Africa Web3 Startup Mara Burned Through A LOT of Money in 2022

What’s happened this Week:

• Volkwagon to build assembly lines in Egypt

• Meta rolls out monetisation for Facebook in Ghana and Nigeria

• and more!

In The News This Week:

Volkswagen Group Africa Signs New Agreement with Egypt To Develop Assembly Lines

The Volkswagen Group Africa and the Government of Egypt have signed a new agreement to develop a feasibility study for the construction and utilisation of the Body Shop and Assembly buildings, which will be located within the East Port Said Automotive Zone (EPAZ) of the country. 

Gabon Finally Launches National Electronic Identity Cards

Gabon has officially launched its National Electronic Identity Card (CINE). Citizens of Gabon will now be able to apply for and obtain a national digital ID card.

Shatta Wale Invested $2.2 Million In His Shaxi Ride Hailing Platform

Popular Ghanaian musician Shatta Wale revealed in an online video session with fans that he invested $2.2 million of his funds into his ride-hailing platform Shaxi.

In the rest of the news:

• What You Need To Know About the Bank of Ghana’s Recapitalisation Plans

• Afrilabs Publishes Reports On AI Policy and Ethics Across Africa

• Is Ghana’s Food and Drug Administration Valid In Their Ban of Alcoholic Endorsements By Celebrities?

• Uganda Imposes 25% Import Duty on Electric Vehicles

• Meta Rolls Out Monetisation Features on Facebook and Reels across Nigeria and Ghana

• Ghana Investment Promotion Centre Records $123 Million in Foreign Direct Investment In Q1 2024

• Nigeria and Ghana Ranked 64th and 65th In 2024 IMD Competitiveness Rankings

• Hubtel Launches Buy Now Pay Later Feature Called “Pay Small Small”

Deep Dive

Africa Web3 Startup Mara Burned Through $15.9 Million In 2022

Details: In a report by Tech Cabal, African Web3 startup Mara reportedly lost $15.9 million in 2022 according to financial records.

Flashback: Mara had raised $23 million from Alameda Research, the trading arm of FTX, Coinbase Ventures, and 100 other investors in May 2022.

Zoom In: Mara directors reportedly earned a combined $2.6 million. Out of the five C-suite executives (except the CEO), three earned $170,000 each, a fourth earned $120,000 while another earned $600,000 annually.

Africa Ecosystem Activity

• SA software company Polymorph acquired by Octoco Group - Disrupt Africa

• African tech VC funding down by 56% half-on-half in H1 2024 as “funding winter” continues to bite - Disrupt Africa

• Nigerian digital therapy startup Blueroomcare raises pre-seed funding round - Disrupt Africa

PODCAST: Akua Nyame-Mensah, Leadership Advisor and Coach

Akua Nyame-Mensah is a leadership advisor, certified executive and leadership coach (ICF), recognized L&D facilitator, speaker, and host of the Open Door Conversations Podcast.

As a former startup executive, she launched an online platform for the first African-based technology group unicorn. Jumia Group.

Akua has had the opportunity to live and work in the U.S., Nigeria, Ghana, Kenya, and South Africa and has consulted in and visited over 30 countries worldwide. She now partners with multinational organizations and high-growth startups to design and implement leadership experiences and immersions virtually and in person worldwide. 

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