Robin Reecht News Today

At least six Kenya-based start-ups closed shop this year due to a number of threats, including lack of financing and pandemic woes.

The high-end Hilton Hotel had 287 rooms offering suite services and attributed its closure to declining business in Nairobi CBD.

Despite raising $5 billion in funding last year, VC-backed African startups are laying off, shutting down products and closing down. In this article, we explore the reasons behind some of these failures.

Kune Foods, Notify Logistics, WeFarm, Wasoko, Sendy and Sky-Garden have shut down in quick succession in just four months to October.

Although funded startups in Africa grow six times faster than elsewhere in the world, raising seed capital remains the biggest challenge to entrepreneurs.

Advances in technology have accelerated the explosion and growth of e-commerce to satisfy and cater for essential needs at a minimal effort.

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Investors have reduced their funding to Kenyan startups from Ksh64 billion to Ksh48 billion.

Kune, a Kenyan food-tech startup that delivered ready-to-eat meals at affordable prices closed down yesterday.In a statement posted by CEO Robin Reecht, Kune was apparently hit by a stifled economy and inflated food prices. Read more in #TCDaily.

Mr Robin Reecht, who is also the firm’s CEO, announced Wednesday that inflation, which has seen the costs of food rise, has made their operation untenable.