Konga’s acquisition could be a major African startup fail that flew under the radar. In February, the Naspers backed e-commerce venture was purchased by Zinox Technologies, a computer hardware company little known outside Nigeria.
A few months ago, there was speculation of Uber pulling out of Africa and other markets (Read Article here). However, despite exit rumours and quitting Morocco, Uber is staying in Africa. This piece of information was confirmed by Uber’s General Manager for Sub-Saharan Africa, Alon Lits.
In recent investments events across Africa, the trio of myself, Tomi Davies, President of African Business Angel Network and Stephen Gugu, Founder of Victoria Ventures, Nairobi based Angel Network have expressed opinions on the raging conversation about the Unicorn moniker as used for the African startups. The concept of Unicorn originated in the West, possibly the United States to describe fast growth, mostly technology companies that had reached valuations of $1B in the first few years of their life, usually less than 5years.