Kenya’s Mdundo records 27% product growth. 2 other things and a trivia you need to know today, November 5, 2020
These latest stories from the tech space will keep you updated with trends today.
1. Kenya’s Mdundo records 27% product growth
Having recorded a 27% growth, taking its total active users to 6.4m; Kenyan music startup Mdundo has announced seeing an additional 1.4 million active users. The new record gives its track hit the potential to hit nine million figure by the middle of next year. Launched 7 years ago, Mdundo provides access to all the continent’s favourite music to over five million monthly active users in 15 countries in Sub-Saharan Africa, with over 20 million monthly downloads and streams via its website and app, according to reviews.
Last month, the company listed its shares on the Nasdaq First North Growth Market Denmark. The listing followed an oversubscribed pre-sale period that raised DKK40 million (US$6.4 million), in a bid to solidify its leading position in the pan-African music market. Meanwhile, its first quarterly report has suggested positive developments in that respect, with Mdundo reporting 27 per cent growth in monthly active users between June and September. Speaking on the growth, the company said it was on track to hit its nine million monthly active user target in June 2021, and double that in 2022.
Which billionaire takes a nickname after I/T giant Oracle?
A. Mark Zuckerberg
B. Jack Ma
C. Warren Buffett
D. Jack Dorsey
Answer: See end of post.
2. Global Voice Group seeks African reg-tech solutions looking for investment
Global provider of ICT and reg-tech solutions for governments and regulatory bodies, Global Voice Group, GVG, seeks to fund startup looking for up to $300k funding, support to scale their businesses. The new initiative, according to press, comes in partnership with Disrupt Africa to identify tech startups from across the continent to which it can provide funding and support in scaling. Founded in 1998, with its main offices in Spain and South Africa, GVG assists governments and authorities, through Big Data analytics, in their digital transformation and the effective promotion of compliant and truly inclusive digital ecosystems.
The company, which in Africa works with customers in Tanzania, Ghana, Senegal, Congo, Gabon, Uganda and Rwanda, collects and analyses big data from crucial economic sectors, including telecoms and financial services, and turns it into actionable information to enable data-driven decision-making in areas such as revenue mobilisation, telecom regulation, digital security, financial transactions oversight, and mobility data. Reviewers noted that the company has monitored more than US$5 billion on operators’ networks since 2017, while its systems analyse and process 8 billion transactions related to telecoms revenues every day. So far, it has helped bring 115 million mobile devices into compliance, while between 2008 and 2018 the company brought US$4.6 billion in revenue to beneficiary countries.
3. Egypt’s ILLA raises $500,000 seed funding
Egypt’s FMCG delivery logistics marketplace, ILLA, has reportedly raised a US$500,000 seed funding round. The fund, according to press, is expected to help it further expand its operations in the local market. Launched last year through the Flat6Labs Cairo accelerator, ILLA caters for corporates and SMEs, providing full-fledged transportation and logistics solutions tackling major pain points unique to the FMCG industry. The new raiser will help ILLA further capitalise on its position as a leader in the FMCG delivery logistics industry in Egypt, driving further local expansion as well as exploration of regional markets for further growth.
Led by Averroes VC and AUC Angels, the funding saw the participation of a consortium of local and regional strategic angel investors, with follow-on investment from Flat6Labs Cairo. Speaking on the new raiser, Dr Ahmed Alsharif, founding partner and chief executive officer (CEO) of Averroes Ventures, acknowledged that ILLA is an exceptional company. He said: “We at Averroes are always on the quest of backing up exceptional startups, and we have established this earlier in the logistics technology domain. We believe in ILLA’s vision in providing high quality, customised distribution solutions, and in the value of its offering in serving FMCGs in an innovative and effective manner. ILLA’s exceptional team of diversified backgrounds are surely capable and well equipped in becoming a key player in the future of the logistics technology industry.”
Tech Trivia Answer: Warren Buffett
Living and working in Omaha, Nebraska, Buffett was nicknamed the “Oracle or Oracle of Omaha” due to his investment selections. Warren Edward Buffett is an American investor, business tycoon, and philanthropist, who is the chairman and CEO of Berkshire Hathaway.
He is considered one of the most successful investors in the world and has a net worth of US$71.8 billion as of July 2020, making him the fourth-wealthiest person in the world.