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The African startup faced a lot of losses last week with startups shutting down, let’s dive into the happenings last week.
Funding Opportunities
Building solutions for justice in West Africa? Apply to the HiiL Justice Accelerator for a chance to win a €10,000 grant and gain valuable support! This application is open to startups in Nigeria, Kenya, and MENA
Justice Accelerator
Investment Rounds
Pula's raises $20 million in Series B funding round to aid global expansion and support the launch of new livestock insurance products
South African online used-car platform WeBuyCars is gearing up for a public listing on the Johannesburg Stock Exchange (JSE) last week Friday.
United Bank for Africa (UBA), a Nigerian bank valued at over ₦1 trillion, is preparing to raise fresh capital. The bank plans to sell 10.8 billion new ordinary shares, prioritizing existing investors in the process.
UBA
Losses
Kenyan startup MarketForce, a Y Combinator-backed company announced the closure of its flagship B2B e-commerce platform, RejaReja. This decision comes after facing challenges in achieving profitability within the competitive B2B e-commerce landscape.
MultiChoice Nigeria lost ₦7.9 billion ($16.23 million) in a fraudulent foreign currency exchange transaction Nigerian court documents reveal that in 2021.
The Nigerian Government proposes legislation to criminalize fibre cable damage, particularly focusing on underground networks.
Marketforce.
Doings
The Nigerian Government proposes legislation to criminalize fibre cable damage, particularly focusing on underground networks.
Cellulant, the pan-African payments company valued at $133 million in 2022, is undergoing a period of transformation. Following the departure of its CEO and several senior executives earlier this year, Cellulant has appointed a new leadership team with a focus on achieving profitability and operational excellence.
Kenya's government is taking a measured approach to the issue of TikTok, rejecting calls for a complete ban and instead proposing stricter regulations for the popular social media platform.
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