TechCabal Every single day – 🌟 All that glitters is now now not gold


12 AUGUST, 2021

Precise morning ☀️ ️

Later recently, Zambians will head to the polls to vote for a president and national assembly participants. 

The opponents for the country’s number one blueprint is between a 64-365 days-obsolete Lungu who has been in energy since 2015, and Hakainde Hichilema — popularly is named “HH” — a businessman who has criticized the incumbent’s financial administration.

In recently’s edition:

  • Demand an Investor: Adam Molai, main Zimbabwean investor
  • Jumia to lengthen tech skills by 40%
  • Within MAGIC Fund
  • Apple is mute dominating the pill commerce
  • #FreeRebecca

Adam Molai on making funding more accessible to startups

By the age of ten, Adam Molai had learnt that the finest technique to assemble his gather money became once to clutch in trading.

He grew up spending his holidays working in his father’s grocery store in Zimbabwe. It became once thru this experience that he learnt the basic thought of commerce: seek recordsdata from of and present. Promoting items he equipped from his father’s grocery store at a a lot bigger tag in a assorted allotment of the town intended he consistently had money.

Years later, he’ll ride on to found Pacific Cigarette firm (previously Savannah Tobacco). During the final 20 years, he has been investing in African startups and thru Jua Fund, he has backed Kenya’s GrowAgric, Madagascar’s Jirogasy, Zimbabwe’s BRYT, Nigeria’s PowerStove, and so a lot of others.

A few weeks within the past, we had a extensive insightful TechCabal Are residing dialog between TechCabal’s Managing Editor Koromone Koroye and Adam Molai. Here’s a peep of the dialog:

What’s the roadmap for the due diligence direction of for startups registered in assorted countries?

We discover this so a lot in tech, a host of folk ride register in Delaware [US], then when they near and pitch to investors they near as a Nigerian firm. Now seek recordsdata from of that that firm’s due diligence would possibly possibly well be executed fancy that of a Nigerian firm. In most cases handiest after extra investigation will we be conscious that it’s in fact registered in Delaware, so we commence up requesting due diligence requirements for Delaware entities…what we don’t settle on to attain as investors is to make investments in one entity now now not shimmering that there are four entities. 

How can policymakers enhance the landscape for entrepreneurs?

We would favor to assemble more self belief in our gather folk. One among the challenges native investors gather is that regulators are conversant in them. They see at them and impart, ‘see at this young lad, I know him, he grew up in my village or city.’ So already they’ve minimized what you’re presenting and already they’re now now not taking you seriously. I delight in we opt to spend out one of the considerable considerable prejudices and discontinue seeing investors from a assorted ambiance or background as better.

What are some frequent mistakes investors gather in choosing which startups to fund?

All that glitters is now now not gold. Investors customarily tumble for presentation bias, some folk are unimaginable at presenting, others are now now not sizable at presenting but gather a solid commerce. Over time investors have to be in a blueprint to distinguish the substance from the hot air. In most cases because you’re looking out to search out ardour, it’s very straightforward to confuse ardour for sizable presentation skills.

Study more about how we can gather funding more accessible to early stage startups in Africa.


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Jumia to lengthen tech skills by 40% and companions with largest announce-owned monetary institution in Egypt

In the old day’s newsletter, we checked out Jumia’s continued losses which were due to a upward push in advert spends. Past the bottom-line figures, there were other valuable revelations from its Q2 2021 portray and earnings call, so I dug in extra:

Switch in handy forex: Particularly, Jumia had consistently reported its monetary efficiency in euros unless this closing quarter — Q2 2021, when it changed to the American greenback. Jumia explained that the home off of this commerce in forex became once due to the raise in money balances in dollars due to the successive equity fundraising

Diversifying marketplace: During the final three years, Jumia has been working to diversify its marketplace, which enormously consisted of phones and electronics, and there are signs that this diversification is working. Currently, day to day product classes gather up 63% part of GMV, up from 41% three years within the past.

Taking a more in-depth see at the expansion payment of quite so a lot of inventory classes, Jumia identified meals transport, style, and JumiaPay as its quickest-growing classes.

Increasing tech skills: Two years within the past, Jumia CEO Sacha Poignonnec became once beneath fire for stating that Africa doesn’t gather ample tech skills. The firm is also making a U-flip on that observation because it plans to lengthen its tech headcount by 40% by the discontinue of the 365 days and lengthen its newly launched tech hub in Cairo.

On this text, I see at the 5 main takeaways from Jumia’s most up-to-date Quarterly portray.


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Past funding, MAGIC Fund’s cost-add helps early-stage founders scale

Lack of gather admission to to capital is incessantly cited because the finest motive businesses fail in Africa and other emerging markets. 

But aside from funding, it can maybe well well even be priceless for founders in such markets to additionally gather mentoring – preferably from other folks that gather first-hand experience – as they embark on their startup jog with unknowns and untread paths.

Meet MAGIC Fund

MAGIC Fund, launched in 2017, is an early-stage endeavor capital fund built by founders grew to alter into investors. It has 12 founders from across the enviornment who act as traditional companions with the Co-founder and CEO of Helium Health, Adegoke Olubusi, serving as Managing Partner, and Matt Greenleaf as Operating Partner.

Investment thesis: The fund is built on two theses. One: that pooling funds and assets of particular person founder-investors together opens the group to more opportunities for investments, which they’ll even then spend into legend better the spend of their numerous skill sets.

Two: it believes that smaller funds flee by founders produce finest in early-stage investing. Thus, the fund backs startups solving challenges across the enviornment at their earliest stages.

Various diminutive companions and Investment portfolio: MAGIC’s diminutive partner sinful is numerous, with 50% of them sad, and 33% ladies. One of the most important LPs are Paystack’s Shola Akinlade, CEO of Nigeria’s Flutterwave, Olugbenga Agboola, Hendra Kwik of Payfazz in Southeast Asia, Katie Lewis, Michael Seibel, Kirsten Connell of Octopus Ventures, Tim Draper, etc.

One of the most important startups MAGIC has invested in and supported so some distance embody Bankly, Mono, Eden Lifestyles, Evolve Credit ranking, Indicina, Bamboo, Chronus Health, Oxygen, and Kiwibot.

On this text, Michael Ajifowoke explains what Magic fund is all about.


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Apple dominates the pill market

Ten years within the past, it became once frequent for every pill to be called an iPad. I take into accout how annoying it became once correcting other folks that called Samsung tablets iPads, I bet there are mute some other folks that attain that. 

Granted, the first mover’s earnings intended that Apple became once first to assemble tablets widely standard but surprisingly eleven years after the first iPad became once presented, it’s mute putting forward its lead available within the market. It is doubtless you’ll maybe well well’t impart the an identical for Nokia or Blackberry within the smartphone market.

Currently, Apple holds a 31.9% fragment of the total pill commerce. It has developed over the years producing assorted designs, sizes, and specs to cater to the quite so a lot of wants of its users.

In accordance to the enviornment-main learn company, the Worldwide Facts Corporation (IDC), Apple shipped 12.9 million iPads within the 2d quarter of 2021. Coming carefully slack it is miles Samsung, which hit 8 million shipments. 

Lenovo, which continues to free up properly-obtained Chromebooks and Chrome OS tablets, took third with 4.7 million items shipped, and Amazon came in fourth with 4.3 million Fireplace pill shipments.

Taking a look forward: Prior to now 365 days, both PC and pill shipments gather increased due to the COVID-19 pandemic as folk gather tailored to working from home and some distance away training. While the insist continues, there generally is a doubtless slowdown in gross sales for Chromebooks and tablets due to ongoing chip shortages and a low cost in user seek recordsdata from of as more folk return to the place of job or learn room.

Study more: Latest IDC numbers reiterate Apple’s dominance of pill market


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It’s practically about our attention that Cameroon’s tech entrepreneur, Rebecca Enonchong, has been detained by the Cameroonian authorities since Wednesday. 

Enonchong, who is the Founder and CEO of AppsTech as properly because the Board for AfriLabs, became once arrested with none warrants or expenses levied in opposition to her. 

Reports repeat that she became once invited to the Gendarmerie Legion in Douala on Wednesday the build she became once which capacity that reality charged and held overnight. She later seemed in court docket on Thursday to hear expenses in opposition to her that weren’t made public. 

Enonchong (in red) after the trial. Image Source: Djoko Christian (@christdjoko1)

Why is Rebecca in custody?

There’s mute a host of most up-to-date developments environment up but no official warrants or statements were issued by the Cameroonian authorities regarding her unlawful detainment. 

On the other hand, Edith Kahbang ‘Kah’ Walla, President of Cameroon’s Of us’s Occasion, became once in a blueprint to be taught that Enonchong’s arrest became once particularly requested by the Attorney Current. 

The arrest is imagined to be spurred by Enonchong’s most up-to-date criticisms on acceptable procedures pertaining to a case she’s a gather together to. 

Enonchong is an avid political commentator who customarily highlights human rights abuse in Cameroon. 

What’s being executed?

#FreeRebecca is trending on-line. 

There’s been an uproar on Twitter over the unlawful arrest with folk speculating on what the motives is also.

The African Industry Angels Network (ABAN), AfriLabs, and other coalitions gather joined within the agitation, calling on the Cameroonian authorities to reel in its authoritarian moves and free up Enonchong.

Written by – Daniel Adeyemi

Edited by – Timi Odueso