This Week in Tech: Big Data Analytics simply explained & African tech startup funding dramatically declines in Q1 2023
There is a decline and the global economic climate is to blame.
Greetings!
Just a week into Q2 of 2023, and it’s already bubbling in Africa's startup tech scene. Last quarter was as eventful as it gets; from SVB to “layoffs continua”. What top the ice is the reality of less startup investment/funding that came into Africa. The figure stands at US$649,303,000 between January 1 and March 31 this year, down 57.2% from the same period in 2022.
What a better way to say; “the sector begins to feel the bite from the global economic climate.” - Sam.
Big Data Analytics simply explained
Big data analytics has emerged as a critical field in recent years, owing to the explosion of data and the need to make sense of it. However, many people are still unaware of what big data analytics entails, and the intricacies of a career in this field. This article aims to break down the intricacies of a career in big data analytics and provide an overview of the skills and qualifications required. TechCabal
Equator secures $40M in commitments for fund targeting climate tech startups in Africa
Africa contributes less than 3% of the world’s energy-related carbon dioxide emissions but the continent will be one of the most impacted by the adverse effects of climate change. In 2021, climate tech startups raised over $60 billion, about 14% of VC dollars raised that year; in Africa, clean tech accounted for 15% to 18% (about $863 million) of the total funding that venture capitalists poured into the region last year. TechCrunch
African tech startup funding dramatically declines in Q1 2023
African tech startups raised US$649,303,000 between January 1 and March 31 this year, down 57.2 per cent on the total from the corresponding period in 2022, as the sector begins to feel the bite from the global economic climate. This year looks set to be a regressive one, however, as so far only 87 startups have secured funding, less than half the number (175) that had done so by this time last year. And those startups have between them taken in a combined US$649,303,000, down from US$1,515,556,000 by April 1, 2022. Disrupt-Africa
Kenya has been experiencing influx of tech startups recently, here’s why
According to the recent Kenyatta University and Maitri Capital assessment of the country's investment climate, the country's $8.7 billion retail industry provides many chances for investors. Kenya's dynamic internet presence, high mobile phone adoption, and youthful people resources are also a few reasons for this. Business Insider
Oxfam Novib and Goodwell target East African startups with €20M Pepea fund
Impact investor Goodwell Investments and Oxfam Novib, a Dutch foundation and Oxfam International affiliate, have set up Pepea, a €20 million ($21.7 million) fund, to provide financing to early-stage startups in Kenya, Uganda and Ethiopia. The fund, created with the backing of Oxfam Novib Impact Investments, will provide venture debt with a focus on mezzanine finance, which is a debt that can be turned into equity. Tech Crunch
[Podcast] How African startups can ride out global cash crunch via “efficient growth”
African tech startups can ride out the global cash crunch, but they must position themselves to scale efficiently rather than pursue growth at all costs. Yet the latest episode of Disrupt Podcast’s “The month in VC” series, produced in partnership with Katapult Africa, Kalon Venture Partners, and Hlayisani Capital, focused largely on the collapse in investor confidence globally, and why Africa should now be bracing itself for a new era of capital scarcity. Disrupt-Africa
Leatherback offers African Startups a lifeline amid global bank shutdowns
Several African startups had funds in SVB as the bank, which served as their lender, required them to keep deposits as collateral in the bank. “If you’re a startup from the U.K., you can easily open a U.S. bank account because it’s not a high-risk country. But in Africa, that’s not the case. South Africa is the only country that’s not regarded as high-risk,” Ibrahim Ibitade, co-founder and CEO at Leatherback, told Ventures Africa over a call. Ventures Africa
Buhari Inaugurates 14-man National Council to Implement Nigeria Startup Act 2022
President Muhammadu Buhari has inaugurated a 14-member National Council for Digital Innovation and Entrepreneurship with the mandate to guide the implementation of the Nigeria Startup Act (NSA) 2022, to ensure the faithful implementation of the Act, which provides incentives and support for start-ups, including tax breaks and access to funding. ThisDayLive
African Development Bank Signs Agreement With Africa Fintech Network to Support Africa Fintech Hub Project
The African Development Bank (AFDB) has recently signed a partnership agreement with Africa Fintech Network (AFN) for the establishment of an African Fintech Hub. The AFDB provided the sum of a $525,000 grant to support the operations of the fintech hub to serve as a repository of knowledge for fintech entities globally and across the continent. Tekedia
Senegal’s tech sector grows rapidly but finance remains a problem
Senegal’s tech sector serves one of the region’s largest and most dynamic economies. Although tech-enabled solutions are not quite as widespread as in some Anglophone African countries, Senegalese citizens can now send money, order a cab and buy groceries on their phones. African Business
Nigeria’s Economy to Grow 2.8% in 2023—World Bank
Nigeria’s economy will grow 2.8 per cent as oil production remains subdued, a World Bank report said on Wednesday. Business Post
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