Investment – Page 40 – Hakuna Matata Media

Kenya Gains U.S. Support for Affordable EV Initiatives

2 years ago2 years ago04 mins

The U.S. and Mogo, a prominent asset financier, have partnered to advance electric mobility in Kenya. U.S. Ambassador to Kenya Meg Whitman, during a visit to Mogo’s electric vehicle showroom in Nairobi, commended Kenya’s strides towards decarbonizing its transport sector. Mogo, along with two other e-mobility companies, has secured approximately Sh3.9 billion ($30 million) from the U.S. International Development Finance Corporation (DFC) to support green transportation initiatives.

Zambia Funds Prototypes to Combat Climate Change

2 years ago2 years ago03 mins

Zambia has announced a significant investment of K22 million (US$839,000) to support innovators and inventors in bringing their prototypes to life. This funding is targeted at addressing pressing national challenges, with a particular focus on projects related to energy deficits, climate change, and drought. The government aims to harness creativity and expertise to develop solutions that can effectively tackle these critical issues.

Investment

USAID’s INK Fund Benefits 12,000 MSMEs

2 years ago2 years ago03 mins

The Impact for Northern Kenya (INK) Fund, financed by USAID Kuza, has significantly impacted over 12,000 micro, small, and medium-sized enterprises (MSMEs) in the region. This $43 million fund, launched in 2021, aims to drive economic growth and empower underserved populations in northern Kenya’s counties. It has also been pivotal in creating over 25,000 direct…

Mogo to Finance 10,000 EV Bikes in Two Years

2 years ago2 years ago04 mins

Mogo Kenya is set to significantly impact the electric mobility landscape with plans to finance over 10,000 electric bodabodas over the next two years. This initiative is part of a broader funding effort supported by the United States International Development Finance Corporation (DFC). Mogo Kenya is one of three e-mobility companies in Kenya that have collectively secured $30 million (Ksh 3.9 billion) to advance electric mobility across the country.

Egyptian Fintech Lucky ONE Raises $3M Convertible Note

2 years ago2 years ago02 mins

Lucky ONE, the leading Egyptian consumer credit fintech, has successfully secured $3 million in a convertible note. This funding is a crucial milestone in its journey towards achieving profitability by Q1 2025.

Cartona, Egypt’s E-commerce Platform, Raises $8.1M Funding

2 years ago2 years ago03 mins

Cartona, an Egypt-based B2B e-commerce platform, has successfully raised $8.1 million in a Series A extension round led by Algebra Ventures. This latest financing round saw significant contributions from existing investors Silicon Badia and the SANAD Fund for micro, small, and medium enterprises, alongside Camel Ventures and GlobalCorp, which provided $2.5 million in debt and $5.6 million in equity, respectively.

Open Startup Calls Up African Start-ups to Grow Program

2 years ago2 years ago03 mins

Open Startup, a leading non-governmental organization dedicated to fostering innovation and entrepreneurship, has launched a new cohort for its investment preparation program, GROW. This initiative is designed to support advanced African start-ups in scaling their businesses and securing financing. Building on the success of the previous year’s cohort, which guided 13 start-ups selected from over 600 applications, GROW continues its mission to assist African start-ups in achieving significant growth.

Kenyan Firms Invest Sh21B in Foreign Tech Experts

2 years ago2 years ago03 mins

Investment by Kenyan firms in foreign technology research and development experts has surged to nearly Sh21 billion, reflecting a significant shift towards global IT advancements. According to the Kenya National Bureau of Statistics (KNBS), local businesses increased their expenditure on non-resident research services to Sh20.9 billion in 2022, a dramatic rise from Sh575.3 million the previous year. This sector now represents 12.1 percent of all services expenditure by Kenyans, up from just 0.3 percent in 2021.