R200 000 winnings in marketing and setting up an online presence, says co-founder Herman Bester. In an email to Ventureburn last week Friday (20 July) Bester revealed that part of the prize money would be used for "packaging, marketing and online presence". "We also have plans for further technological innovation, which is extremely exciting. We have so many applications for our product. This money will help us to reduce our long-term planning to medium term," he said. Bester, along with co-founder Anton Swanevelder, have developed an Internet-of-Things...

  • SA startup Aerobotics secures funding round from Nedbank VC fund [Updated]

    Local corporate and investment bank Nedbank has invested an undisclosed amount in Cape Town based aerial data-analytics startup Aerobotics. The bank was the lead investor in a Series-A round in which several other investors also took part, including a number from Silicon Valley. Among those that took part in the round (see below note at the foot of the story for the remaining list of investors) were online investment marketplace AgFunder and Silicon Valley investor Joe Caruso. Cape Town based venture capital 4Di Capital, which together with the Savannah Fund last year provided seed funding of R8-million to the startup, also took part in the round. Earlier today online business publication Moneyweb...

  • All 10 startups chosen for SBC AfriTech 2018 market ready – accelerator head

    The 10 startups that have been selected by Startupbootcamp (SBC) AfriTech for its 2018 cohort all have “market-ready” solutions, with SBC's sponsors ready to work with them “starting from today” -- the accelerator's CEO Philip Kiracofe said yesterday. Kiracofe was speaking at the announcement of the 10 startups selected to join the Cape Town-based accelerator’s second cohort, which was made yesterday, at the end of a two-day selection process held at PwC’s offices in Cape Town. The sponsors of the accelerator -- which recently underwent a name change to Startupbootcamp AfriTech to better reflect its focus on African tech -- include among others big names like RCS, BNP Paribas, Nedbank and Old Mutual. During the announcement...

  • DEMO Ventures reveals five countries its new $100m fund for startups will target

    Egypt, Ghana, Kenya, Nigeria and South Africa. These are the five countries that a new $100-million fund -- to be launched in October by DEMO Ventures -- will focus on, revealed the fund's incoming CEO Tania Ngima yesterday. DEMO Ventures is the investment arm of DEMO Africa, an initiative which runs pitching competitions and aims to serve as a launchpad for innovative African tech. In an email yesterday (11 July) Ngima (pictured above) told Ventureburn that the fund -- which was registered in Kenya in November last year -- will invest in early-stage tech startups across various verticals. These include consumer web and mobile, renewable energy, and...