Africa B2B Startups Wasoko and MaxAB Officially Complete Merger
African B2B e-commerce startups Wasoko and MaxAB have completed the continent’s largest-ever tech merger. The merged entity becomes a multi-vertical ecosystem for Africa’s informal retail sector.
Next Wave: How investor activity changed after 2022
A surge in startup funding in Africa's tech ecosystem in 2021 fueled by foreign capital and a low-interest rate environment. Major investors like Tiger Global and SoftBank pulled back due to rising interest rates and geopolitical tensions.
Nigerian digital bank FairMoney in talks to buy Umba in $20M all-stock deal, sources say
FairMoney is in discussions to acquire Umba in a $20 million all-stock deal. The potential acquisition would allow FairMoney to expand into Kenya.
African VCs and startups are eyeing the Middle East for new capital, but there’s a catch
African startup funding has declined by over 50% compared to the previous year. The UAE has become a significant source of foreign capital for African startups, contributing 4% in 2022.
