4 AUGUST, 2021
Good morning âï¸ ï¸
Yesterday, there was a typo in our headline on Kudaâs funding. Kudaâs valuation is valued at half a billion, not a billion. Considering how much theyâve grown in the past few months, a billion dollar valuation is not far off so watch out for our âTold you soâ moment later. ð
We also found a new addition to our new appointments section: Eritreaâs Welela Dawit was recently appointed the new CFO of Microsoft South Africa!Â ð
In todayâs edition:
- COVIDâs gift to Telecoms
- Zuri Healthâs cure
- Support the Nigerian Startup Bill
- Khula is planting a new seed
COVIDâS GIFT TO TELECOMS
Whatâs that saying about storms having silver linings?
Well, if anyone can see the silver lining of COVID-19, itâs Nigerian Telecoms. Their revenues rose by 12% in 2020.Â
How did that happen?
First guess, a lot of netflix and chill.Â
Since the first case of the coronavirus disease was confirmed in Nigeria in February 2020, nationwide lockdowns and movement restrictions meant more people spent time on their phones. Businesses were also forced to alternative working models so this meant virtual workspaces (and Zoom fatigue).Â
Add in the plethora of festivals, seminars, workshops, and masterclasses, and youâve got a significant increase in internet consumption. In fact, the number of active internet subscriptions increased from 125.98 million in December 2019 to 154.29 million in December 2020, a 22.5% increase.
How much are we talking about here?
Just south of 3 trillion naira.
According to the Nigerian Communications Commissionâs recently released 2020 Subscribers/Network Data Report, the telecoms industry reported a collective revenue of â¦2.889 trillion ($7.05 billion) compared to â¦2.516 trillion ($6.14 billion) made in 2019.Â
The report further disclosed that revenue generated by GSM operators increased by 12.33%, from the â¦2.02 trillion ($4.93 billion) recorded in the previous year to â¦2.27 trillion ($5.54 billion).
Read more in Michael Ajifowokeâs Nigeriaâs telecoms operators revenues rose by 12% in 2020
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ZURI HEALTHâS CURE
Join the Future Africa Collective â an exclusive community of investors who invest in startups building the future of Africa. With a $1,000 annual or a $300 quarterly subscription fee, you get access to invest a minimum of $2,500 in up to 20 fast-growing African startups each year. Learn More
SUPPORT THE NIGERIAN STARTUP BILL
The Nigerian presidency and Tech ecosystem players are working to create a Startup bill. Why? Regulation is critical to the growth of any industry, and Nigeriaâs booming Tech industry is. This is why stakeholders in Nigeriaâs tech ecosystem are working with the presidency to create a Startup Bill.
What will the bill do?
It will help create an enabling environment for tech-enabled businesses across the country, joining the likes of Senegal and Tunisia as African countries with laws encouraging startup innovation.Â
You can visit the website to find out more about the bill.Â
How can you support?
You can volunteer by sending an email to Â firstname.lastname@example.org or contribute to what goes into the bill by sharing your feedback suggestions via this form. Inform your friends and network about the Nigeria Startup Bill. You can also follow the billâs progress on Instagram, Medium, and LinkedIn.
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KHULA IS PLANTING A NEW SEED
Is it a bad pun, yes, yes it is.
But itâs a great way to report that South Africaâs Khula has announced a $1.3 million seed round to scale its operations across the country.
Khula, a startup founded in 2016, provides tools and platforms to support the growth of businesses in the agriculture supply chain.Â
Hereâs the problem its founders saw: Africa occupies 60% of the worldâs farmable land yet its agricultural production is lower than continents with less arable lands. Most farmers donât have direct access to the end-users and have to take a route of downselling to wholesale aggregators, who then distribute to retailers. By the time the product gets to the consumer, itâs gathered a significant increase in price value, sometimes as high as 200%.
How are they solving this?
Khulaâs solution lies in creating an ecosystem that allows farmers access pre-approved services and suppliers that better prepares them for dealing directly with consumers.
This new approach has helped 3,000 farmers access 100 services and suppliers.
The startup has garnered multiple recognitions including getting into Google for Startups Accelerator class 6. It also won the African leg of the KPMG Global Tech Innovator competition.
Now the company has announced a $1.3 million funding round led by one of Africaâs largest agrochemical companies, AEICI, and E Squared Investments.
Damilare Dosunmu has more in South Africaâs Khula raises $1.3 million seed to scale its agriculture ecosystem solution
On Thursday, August 5, Endeavor Nigeria will be hosting a webinar to discuss Having a vision and sticking to it. Join Endeavor board member, Mitchell Elegbe (Founder & GMD, Interswitch), who will share how/why companies that succeed and endure create a clear vision, and then stick to it through the vagaries of time on their journey to scale! Donât miss this one â register today here.
WEâRE ON GOOGLE NEWS!
Last month, we were officially recognized as a news source on Google News.Â
As the largest news aggregator, Google News brings you stories based on your likes and interests.Â
So basically, if you like what TechCabal does and youâre interested in all the techy things we shine a lot on, youâll be seeing a lot more from us on your page.Â
Be the first to know when a post comes up:
All our posts will now come up on Google News when you search for news about us, certain keywords, or even our writers, but you can kick it up a notch and let your homepage do the work for you.Â
Follow our publication and get notified when a new post pops up.
Google us, no really, search for TechCabal on the Google News app, select the publication with our logo, and click on the star-shaped button on the upper right corner.
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What else weâre reading
Written by â Timi Odueso
Edited by â Daniel Adeyemi