Nigerian fintech startup Regxta has emerged as the winner of the fourth edition of the Pitch2Win startup competition, earning US$10,000 in equity-free funding and an all-expenses-paid trip to IVS2024 Kyoto, Japan’s largest startup conference. This significant victory highlights Regxta’s innovative approach to providing financial services to unbanked individuals and micro-businesses in rural and peri-urban communities across Africa.
Candi Solar, a leader in solar power solutions for commercial and industrial clients, has successfully closed its Series C funding round, securing a substantial US$38 million in equity investment. This round was led by Norfund, Kyuden International, and STOA, underscoring strong investor confidence in Candi’s mission and growth potential.
Nvidia has surged to become the world’s most valuable company after its share price hit an all-time high on Tuesday. The stock closed at nearly $136, up 3.5%, surpassing Microsoft in market value and overtaking Apple earlier this month.
Kenya Airways has resumed flights to Maputo, Mozambique, marking a significant step in its intra-Africa connectivity strategy. Starting today, the national carrier will operate three weekly flights on Wednesday, Friday, and Sunday, connecting travelers from Nairobi and vice versa.
Kenyans living and working abroad have sent home a staggering $2 billion (Sh258.9 billion) in the first five months of 2024, marking an 18.9% increase from the same period last year. The Central Bank of Kenya (CBK) attributes this surge to easing inflationary pressures in developed economies, underscoring the vital role of diaspora remittances in the country’s economy.
A recent survey conducted by the Reuters Institute reveals that a staggering 94 percent of Kenyans consume short-form online news videos weekly, surpassing global averages and outpacing countries like the US. Short-form videos, typically ranging from five to 90 seconds in duration, have become increasingly popular on platforms like Instagram, TikTok, and YouTube, catering to users’ shorter attention spans.
The State Department for Investment and Industry is pushing to expand the existing Export Processing Zone (EPZ) in Athi River by acquiring an additional 1,000 hectares of land owned by the East Africa Portland Cement Company (EAPCC). PS Abubakar Hassan Abubakar highlighted the ministry’s efforts to enhance industrial growth, particularly in plug-and-play facilities for apparel investors.
Centum Investment-owned Two Rivers International Finance and Innovation Centre (Trific) has secured $47.5 million (Sh6.1 billion) funding from Africa-focused fund manager Vintage Capital to fuel its expansion plans. This investment will facilitate the construction of additional office towers and the furnishing of the already built Trific North Tower, enhancing workspace within Nairobi’s Gigiri area.
