In September 2022, African tech startups announced raises totalling $383,465,000, the highest since June 2022. The funding was led by Bboxx’s $200 million acquisition of PEG Africa.
Months after foodtech Kune shut down for similar reasons, another Kenyan startup, Sky.Garden, is facing closure. In termination letters to employees, the CEO revealed that the company was running out of money & would close down in October.
Lagos, one of Africa’s busiest tech hubs, is asking all tech hubs and co-working spaces in the city to remit an annual sum of ₦200,000 ($463) to the state government.
Over 2,000 Nigerian investors have petitioned Kenyan courts to release Ksh 1.44 billion which was earlier frozen by the Asset Recovery Agency (ARA) in a fraud investigation against fintech unicorn Flutterwave.
Later today, TechCabal will host the second edition of the Future of Commerce, where over 5,000 players and enthusiasts across Africa, will explore the innovative ways in which startups and large corporations cater to the needs of the informal sector.