Glovo Decides To Call It Quits In The Ghana Food Delivery Market

What’s happened this Week:

• Glovo leaves the Ghanaian Market

• Sustainability Startuo Kubik raises $5.2 million

• and more!

Falling Walls Venture Call For Applications

The Falling Walls Global Call aims at promoting scientific findings and fostering discussion on research and innovation among a broad audience from all parts of society. As part of it, Falling Walls Venture highlights science start-ups that have translated breakthrough scientific thinking into successful business models.

Start-ups can be nominated by universities, academies, scientific institutions, companies, and foundations worldwide.

For more information on the submission process and selection criteria visit https://falling-walls.com/venture/nominate-a-startup/ and https://fallingwalls.com/global-call/

The Global Call runs from 1 March – 15 May 2024

In The News This Week:

Chowdeck Raises $2.5 Million Seed Funding to Optimize On-Demand Food Delivery in Nigeria

Chowdeck, Nigeria’s leading on-demand delivery service, has secured $2.5 million in seed funding to optimize its operations and support expansion into more cities across the country.

Norrsken22 Plans To Invest In 20 African Tech Companies By 2025

According to Lexi Novitske, General Partner at Norrsken22, an Africa-focused fund, African startups on the continent are too attractive for international investors to overlook.

Sustainable Tech Startup Kubik Raises $5.2 Million Seed Funding To Scale Production

Kubik, an African sustainable tech startup in Ethiopia, has raised a $5.2 million seed funding round.

The seed round makes it the first Ethiopian company to raise a multi-million dollar investment in climate and sustainability solutions.

In the rest of the news:

• MTN Ghana Sees Revenue Growth Of 32% In Q1 2024

• Qualcomm Announces Shortlisted Startups For Make In Africa 2024 Program

• UK Company PZ Cussons Considers Exiting The African Market

• Madica Announces First Set Of African Fintech Portfolio Companies

• Village Capital Partners with Norad to Strengthen Climate Entrepreneurial Ecosystem in Africa

• BuuPass Acquires QuickBus, Becomes Africa’s Largest Intercity Transport Booking Platform

• Ghana Has Approved Starlink’s Satellite Internet Service. What Happens Next?

• Leatherback Partners With MCB Bank For Pakistan Rupees Remittances and Payouts

Deep Dive

What Glovo’s Sudden Exit Says About Ghana’s Food Delivery Industry - Glovo, a popular food delivery company, announced that it was closing up shop in Ghana to focus on its other markets

Why This Matters: Glovo’s sudden departure despite investing €3.5 million in 2022, calls into question the viability of the food delivery space in Ghana.

Digging Deeper - Glovo stated that profitability was one of the reasons it decided to leave the Ghanaian market. Ghana is currently going through economic hardships with high inflation rates and high exchange rates with the dollar and Euro.

Africa Ecosystem Activity

• Venture for Africa, Africa Product Peers launch career bootcamp for mid-level professionals - Disrupt Africa

• Kenyan agri-tech startup Farm to Feed secures funding to help it scale - Disrupt Africa

• Egyptian group-buying startup Waffarha raises 7-figure seed round to expand - Disrupt Africa

• 10 Egyptian startups win VMS Bridge Programme awards - Disrupt Africa

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Stat of The Day

According to data from Numbero, Addis Ababa in Ethiopia has the highest cost of living according to their Cost of Living Index 2024.

View more data insights below: