Tage Kene-Okafor, Author at TechCrunch

Egypt’s Cartona raises $8.1M even as investors pull back from B2B e-commerce in Africa

Tage Kene-Okafor — Tue, 30 Jul 2024 08:00:00 +0000

When Egyptian B2B e-commerce platform Cartona last raised money in 2022, global and local investors were eager to invest in African startups solving the supply chain and operational challenges for retailers and suppliers in the fast-moving consumer goods (FMCG) industry. Two years on, investors aren’t as enthused anymore as the business models of such startups, […]

Egypt’s MNT-Halan banks $157.5M, gobbles up a fintech in Turkey to expand

Tage Kene-Okafor — Fri, 26 Jul 2024 07:31:39 +0000

MNT-Halan, a fintech unicorn out of Egypt, is on a consolidation march. The microfinance and payments startup has raised $157.5 million in funding and is using the money in part to fund the acquisition of another fintech, Tam Finans, to expand into Turkey. Tam Finans provides financing to micro-enterprises and SMEs. It currently operates 39 […]

Endeavor CEO says long-term capital needs to be prioritized in emerging ecosystems

Tage Kene-Okafor — Thu, 25 Jul 2024 13:34:30 +0000

Venture capital has become a more global industry as the tech sector slowly decentralizes. In 2022, more than 50% of VC deployed globally was invested in startups outside the U.S., according to data available from the National Science Foundation (NSF) — a stark contrast to 20 years ago, when nearly 80% of the world’s venture […]

Digital banking startup Mercury abruptly shuttered service for startups in Ukraine, Nigeria, other countries

Christine Hall, Mary Ann Azevedo, Tage Kene-Okafor — Tue, 23 Jul 2024 17:19:53 +0000

Digital banking startup Mercury informed some founders that it is no longer serving customers in certain countries, including Ukraine.

Israel’s startup scene shows resilience despite nine months of war

Tage Kene-Okafor — Thu, 18 Jul 2024 07:12:33 +0000

When the war between Israel and Hamas broke out last October, we examined its potential impact on the tech ecosystems in Israel and Palestine. Nine months later, the prevailing sentiment in Israel, based on my conversation with founders and investors, is that the conflict has made the startup and VC ecosystem more resilient, especially its […]

Cadana, an emerging markets payroll services provider for global hiring platforms, banks $7.1M seed

Tage Kene-Okafor — Thu, 20 Jun 2024 11:52:50 +0000

The global freelancer market, a $1.3 trillion industry fueled by more than 200 million knowledge workers, drives demand for solutions that automate payroll and streamline employment and tax regulations worldwide. However, most existing products fail to address the legal landscape of emerging markets, such as differences in employment laws. This oversight means global hiring platforms, […]

Paris-based VC Breega hits first close of $75M Africa fund to back pre-seed and seed startups

Tage Kene-Okafor — Thu, 20 Jun 2024 08:47:05 +0000

Paris-based VC firm Breega has observed Africa’s tech ecosystem mature over the years. From receiving less than a billion dollars in venture capital per year to a record-high $6 billion, there’s also been an increase in high-growth companies, from one unicorn to seven within the span of three years. Now the VC wants to put […]

Ilya Sutskever, OpenAI’s former chief scientist, launches new AI company

Tage Kene-Okafor — Wed, 19 Jun 2024 19:05:20 +0000

Ilya Sutskever, one of OpenAI’s co-founders, launches Safe Superintelligence (SSI), just a month after leaving OpenAI.

Black founders are creating tailored ChatGPTs for a more personalized experience

Dominic-Madori Davis, Tage Kene-Okafor — Sun, 16 Jun 2024 17:05:00 +0000

ChatGPT, one of the world’s most powerful artificial intelligence tools, struggles with cultural nuance.

Sources: Wasoko-MaxAB e-commerce merger faces delays amid headwinds in Africa

Tage Kene-Okafor — Mon, 10 Jun 2024 11:39:33 +0000

The merger has yet to close due to extended due diligence amid ongoing restructuring and macroeconomic headwinds across multiple countries.

Starting in war-torn Sudan, YC-backed Elevate now provides fintech to freelancers globally

Tage Kene-Okafor — Thu, 06 Jun 2024 10:07:51 +0000

Inflation and currency devaluation have always been a growing concern for Africans with bank accounts.

YoLa Fresh, a GrubMarket for Morocco, digs up $7M to connect farmers with food sellers

Tage Kene-Okafor — Thu, 30 May 2024 11:15:13 +0000

YoLa Fresh works with over a thousand retailers across Morocco and records up to $1 million in gross merchandise volume.

Iyris makes fresh produce easier to grow in difficult climates, raises $16M

Tage Kene-Okafor — Thu, 30 May 2024 08:13:40 +0000

Agritech company Iyris helps growers across eleven countries globally increase crop yields, reduce input costs, and extend growing seasons.

OpenseedVC, which backs operators in Africa and Europe starting their companies, reaches first close of $10M fund

Tage Kene-Okafor — Mon, 20 May 2024 07:34:23 +0000

Founder-market fit is one of the most crucial factors in a startup’s success, and operators (someone involved in the day-to-day operations of a startup) turned founders have an almost unfair advantage in finding that fit. Data shows that a lack of expertise and business acumen in founders contributes to failed VC investments. The same principle applies […]

Accion’s new $152.5M fund will back financial institutions serving small businesses globally

Tage Kene-Okafor — Wed, 15 May 2024 04:02:00 +0000

For over six decades, the nonprofit has been active in the financial services sector.

Jumia is back, growing total sales and orders in Q1 2024

Tage Kene-Okafor — Tue, 07 May 2024 17:27:00 +0000

Jumia’s revenue and gross merchandise volume showed growth despite a decrease in quarterly active customers, according to its Q1 2024 report. Revenue increased by 19% year-over-year (57% in constant currency) to $48.9 million, while GMV surged by 5% year-over-year (39% in constant currency) to $181 million. The quarterly active customers of the African e-tailer, on […]

Amazon launches a Prime-free marketplace in South Africa, its first in sub-Saharan Africa

Tage Kene-Okafor, Ingrid Lunden — Tue, 07 May 2024 10:27:00 +0000

Two years after announcing plans, Amazon’s highly awaited e-commerce entry into sub-Saharan Africa has finally come to pass. On Tuesday, the tech giant launched its marketplace in South Africa. South Africa is the e-commerce giant’s first marketplace in the sub-Saharan region (it already has an operation out of Egypt following the acquisition of Souq in […]

Accel leads $4M investment in Egyptian corporate cards platform Swypex

Tage Kene-Okafor — Tue, 07 May 2024 08:06:00 +0000

Cards are gaining ground in Egypt, with over 30 million in circulation (prepaid cards, particularly, are seeing more use than debit and credit cards combined). This surge in card usage, about 14% in the last four years, is primarily due to the incentives introduced by fintech companies and banks, attracting millions of Egyptian consumers who […]

Renda, which provides order fulfillment for businesses in Africa, takes in $1.9M

Tage Kene-Okafor — Thu, 02 May 2024 11:05:07 +0000

The logistics industry in Nigeria, like any informal sector, struggles with poor infrastructure and other inefficiencies, making it difficult for businesses — both large and small — to move and store goods. Many startups have tackled middle-mile and last-mile delivery challenges, but one untapped area is providing an end-to-end fulfillment solution. Renda, a three-year-old startup, […]

Nigeria’s YC-backed Chowdeck hopes to scale food delivery, a notoriously tough market, with $2.5M funding

Tage Kene-Okafor — Tue, 30 Apr 2024 08:11:03 +0000

Food is significant to Nigerians, with households spending nearly 60% of their income on it, the highest globally, according to official reports. This strong affinity for food, coupled with the rise of online shopping, sets the stage for Nigeria’s food delivery market to potentially reach $2 billion to $3 billion by 2032. But despite the […]