Why Investors Are Piling into African Startups

[@Chris-gy7nm]

Mpesa helps me pay my school fees from DRC. Thanks Mpesa!

[@mwanikimwaniki6801]

Interesting. It has a far reach

[@itgamingke]

Benefits of DRC joiningg the EAC

[@incrediblestevrhymz2260]

Am from Nigeria and currently in Goma DRC, and I have been thinking about using mpesa for my crypto purchases and in turn send money home....

[@rahulsharma9699]

All the best to Africa! Start-ups are pivotal for helping people grow out of poverty.

[@simba8665]

Corruption is the real problem.

[@mungai8482]

it not Africa its kenya

[@imgood6535]

@@mungai8482 only 4 unicorns lol 😆 USA alone has 1096 unicorns lol

[@ElokaGideonIfeanyichukwu]

Africa is not poor by the way. Your media and elementary school is deceiving you. The problem is corrupt leadership. It's even far more better to see africa as one of those asian third world countries than allowing poverty to be the first to come to your mind each time you think about Africa

[@patrickmendoza3210]

Why compare the US to Africa? That's both hilarious and pathetic.

[@jaybee4577]

Bloomberg have been bringing us Africa related stories. Nice 👍🏿 thanks.

[@dantatadangote4700]

Kudos to Bloomberg for covering Africa fairly. You do not see that with a lot of Western media outlets.

[@mlionea]

Stop thanking the devil.

[@dantatadangote4700]

@@mlioneastop believing in fairy tales as an adult. There's no devil.

[@ElokaGideonIfeanyichukwu]

@@mlionea He actually said the truth even though each media have their own objectives. Even your own local media is very well manipulated

[@MrMaboboz]

@@dantatadangote4700 don't think that was meant for you.

[@MrMaboboz]

@@mlionea You really hate white people don't you? Every video I see you comment in you are either bashing the West or white people. Which makes me wonder why you are using their technology in the first place.

[@stevilburgess135]

go Africa love from Australia. loved my visit to Kenyan nicest people ever.

[@imacuser101]

This is absolutely amazing! I wish all of these companies the utmost success!

[@TechSiyaad]

One area many Africans are lacking is lack of computer labs in schools, I am in Somalia and there is no computers to learn basic IT, coding etc and that makes hard to get talent to build next tech innovations. We hope those big tech companies help schools get basic IT equipment across Africa particularly Somalia.

[@smilesandshines5287]

Really happy to see the future of AFRICA

[@donaldmwenesi4964]

M-pesa was a success even before the world realized it. I think the same energy needs to be reciprocated in our African health sector.

[@WillieFungo]

This is real Africa news, not the relentless negativity and fixation on social issues you see in France24 or BBC.

[@ViriatoII]

You're right. We Europeans have kind of lost hope in positive changes, sorry for that. It's not personal, it's part of a wider nihilism and pessimism towards everything in the world. Show us we're wrong!

[@mwanikimwaniki6801]

@@ViriatoII We have no obligation to prove anything to you

[@ViriatoII]

@@mwanikimwaniki6801 I wasn't trying to fight, just wishing you to prove us wrong. I'll even edit that to "show us we're wrong!"

[@aao449]

@@ViriatoII -Nihilism, pessimism, and absolute misery. You're right about that. That's all I see in the West and add to that violence in America in spite of Westerners being surrounded by trappings of "wealth". So sad,

[@Eddyke]

@@ViriatoII I understand you and sorry for my broad here, we're becoming highly defensive in Africa😅

[@zinjanthropus322]

Not mentioned is how much talent is lost to brain drain to the US and Europe where there is better pay. Also nearly all the investment is in fintech.

[@bloggtalk5085]

Tech business in places like Kenya has no brain drain.. actually it's opposite.

[@fitawrarifitness6842]

If money is the motivation, brain drain will continue for a long time.

[@incrediblestevrhymz2260]

In Nigeria this is so true... I worked for a bank in Nigeria as an enterprise network engineer, between 2020 and 2022, Nigeria has suffered the biggest brain drain problem in Africa, virtually everyone I know is leaving to either Canada or UK... Cos our government is full of idiots.

[@felixmakinda7689]

American and European companies are outsourcing IT services. People will still earn big locally.

[@bensawadogo3108]

I am a 16 years old Boy and I am passionnate about Business and Tech, And I will be launchching my Billion Dollar FinTech App in 2 years

[@listenup2882]

Africa needs its own Black-owned versions of Facebook, Twitter, TikTok, KZbin, WhatsApp, Netflix, Visa card, Spotify etc.

[@faithzani6442]

so that we can cut down on a lot of toxicity brought by social media and stop consuming western perspective

[@stevves4647]

Hundred percent

[@wolverine9377]

America will hate it though

[@butterfly9274]

Exactly👏🏼

[@kennethadler7380]

Black owned ? most of does companies are publickly listed anyone can own shares in them.

[@eksadiss]

4:04 It wouldn't be a video about tech startups without footage of a foosball table.

[@inspireitoday]

Really happy see them flourishing.

[@alfabraxton]

*Am proud to be a Kenyan, keep on shining Africa*

[@ewardprince4342]

Africa is the future .

[@jodecip]

Love this esp how Nigeria gave Kenya a run for its money. As a Kenyan, I am ashamed but as an African very proud of our bggest and important economy, Nigeria. Kudos Africa.

[@incrediblestevrhymz2260]

Why will you be ashamed of being Kenya.... In terms of corruption, no African country has it bad than Nigeria, Nigeria has some of the most talented and enterprising young people in the Continent but corruption has continued to stifle business here in.... As long as we are surviving it and making something out of it, be proud of who you are or where you come from.... I am Nigerian by the way.

[@solomonobihan9465]

LoL. It's like saying china gave Philippine a run for its money. It's the other way round, bro. Nigeria has more unicorns than Kenya and more tech talents.

[@Klopp2543]

Patent laws or rights are killing African start-ups. For example mpesa was patented by Vodacom and took huge amounts of money from the economy!

[@dt6706]

It's interesting how this historiography of African start-ups centres on companies that tapped into foreign funding. It's the only reason why you'd think Nigeria came to tech start-ups late. Companies like interswitch (one of the four unicorns referenced in the story) and ValuCard (now UPS) started as JVs of Nigerian banks from the late 90s/early 2000s. By 2003/4, ValuCard became first African fintech (that term wasn't common then) to receive direct investment in an EMV company.

[@tkk3852]

What you are saying is true but to be honest, it was not until Mpesa was invented in Kenya in 2007 that the world took notice of Africa's tech space. Mpesa and other similar mobile money products took Africa by storm and led to the formation of the hundreds of fintechs that we see today. Landing of the fibre optic cable also helped boost Africa's tech space.

[@dt6706]

@@tkk3852 What dies it matter if the 'world' didn't take notice of our own development model? My point exactly is that we need to question narratives that centre western intervention. The fact is that the growth of the digital space in Nigeria is not some fluke, but a legacy close to three decades of tech ecosystem building. Just as it's entertainment is beneficiary of 60years of tv production. These things are not flukes.

[@slxyrbxm7402]

@ deji&jinmi Word

[@lostinmuzak]

Go Kenya. Biggest threat to investment in many African countries for private investors (as opposed to state sponsored investors from you know where) is political instability and corruption. What we don’t want is another software startup in Africa. Let start solving real issues of poverty such as shortage of education, water and energy and housing that can be used everywhere in the world. The most important being higher mass education. Unfortunately external investors want to make money in the short term which is not necessarily aligns with what the country needs for the long term. Go Kenya.

[@dantatadangote4700]

Innovation (which Startups fall under) can help with all that. You cannot expect to get ahead as a country if you are always depending on another country to innovate the technology you need. You can do both at the same time.

[@ngutawalter6290]

I like yo analogy

[@unlockwithjsr]

You know nothing, hope you have something to show for your theory.

[@caty863]

what's wrong with having another software company? It's not an "either or" situation. You can have software companies and still have those other startups working on hardware products that solve everyday problems.

[@samdablew]

Africa is the future and the future is now!

[@hitesh11111]

M pesa was also in India...by Vodafone

[@ashitmallick6199]

Nice to see the African startup scene. I wish they move more and more into Asian economies like India, China , Bangladesh and ASEAN . And Asian startups should start infusing capital in the budding startups of Africa . 👍👍😃

[@mungai8482]

its not Africa its kenya

[@trumpfuckbidentrumpfuckbid4859]

Lol china don't need it, china has complete internet chain ecosytem😂😂

[@asternoah5534]

@@mungai8482 So Kenya isn't Africa? Speaking English doesn't make you European.

[@mungai8482]

@@asternoah5534 Isn't the earth in the solar system...isn't that in the galaxy so on n so fourth whats your point Noah? having a brain doen't make you smart man from the ark..Its a continent not a country...we specify when mentioning European countries and in the states we specify which city and state so come correct when you talking about the wealth generator of the world...the gem,the goldmine of music culture cobald diamonds you name it....every country is amazing and unique in its right...specify that Cobalt is from The DRC not from Africa...so on n so fourth peace punk.

[@massmanpro]

I was also wondering why she didn't mention any Asian countries 🤔

[@wilcoxdaniel9825]

Soft tech.. Africa has to concentrate on the hardctech as well. Making instruments, electrical devices, computer chips, mechanical things, chemicals sewing them a together in a meaningfull yet noncompetitive way for Africa's mothers and daughters to live better lives.

[@bernardkisandu2308]

These investment aim in just one industry that what surprises me. They all look for tech industry and not the others for us who aim for other industry we are left behind. I think we need to give these other industry start ups another eye.

[@ibizawavey8630]

Look at Canada, Tech and Real Estate is driving the wave. EV will be the next big industry. Africa should actually ramp up Tech education/growth, it is the 4th industrial revolution and we shouldn't miss on this.

[@lifesparktvkenya]

Bloomberg tells African stories so authentically and in an inspiring way! Shout out to you.

[@grabagrabba]

the motherland

[@wecanwork]

Love to see the growth.

[@itgamingke]

Thanks Bloomberg for covering this topic

[@zipp1964]

Never forget that those who own the fiber cable into a country have the power to influence and without natural resources a computer, mobile phone would not exist.

[@stefanjuma4179]

2 trillion dollar companies just moved to Nairobi. Google and Amazon. Google development center which is a first in Africa.

[@RA-ms3je]

Also Nigeria too both companies

[@sykewtf9820]

what are you saying bro?😂 Amazon is currently building their African headquarters in Cape Town South Africa so i dont know what you are bragging about.

[@AmazingMania]

​​@@sykewtf9820just check from Netflix Africa, Starlink, Google, BBC, Air France, IBM, , etc are all being situated in Kenya for a reason..... Amazon is not common in East Africa and that's why it was moved to Capetown

[@MrPrentissDJones]

African diaspora, make sure you get in on this! You know who can’t always be on 🔝 (both of them)

[@techtalk77]

Mpesa actually revolutionalised mobile money in the world!

[@anthonymiclet7648]

And this is why we have built daba finance. We want to make it easy for anyone to be able to tap in the most exciting economic region of the world: Africa!

[@cashmagesh5135]

Of interest too is Amazon has just initiated a major operation in cape town

[@pneron2032]

Women led women owned...we don't care. We want competence and that is it.

[@mwanikimwaniki6801]

Exactly.

[@pneron2032]

@MsZoomification Why does "women led women owned" matter?

[@pneron2032]

@MsZoomification My question was why was it important for you.

[@Kennedy-Nzuki]

The entire video old mentions Nigeria, South Africa, Kenya and Egypt. You can’t call this an African trend if it only happening in 4/54 Countries in on the Continent. The lack of specificity is a major disservice to a lot of countries that are capital starved.

[@Shaq94701]

You're right, but we gotta start somewhere. Highlighting the places that have had success to inspire and show other ways of supporting this movement so that hopefully these can lead to improvements of those countries with lesser capital does not seem like a disservice to me

[@MrSupernova111]

Its a start. Stop hating.

[@lemonhead1256]

@@MrSupernova111 it’s not hate. it’s a critique.

[@merrymachiavelli2041]

At one point they specifically make that point? It's at 11:40.

[@MrSupernova111]

@@lemonhead1256 . There is nothing to "critique." You ever built anything in your life? You have to start somewhere. Get it through your thick head.

[@xumenikomeshoshinana7038]

The money is in manufacturing and farming. Software is secondary. We don't have a African computer. Invest in value addition. Tech startup are focused in urban areas we struggle with electricity and data.

[@Iconifcmusic]

This is commendable

[@rareupdatez]

Wow. This is impressive.

[@sanjanimwambaghi4960]

Africa's Century!!

[@kalomboC]

Sad thing about Nigeria is the regulatory environment is literally stifling innovative startups and forcing them to migrate. I believe Flutterwave and Andela have already upped sticks (their HQ's at least).

[@tsundokus]

This along with corruption needs to be a priority. Buddy works for GE and was telling me how much bribes play a role on wether your petition/surveys are even looked at.

[@amosadewuni460]

You are always quick to write negativity about Nigeria yet Nigeria is clearly leading the Tech space with 4 out of the 6 unicorns in Africa and more successful start up emerging yearly from Nigeria. Irrespective of what happens in Nigeria, Nigerians thrive so you should rather focus your energy on perfect environment created in your country.

[@donaldmwenesi4964]

@@amosadewuni460 Corruption is a deteriorating factor in Afrika I guess, same in Kenya.

[@solomonobihan9465]

They are going Nowhere. Nigeria is where their bread is buttered. And startups are popping up every day.

[@fistandpen2505]

@@Freedmen-American-Reparations Sad thing is speaking without a lack of understanding. Nigeria's largest diaspora is in the U.S. and it numbers somewhere around 500,000 tops. This is a country of over 200 million folks - do the math. Nigerians are in Nigeria. And company's relocating their HQs is because they are globally minded in terms of expansion, something other Africans may want to pick up from Nigeria. Andela has sights on Latin America, and as you heard Flutterwave is positioning itself as a global company, rather than merely a national/regional company. And all this would accrue to the benefits of Nigerian pockets/economy. You view is jaundiced because of your own limitations.

[@wekesa25]

KENYA KENYA KENYA Na vile tunasumbuka kupata hata internships pekee.

[@AmazingMania]

A growing economy doesn't create jobs only it creates opportunities beyond jobs ....you must find your niche

[@FashionBusinessMastermind]

Inspiring!

[@anoirbentanfous]

The future is African

[@grabagrabba]

history repeats itself

[@techfarmllc]

They will grow if they are solving real African problems

[@thembamoloi583]

Great vid Bloomberg, but remember that Kenya is not Africa, so to say investors are piling into African startups but you're only talking about Kenyan companies is just not fair. We are doing far more awesome things here in South Africa and Southern Africa as a whole but no light is being shone there, I am telling you there is massive innovation in the fintech sector and energy sector too here in South Africa.

[@solomonobihan9465]

Nigeria has 4 out of 6 African tech unicorns, yet very little was said about Nigeria.

[@MrMatujames]

It's not a competition guys.

[@tkk3852]

How does it feel for once when Kenya and Nigeria get the shine? South Africa always gets the shine. For once South Africa has not been mentioned and you are up in arms. To be honest Kenya's and Nigeria's tech start up space is more vibrant than South Africa's at the moment, looking at amount of funding raised and number of start ups produced.

[@Brian-bo4bz]

Kenya is Africa we are a country in Africa how are we not Africa

[@sykewtf9820]

​@@solomonobihan9465Nigeria is literally the unicorn capital of the continent.

[@MansaKimani]

lookout for safiboda startup this year

[@_____.3958]

Africa is the future

[@michaelayeni177]

My concern is that do tech startups (providing services) produce jobs? I understand software developers are needed, but how can tech startups employ young Nigerians? Because Africa's problem is the inability to turn raw materials into refined ones, which are sold at higher prices. That, to me, brings in money into the county, which can then be disseminated throughout the country. But one company creating services like a mobile banking system makes things easier but does not create jobs.

[@mwanikimwaniki6801]

Thousands of software dev jobs, smartphone oriented jobs, and even agent networks. Many jobs can be made and do get made.

[@corvusglaive5769]

Please, abandon that stone-age thinking

[@fistandpen2505]

Many things can be true at one time. Plus on a macro level, tech creates opportunities (e.g., mobile banking eliminates lots of hurdles in the commerce of "market women" which in the aggregate creates greater wealth)

[@astronemir]

You cannot have that industrialization process without these modern services businesses.

[@chuckscott4661]

Are you currently hiring in Africa?

[@djJinjiny]

Ayeee lesss go Africa!!!! I want Africa to win so bad because I want to retire there

[@mwandokamau]

Beautiful marketing for our LOVELY COUNTRY... BEAUTIFUL.

[@Abantsundu]

Too much innovation in banks 🎉🎉🎉

[@weanshelljoseph1141]

Why doesn’t flutterwave focus on developing countries outside of Africa? Bases in already developed countries that already has access to that type of tech should not be the focus but what do I know.

[@tsundokus]

Thinking the same thing why not go after South America. First world countries are so fought after by the giants that they just can’t compete

[@DaddyFatSzack]

Yup. Stay in the developed countries, they will be able to grow with those countries as their economies grow. But trying to break into Europe, America... ehhh, that seems like a genuine waste of capital. Unless they can provide something this US companies cannot. It doesn't really make sense

[@my0.02cents]

Eh cause africa is low hanging fruit. Simple. Why go to places your not loved. Lol. A waste of time.

[@porto1st]

Potential for growth is so minimal in already developed countries. How much room do tech giants such as Amazon or Apple really have to grow compared to start ups in Africa that have potential to create a monopoly over the entire continent

[@eddieokojie5425]

I don’t really see them making that mistake. Because I watched an interview with one of the the founders, Iyin, when he revealed that one of the reasons he relocated from Canada to Lagos, Nigeria, was exactly because those Western countries were already saturated with similar technology. There was hardly any room to grow as consumers already had access to such technologies. I believe the way to go for them will be to look for markets in developing countries. Truth is, they haven’t even scratched the surface in Nigeria.

[@munyumbamutwale2985]

When people make the argument about the inequitable distribution of capital to women have any stopped to maybe think that statistics show that women start businesses at lower rates. Yes, women go into SELF EMPLOYMENT at equal rates but women go into ENTREPRENEURSHIP at 1/3 the rate of Men, especially in Africa.

[@jkfdkjjd]

I was with you up until the women only nonsense. People who want to invest in something only care that it is going to make them money. It has nothing to do with what whoever is running looks like or identifies as because people only really care about whether it will earn them money. In fact I can see all the "women owned", "black owned", etc. branding as being detrimental as it inherently implies that that aspect of the business is significant when it is only really significant to marketing to a particular clientele.

[@JaeSwift10JamellaSwift]

AFRICA IS THE FUTURE.

[@victoryearl1701]

Same hands giving taking, Africa be wise as a serpent and harmless as a dove..

[@nilomotta]

Excelente dublagem. Um assunto complexo que ficou muito esclarecedor

[@theadongo]

They have raised record funding but they don't have budget for creatives.

[@5daqiiqo187]

We need to come up with new and creative ideas, copping the west and Chinese technologies will not help Africa grow bigger. Especially hardware startups.

[@vladimirputinforUSA]

No budget because it went into their pockets

[@genzod-i6e]

90 percent of those companies are already dead.

[@tetraalfa]

8:32 that’s zuck with Bihari in Lagos not Kenya

[@MichaelMichuki]

Next time put the names of the speakers, so that people can be abe to contact or reach them - Great video though. As a software engineer with a startup i am looking for ways to develop relationships with people who can help

[@celiasennon1494]

Thank you.

[@crappymeal]

this makes me happy 🤩

[@felixdatche9278]

It is usually very annoying when Western media just bunch up Africa into one entity like it is a single country. Africa is diverse and the countries are very different. Begin your reports with that fact in mind.

[@Munyabrwn]

Its messed up. It just shows the level of ignorance around the world is scary.

[@Brian-bo4bz]

So whats your argument?...they talked about countries in Africa aren't Kenyans and Nigerians africans

[@hamidraza2948]

Wow Beautiful Kenya 🇰🇪

[@b_8103]

It's headquartered in San Francisco.

[@Curious_human_]

India has already created ONDC and UPI api which can be used for online delivery market scene and online payment. It can be used by Africa for online ecosystem

[@chalgoode6449]

India can use its technologies to fix Indian problems

[@DjmitchG]

The new gold rush

[@darrenpalmer3109]

Okay, so how does the diaspora invest there!🌍

[@followerofjesuschrist.]

"From that time Jesus began to preach, and to say, Repent: for the kingdom of heaven is at hand." Matthew 4:17.,.

[@eadienungari6273]

Kenya is lit 🔥

[@anthonymanderson7671]

I'm blessed to be african.

[@tunxlaw]

Samuel Gebre, go and buy a pressing iron and use it.

[@qarahiyo]

techs and soldiers are the worst dressers and the saddest thing is they don't even notice it until someone points it out and even then they wont care.

[@amazingsounds6]

@@qarahiyo When going about day to day, maybe acceptable. Doing a feature like this for millions to see........poor self representation and that of a Bloomberg employee. Even a shirt would have suffice. All the techies in the video and not another one having an unpressed shirt.

[@sanojgreen8874]

Kudos.

[@jamesbyrne9312]

This is great as long as Africa doesnt become another India, we NEED clean global growth

[@oirereomanga7936]

Mpesa is a succes .

[@bcaominh]

demographics, demographics, demographics = growth, growth , growth

[@beyondsounds3018]

Kenya ke naija don Dey chop shop since before 2000 if u know u know

[@itgamingke]

Facts 🇰🇪🇳🇬

[@_____.3958]

Na so

[@nurudeen2881]

Great 👍

[@uriludger6392]

Y'all haven't seen the flutterwave story👀👀👀

[@pauloscar6271]

Literally this video is all ABOUT KENYA! You have not done enough research across Africa and your research seems to be based in Kenya alone.

[@ranadeep7462]

2:21 3:56 9:41 11:58 14:23

[@SoCalFreelance]

Yes, I hear Wakanda has lots of advanced technology

[@fisigitheri5552]

Yes,Wakanda is an actual country🤦🏾‍♂️ Not surprising though,getting triggered by a fictional sci-fi movie🤣

[@fisigitheri5552]

They make tone of movies of fairies,dragons and other mythical worlds but as soon as Black Panther is made they lose their marbles. At least in terms of resources,actual tribes and potential,The Black Panther isn’t far off

[@rougemoonchild9429]

The better question is why do they keep using that map, that is not the way the world looks or even the correct size of the continent's

[@MabawaVocal]

africa for africa,plus i like how the black people are finally using their brain power just like in ancient egypt,we were drawn behind by slavery for thousands of years but africa is managing to grow and be creative very fast,trust me alot of unimaginable stuff is going to be done in mamaland but first corrupt selfish leaders need to be gone big time

[@friedrichnietzsche2557]

You never see this kind news about African on west tvs

[@falatsi6096]

Great stuff! I struggle to see how women are particularly disadvantaged here though, that felt like a bit of a reach.

[@corvusglaive5769]

The sad part is that most of these companies are not even based in Africa. Chipper Cash is based in SanFrancisco which means it is creating jobs for Americans while profiting from Africans. All the profits flow to the US. Jumia is based in Berlin.

[@littlegenius6932]

You're right but there are a lot more of these unicorn companies that are based in Africa.

[@Brian-bo4bz]

And no on talked about either of them the ones mentioned are based in Africa...did you hear chipper cash and jumia anywhere in the video?

[@platinumphonesandcomputers]

You said their a 6 Unicorns but you only showed 3, who a the rest?

[@SimonZimmermann82]

Are the sweet 'now comes Africa' headlines on already? Usually you wait for the summer break. Why not do a migraines story? Haven't heard one since last year

[@NjonjoNdehi]

Africa was peaceful during World War II except for North Africa. It's gonna be peaceful during World War III.

[@hitesh11111]

Same problem like India...foreign investment but no purchasing power

[@Re_RAM]

Besides Flutterwave, which are the other African unicorns?

[@derrickagyemangduah2353]

Paystack

[@Mr.Nichan]

Darn it. I hoped I'd be unusual and visionary if I invested in African businesses, because it's the one continent where you can be sure the economy will grow greatly. I should have known that experts and professionals think of everything before you do. (FYI. This comment is kind of flippant. For one thing, I'd guess there is still opportunity.)

[@MrSupernova111]

Pretty coo!

[@abdelrzckahmed4323]

Use the real world map 🗺️ that shows the real size of Africa in your thumbnail please , as an African it hurts us 😢

[@craignunnallypurcell]

What is the vision for nature, ecology and the city in Africa ? Are they thinking long term or will the jungle just take back the built environment as has happened in the past ?

[@Elite54.]

15:52 HEY, WHAT AFRICAN CITY IS THIS?

[@briandonde4204]

Not 100 percent sure but i think its lagos