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27.5% of South Africans Are Unemployed – Is Entrepreneurship The Answer?

November 5

South Africa’s unemployment woes appear to be worsening as a recent report suggests that the country’s unemployment rate has climbed to 27.5 percent in the third quarter of 2018. There is a rise from the 27.2 percent recorded in the second quarter.

This Tuesday, Statistics South Africa placed the number of persons without jobs in South Africa at 6.2 million in its Quarterly Labor Force Survey, and this was an unwanted rise from the equally alarming 6.1 million unemployed persons accounted for in the second quarter of this year.

More so, the indices from the country’s statistics office suggest a decline in employment opportunities in the formal sector, private households, as well as the agricultural sector, with the only glimmer of hope being the informal sector which recorded some much-needed employment gains.

The whole situation makes for just as worrying a scenario when the definition of unemployment is extrapolated to include individuals who have given up on job searches altogether, as the unemployment figure in this regard has risen to 37.3 percent in the third quarter from the 37.2 percent recorded in the quarter leading up to the one in question.

Though the increase may be marginal on this front, it does call for concern as it has all the makings of a worrying trend- one that appears to be trudging along unabatedly in spite of what might be termed considerable effort on the part of the South African government. In the state-of-the-nation address which he delivered upon his swearing-in, President Cyril Ramaphosa reiterated the commitment of his administration to curb the spate of unemployment in the country when he said that the center of the national agenda in 2018 was the creation of jobs, especially for the youth.

In largely the same manner, former President Jacob Zuma, in his maiden state of the nation address, promised that his administration will see to it that half a million new jobs are created by the end of 2009. At the time, the country’s economy, and indeed, that of the rest of the globe, was reeling from the impact of a major recession. Even though the country was still dealing with the economic crisis at that point in time, Zuma’s state-of-the-nation utterances reignited belief and renewed the hope of millions of South Africans who had been hit by the unemployment problem and were staring down the barrel of poverty.

Although the unemployment rate in the country was already at an unhealthy 24.9 percent when Zuma made that speech, the numbers suggest that the country’s unemployment statistics weren’t particularly faring any better when he left office. The unemployment rate was at a disturbing 26.7 percent in the fourth quarter of 2017, with 5.9 million people believed to be unemployed and actively seeking jobs according to figures released closest to when he left office.

It will be apt say that mobilizing business, labour, and government into taking action to resolve the country’s unemployment struggles has been at the forefront of the agenda of both past and present administrations but the grip of the epidemic on the nation remains just as strong as ever, if not stronger.

In spite of efforts of present and past administrations, the latest statistics on the job front continue to suggest a worryingly high rate of unemployment, and this is a trend that might take some doing to reverse. The country’s high rate of youth unemployment and the social upheaval it might trigger is a cause for concern — one that has been expressed time and again.

The details paint an even more scarier picture which lay hidden in the country’s youth unemployment statistics which is yet to sufficiently see the light of day. Some of these details can be found in figures which suggest that 39 percent of unemployed South Africans have never actually worked before.

It is even more worrying for the young folks where the statistic stands at 60.3 percent. On the other hand, long-term unemployment in the aftermath of job loss appears to be a problem associated mostly with the elderly. A greater share of people who fall into this category is known to have last worked over five years ago, with 50 to 65-year-olds believed to account for 47.4 percent of this share.

South African Unemployment At A Glance

Figures from the World Bank placed the average unemployment rate for all upper-middle-income countries at 6.2 percent as of 2016. For African countries that are categorized in the middle-income class, South Africa appears to be lagging behind in terms of employment as the country registered unemployment rates of 25.9 percent and 27.7 percent in 2016 and 2017 respectively. Other African countries in the same middle-income bracket boast lower unemployment rates with Botswana at 18.4 percent, Namibia at 25.5 percent, and Gabon at 18.5 percent.

“South Africa appears to be lagging behind in terms of employment as the country registered unemployment rates of 25.9 percent and 27.7 percent in 2016 and 2017 respectively”

For most parts of the last decade, South Africa’s unemployment rate has soared steadily to worrying levels. There was something of a false dawn when the rate from a dropped significantly from a staggering 31.1 percent in March of 2003 to 21.5 percent in the last quarter of 2008. This even started talk of the unemployment levels dipping further to 15 percent by the end of 2010.

But this encouraging trend was somewhat short-lived as the rate only surged upwards from that point, and since then, it has shown no signs of slowing down. South Africa’s unemployment rate has only grown in spite of policies formulated and adopted in an effort to curb the trend. The New Growth Path which was adopted in 2011 is one of such initiatives. This program aims to create 5 million jobs and reduce unemployment to 15 percent by the end of 2020. Whether that goal is feasible or a tall order at best, however, remains to be seen.

But in spite of the drawbacks, it is worth mentioning that the New Growth Path policy is believed to have increased employment in the country by 2.2 million since its implementation, placing the number of unemployed persons at around 6.17 million.

However, most of the gloss is taken off the shine of what should ordinarily be considered significant improvement as the achievement is somewhat dwarfed by the fact that the country’s annual unemployment growth rate which hovers precariously around 4.8 percent is twice the projected annual employment growth rate of 2.4 percent.

Unless some drastic measures are taken to bring about significant improvements, it remains to be seen how the ambitious goal of dropping employment levels to 6 percent by 2030, as spelt out in the National Development Plan, can prove anything but wishful thinking.

What Can Be Done?

Efforts geared towards curbing unemployment in South Africa haven’t exactly proved futile but they are still a long way from yielding the desired effect. While it might be true that much has been done, there is still a lot left to be desired.

The government’s employment tax incentive which is aimed at creating jobs for young people have not fared well in particular. If anything, it may have taken the country a step backwards especially as it is on record that youth employment has actually dropped since the initiative came to the fore almost five years ago.

Job creation in South Africa is hamstrung by several drawbacks. According to a recent global competitiveness report, the country’s labour market is bedevilled by such factors as inefficient hiring and firing practices, the poor relationship between pay and productivity, as well as  little cooperation between employers and employees.

This is found to result in an unsavoury situation in which employers replace labour – particularly the less-skilled and experienced ones – with capital. This is also known to discourage employers from hiring new workers. In either case, the youths are the worse hit. But enough of sulking about the problem. The big question is: How can the situation be remedied?

An alternative policy option has been recommended in the form of a transport subsidy for unemployed youths. This idea is believed to have been borne out of the fact that many of these jobs are available in areas that are quite far away from the average South African job seeker and very expensive to reach.

From all indications, poverty and unemployment appear to be two sides of the same coin. The relationship between both trends can be said to be quite startling given that data from the country’s statistics office in 2014-15 suggested that the poorest of the country’s population accounted for a meagre 12.4 percent of the total national income while weighing with a massive 71.9 percent of the country’s unemployed. With this in mind, it can be surmised that the correlation between poverty and expensive transport costs as barriers to the exploration of employment opportunities is somewhat established.

Another solution to unemployment amongst young people lies in self-employment. But even that sector appears to be suffering a decline as it is reported that the number of youth employers or self-employed entrepreneurs in the country dropped to 340,000 from 390,000 between 2008 and 2017.

“As per South African Venture Capitalist, Clive Butkow, In the short term, relaxing policies for new businesses and easing out taxes on startups can encourage self-employment amongst the youth. The culture in South Africa has to change from Red Tape to the Red carpet for startups”

This further underlines the need for the entrepreneurial activities of young South Africans to be put on the front-burner. And government support in the form of entrepreneurship skills training, access to microfinance, and the creation of an enabling environment for business development might help improve the situation.

“There is sufficient capital, but the last mile deployment of funds into the startups has to become smarter. Investment into early businesses that have the potential to generate jobs must be considered. There is definitely a chance to mitigate unemployment with such measures,” added Clive Butkow, CEO of Kalon Venture Partners

However, in the long run, Butkow, adds that fixing the primary education is a better solution to unemployment. The skills required to run a business are not taught in schools and must be added to the curriculum. He says, “Students must be taught to be employers and not employees.”

 

Feature image courtesy: Mail&Guardian

Did you know: Over $725.6 Mn was invested in Africa in 2018.
Keep tabs on the Venture Capital Landscape of Africa with the VC Report 2018 by WeeTracker. Find out the Latest Fundings, Top Investors, Leading Sectors & much more..

Meet Jean Bosco Nzeyimana: The Rwandan Entrepreneur Who Is Changing Lives One Briquette At A Time

January 14

From Nyamagabe – a small village in rural Rwanda – comes the story of a confident 25-year-old that is solving some of the problems of his immediate community one briquette at a time.

Jean Bosco Nzeyimana grew up in a poor, rural community that could boast of very little by way of infrastructure or even the necessities. Housing was shabby, clean water was hard to find, and electricity was a luxury most of the locals would rather not think about – mostly because it was more non-existent than it was inconsistent.

Even though he was only a child of school age, Jean Bosco did feel the pangs of the dire situation from those early times. Every morning, before he left for the only school in the community, he would have to meander through the woods in search of firewood – a precarious and exhausting ordeal for a child his age.

As was the case for most of the locals, life was anything but a rosy affair for Jean Bosco. But unlike many of his peers, the young Rwandan chose to look at the big picture instead of feeling distraught. And that mindset would eventually become the catalyst for what is proving a tonic for community growth and economic emancipation.

Image Source: italkstuff.com

Growing up in his village, Jean Bosco was no stranger to the hardships and privations that characterised rural life. Most of the community was living in squalor, and the young boy was greatly disturbed by those living standards, or perhaps, the apparent lack of it. Thus began his quest to give the locals a chance at a better life.

Due to the absence of electricity and because the community knew no other energy source, wood was the go-to guy for all things fuel. As is common in many parts of rural Africa, the villagers relied on charcoal from wood for cooking.

Apart from the fact that burning wood is unhealthy and inefficient, the wanton felling of trees for firewood and other purposes also has an adverse effect on the environment. Throw that in with the fact that a very significant proportion of the Rwandan population still use wood for their energy needs, and the environmental impact becomes even more alarming.

 

Jean Bosco was concerned by the devastating deforestation, but that was not the only thing that caught his attention. He was also disturbed by the many rubbish-laden landfills that dotted parts of Rwanda, and his village was seeing more than its fair share.

 

The idea of felling trees eliminated much-needed ground cover which left lands susceptible to erosion. The ravaging erosion created vast, gaping gulleys, and the idea of filling those gulleys with waste was nothing close to an ideal solution.

Jean Bosco Nzeyimana was only 19 when he began to explore better ways to solve the problem, and he soon came upon a single solution to what seemed like a two-headed problem. If his idea was anything like a slingshot loaded with a single rock pellet, it was going to take out two birds in a single shot.

Jean Bosco And Habona Staff At A Waste Site
Image Source: newtimes.co.rw

The then-teenager found a solution that involved turning waste into energy and the solution was unique in that it was going to take care of two problems – deforestation and waste. His idea involved turning organic waste into clean-burning and efficient briquettes, as well as fertilisers for farmers. If all went according to plan, gone will be the days of villagers felling trees and burning wood for fuel, and no longer would grotesque waste engulf the scenes of Rwanda’s landscape.

With the idea now in the bag, the next challenge was always going to be the toughest nut to crack – and that’s finding the funds that would breathe life into the idea. Being only a teenager in an economically-disadvantaged locale with very little by way of track record or experience, it was always going to be an uphill task to get the requisite financial backing.

But the young Rwandan entrepreneur remained undeterred in his quest to improve lives with his solution. Like the gospel, he spread the word of his idea to all and sundry, and it soon began to gather momentum.

By contesting for prizes in various entrepreneurship competitions and participating in some tech events, Jean Bosco had begun to generate buzz around his waste-to-energy idea, and before long, he was lodged in talks with potential partners from various parts of the globe including the U.K. and U.S.

With some financial support from African Entrepreneur Collective, Jean Bosco was able to set up a business called “Habona” which literally translates to “Illumination” after reaching an agreement with his district’s authorities which allowed him to use a waste management facility for free. He established the company back in 2013 while he was still studying Business Administration at the University of Rwanda’s College of Business and Economics.

But then came another hurdle. Since it was a relatively new business, it was hard to find employees with the requisite skills. Granted, collecting and sorting the trash hardly required any special skills, but when it came to processing, there was a manpower deficit as many of the locals had neither seen nor heard of briquets.

It was very unlikely that the workers would waltz in and start making a product they knew nothing about, so the Rwandan ‘wastepreneur’ went about training the workers himself, and spending funds in the process too. But those days appear to be over as Habona now seems to have found a foothold.

Jean Bosco’s startup collects and sorts garbage to make briquettes, biogas, and organic fertilizers for a customer base that encompasses restaurants, hotels, schools, businesses, farmers, and government offices.

More so, Habona’s biofuels are believed to be currently used by as many as 1,500 households in Rwanda while employing up to 26 people on a permanent basis and nearly 50 more as casual workers. Thus, empowering people and improving quality of life in parts of rural Rwanda.

Jean Bosco With Obama, Medhat, Checa, and Zuckerberg At The 2016 GIS 
Image Source: eetimes.com

Jean Bosco has seen his stock rise tremendously since piloting his idea. In 2014, he was named Top Young Entrepreneur of Rwanda while also going on to claim the African Innovation Prize. He also shared the stage with the likes of Former U.S. President, Barack Obama, and Facebook Founder, Mark Zuckerberg, at the Global Innovation Summit which took place in California back in 2016 – both of whom were impressed with the progress he has achieved his community.

Now 25, Jean Bosco seems to be thirsty for even more success and is showing no signs of slowing down. He hopes to extend his idea to other parts of Rwanda and beyond in the near future.

 

 

Feature image courtesy: @nzibosco via Twitter

Did you know: Over $725.6 Mn was invested in Africa in 2018.
Keep tabs on the Venture Capital Landscape of Africa with the VC Report 2018 by WeeTracker. Find out the Latest Fundings, Top Investors, Leading Sectors & much more..

Microfinance Software Company Musoni Services Gets Investment From Alterfin

January 14

Africa focussed microfinance software company Musoni Services has raised an equity investment from Alterfin; a Belgium based Co-operative society. Existing shareholders of the company joined Alterfin in this round.  The funds will be used for expansion into new markets, though the details of the transaction remain undisclosed.

Speaking about the investment, Jean-Marc Debricon, Alterfin’s General Manager said, ‘Alterfin understand first-hand the challenges that many rural microfinance institutions have when it comes to technology. We believe that Musoni can revolutionise the way financial services are delivered across the industry and particularly in rural regions where financial inclusion is at it’s lowest. The Musoni team has consistently demonstrated the system’s impact, and we are excited to work with them continuing our shared social mission.’

Musoni provides banking system to microfinance institutions in emerging markets, helping them to leverage technology and improve efficiency. The company claims to be used by a hundred financial institutions across 14 different countries (10 in Africa and 4 in Asia). Musoni BV is an investment company based in Amsterdam. It currently holds investments in Musoni DTM in Kenya and Musoni Services in Amsterdam.

The offerings of Musoni also include an integrated platform for multiple mobile money transfer services including SMS module for sending automated payment reminders. Apart from the core banking software, it has developed a tablet app for loan officers to process offline data collection and CRB integrations to assist in the lending decision.

To make the system accessible to MFIs, the Musoni System uses licenced SAAS pricing model; the annual fee is based on the size of the MFI licensing the system.

Alterfin was established in 1994 and focusses primarily on rural areas in low-income or middle- income countries around the world.

Did you know: Over $725.6 Mn was invested in Africa in 2018.
Keep tabs on the Venture Capital Landscape of Africa with the VC Report 2018 by WeeTracker. Find out the Latest Fundings, Top Investors, Leading Sectors & much more..

Branch Cumulatively Loans Kenya USD 10 Mn After Recent USD 5 Mn Issuance

January 14

San Francisco-based digital lender Branch has announced its commercial paper issuance of KES 500 Mn USD (USD 4,922,000) in Kenya.

The latest commercial paper follows a KES 350 Mn (USD 3,444,204) issuance that was announced in 2018, which was preceded by KES 200 Mn (USD 1,968,116) in 2017. This third and largest issuance which has been arranged by Barium Capital brings the entire commercial paper to a little over KES 1 Bn (9,840,583).  The investment will be used to expand the firm’s services in Kenya.

Branch had recorded a series of strides in the African landscape. Starting from its trade launch in 2015, it has grown by means of efforts made in Kenya, among which are internet penetration which has enabled users to access financial assistance using smartphones.

In competition with Tala, Okash and the likes, Branch offers micro-lending services in Nigeria, Tanzania, and Mexico. As part of this latest announcement, the firm revealed its intentions to expand into India this year.

Daniel Szlapak, Head of Global Operations for Branch, expressed excitement the firm draws from serving millions of Kenyans and easing them into essential financial service access. “ The huge growth and success in the Kenyan market have positioned Branch for strong global operation”, he said.

Branch offers M-Pesa loans of up to KES 50,000 (USD 491.64) via an Android application that can be installed from Google Play Store. The lending decisions are made by a proprietary credit score calculated by analyzing more than 2,000 data points on the phones of applicants. New borrowers begin with a loan up to KES 1,000 (USD 10), after which they can increase their credit limit based on their repayment performances per previous loans.

December 2015, Branch became the first African company to raise money from U.S-based VC fund Andreessen Horowitz who has Facebook and AirBnB included in its portfolio. The round was reported to have been USD 9.2 Mn. To date, the mobile-based financial services firm has raised more than KES 1 Bn in equity and debt financing.

 

Featured Image: Branch International Via Medium 

Did you know: Over $725.6 Mn was invested in Africa in 2018.
Keep tabs on the Venture Capital Landscape of Africa with the VC Report 2018 by WeeTracker. Find out the Latest Fundings, Top Investors, Leading Sectors & much more..

What If Sign Language Could Be Heard? This Kenyan Techie Is Making It Happen With His ‘Magic Gloves’

January 14

Roy Allela’s six-year-old niece was born with a hearing impairment. Being one of the 34 million children worldwide that are estimated to be battling disabling hearing loss, the poor little girl struggled to communicate with family and friends as attempts at conversation were often punctuated with moments of awkward misinterpretations and a general inability to convey her truest feelings.

Imagine not being able to hear or speak; while most people tend to jump at the idea of sight being the most essential of the five senses (or is it six these days?), I would like to think of hearing and speech ability as a rather close second – or perhaps the margins are even finer than I think and it’s more like a tie.

Roy Allela
Image Source: LinkedIn

In any case, that was pretty much it for Uncle Roy’s little niece who would be often be left distraught and throw ‘inaudible’ tantrums whenever she wanted something and couldn’t get it mostly because no one could tell what she wanted. Sad but true for most kids living with the condition, and maybe also living with people that don’t know much about sign language or facial expressions.

It’s not like the rest of the little girl’s family was having a swell time with the whole situation either. Folks at home were often tripping over themselves in attempts to communicate with her or answer her requests. This inability to communicate made it rather difficult for the family to connect with their little girl during the first six years of her life. But all that is beginning to seem like a thing of the past now.

Dejection. Frustration. Exasperation. Pain. Those feelings were mostly the case for most members of the poor girl’s immediate and extended families – well, everybody else except Uncle Roy, it would seem.

Roy Allela had always been fond of his little niece ever since she was an infant. When the unfortunate news of her condition became family knowledge, he cherished her even more. But with time now flying fast, the little girl was beginning to seem distant. Very disturbing, even his for his usually calm and optimistic self.

But he didn’t lose his head, though; which would have been some loss given that he carried a pretty good one on his neck. He began to think up ways to bring back his ‘baby girl’. Now, lavishing her with presents and spending quality time with her would normally seem like a plan, but he may have decided to give her more – something of the ultimate gift for persons living with her condition, as some might say.

Roy Allela opted to ‘gift’ his niece with something that was, to a large extent, neurologically unfeasible for someone with the condition – the ability to communicate by speaking. How he went about the whole thing, though, was nothing short of ingenious. The good thing about Roy was that he was more than just a doting uncle who was big on spoiling kids with chocolatey treats – he was also a highly-skilled engineer (you’ll sure get the idea why I mentioned the head he carries on his neck too).

As necessity is the mother of invention, Roy landed his wonderful creation. Inspired by his niece, the 25-year-old has brought to life a unique invention which is a smart glove that converts sign language gestures into speech.

Essentially, his creation could be thought of as a sign-to-speech device that makes it easier for people living with hearing and speaking disabilities to communicate better with spoken words through audio speech – which is also great for the multitude that doesn’t know the first thing about sign language; a win for both sides, so to speak.

The glove, aptly called Sign-IO, converts sign language into audio speech after identifying several letters signed by sign language users and passing along the data to an Android application through which it is then vocalised. Voila!

Through flex sensors fitted in each finger compartment of the glove, the degree of bend to which a finger is subjected to in the process of signing a letter is characterised and quantified. These signals are then processed and sent via Bluetooth to a mobile application that is also developed by Roy. The app takes up the baton from there and makes out audio speech from the signed letters.

Image Source: kenyans.co.ke

As Roy says; “My niece wears the gloves, pairs them to her phone or mine, then starts signing, and I’m able to understand what she’s saying. Like all sign language users, she’s very good at lip reading, so she doesn’t need me to sign back.”

Roy’s project went through preliminary trials at a special needs school in Migori County in Kenya’s south-western region. It was from the results of those trials that he obtained valuable data which helped him work on one of the most important aspects of the gloves – the speed at which sign language is converted into audio.

Just as it is with spoken language, people speak at different speeds and require varying lengths of time to put together their thoughts into sign language. Hence, it was imperative that this gets incorporated into the mobile application so that just about anyone could use it with ease.

Through the app that goes with the glove, users are allowed to set preferences in terms of gender, language, and voice pitch. Roy also claims that the gloves translation accuracy currently stands at an impressive 93 percent.

True to his fondness for kids, Roy Allela has also designed the gloves in a number of style variants – from ‘Spiderman-themed’ gloves to ‘Disney Princess-esque’ ones – giving kids something to be excited about and putting paid to the stigma and difficulties associated with hearing and speech disabilities.

For his efforts, Roy Allela has been the recipient of numerous awards and nominations. At the 2017 Innovation Showcase (ISHOW) competition organized by the American Society of Mechanical Engineers (ASME), he took home the prestigious Hardware Trailblazer award. The prize money that came with the recognition helped him upgrade on the prototype and develop gloves that give more accurate translations.

Roy Allela is also one of 16 young African innovators drawn out from six countries that were nominated recently for The Royal Academy of Engineering Africa Prize for Inventors. Clinching the grand prize will see him go home with up to EUR 25 K to support his project.

Image Source: Intel Corporation

Having made his bones at the University of Nairobi where he won numerous awards before earning a degree in Microprocessor Technology and Instrumentation back in 2016, he also successfully completed a number of Udacity courses in the year that followed, with stints at Microsoft, Soko Store, and Emobilis Academy sandwiched in between.

A 2018 fellow of the Royal Academy of Engineering, Roy Allela currently juggles working at Intel Corporation with tutoring at Oxford University for courses on Data Science and IoT. He also hopes to place at least two pairs of the Sign-IO in every special needs school in Kenya. Well, guess it’s true what they say – superheroes do not always wear capes, some only have gloves on.

 

Feature image courtesy: nairobinewsnation.co.ke

Did you know: Over $725.6 Mn was invested in Africa in 2018.
Keep tabs on the Venture Capital Landscape of Africa with the VC Report 2018 by WeeTracker. Find out the Latest Fundings, Top Investors, Leading Sectors & much more..

Naspers Fully Acquires Dubizzle For USD 190 Mn

January 14

The investment arm of South Africa’s Naspers – Myriad International Holdings – has decided to go all in and acquire the entire stake in Dubai-based Dubizzle for USD 190 Mn. According to the firm’s interim results, Naspers now owns a 100 percent stake in the company.

December 2012, Naspers made their first investment in Dubizzle, acquiring a 25 percent stake in the company through its MIH subsidiary. Through OLX, Naspers eventually went in for more to own 53 percent of the company, giving them the lion share. Having gone for the full deal at USD 190 Mn, Dubizzle is now valued at USD 409 Mn. 

Dubizzle was founded in 2005 by Sim Whatley and JC Butler and is the leader in online classified in the UAE, receiving nearly 8 million visitors each month. In August 2013, the founders announced that they were leaving the UAE to return home to the U.S, eight years after launching Dubizzle. They relinquished their day-to-day running of the company, which as at then had grown to include websites in 10 cities across the Middle East. According to an Arabian Business interview, both men were expecting babies in December that year, and needed to relocate to commune with family and friends. It was a difficult situation at the time, but it was a sacrifice both founders were willing to make.

The step down was also believed to have been as a result of majority stake acquisition by Naspers. After hiring talented staff who could act independently, both founders were reported to have felt less needed. Making good on their pre-intention to transition out of the business, Whatley, and Butler, both sold a portion of their equity to investor MIH. They had both built the company from scratch and had invested USD 12 K of their personal money, lived on passion and a 10-AED-a-day budget until they met an angel investor in 2006.

This isn’t the first mark of the newspaper firm’s prominence in investments, as they have a 30 percent stake in China’s Tencent Holdings, 28.7% stake in Digital Sky Technologies, others in Souq.com, Delivery Hero and another in Russia’s Mail.ru. Naspers, who is also listed on the London Stock Exchange, made the recent acquisition to increase its global presence in classifieds, payments and food delivery verticals. 

 

Featured Image: Techmoran

Did you know: Over $725.6 Mn was invested in Africa in 2018.
Keep tabs on the Venture Capital Landscape of Africa with the VC Report 2018 by WeeTracker. Find out the Latest Fundings, Top Investors, Leading Sectors & much more..

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