3 Risks African Startups Face Scaling Operations
Funding for African startups has decreased by 50% to $1.1 billion in 2024, with high borrowing costs complicating cash flow management. Twiga Foods has effectively managed cash flow by negotiating supplier terms and adopting subscription-based revenue models.
Breaking: Ex- Kobo360 CEO Cikü Mugambi joins Dutch investment firm
Cikü Mugambi has joined DOB Equity as an Investment Director. Mugambi previously served as CEO of Kobo360, a logistics startup.
Kobo360 investors sell equity to ex-CEO Obi Ozor as struggles mount
Kobo360 raised approximately $79 million but has seen a dramatic decline in operations. Co-founder Obi Ozor has repurchased shares and taken on ₦10 billion in debt to revive the company.
Goldman Sachs-backed Kobo360 cut jobs in November as part of restructuring
Kobo360 implemented company-wide layoffs across its seven markets in November 2024. CEO Cikü Mugambi resigned, citing fundraising difficulties.
Top African Tech Industries Attracting Venture Capital Funding
Fintech continues to dominate the African market, driven by a growing demand for digital financial services. E-commerce is booming as internet penetration rises and consumer behaviour shifts online.
