HEALTHLANE’S NEW PATH
Nigeria-and-Cameroon-based healthtech startup Healthlane is charting another path for itself.
On Tuesday, the startup informed stakeholders and community members that it had changed its business model.
According to the statement signed by CEO Alain Nteff, the startup is closing down its physical locations.
And?
That’s all the statement says about Healthlane’s new model, unfortunately. TechCabal has reached out to Healthlane for comments, but the startup is yet to respond.
Hard times: This news comes after a seven-month hiatus, and five months after a TechCabal investigation revealed the startup’s troubles. After raising $2.4 million in 2020, the startup reportedly made some questionable big spends, including buying four haematology analysers and renting a $50,000/annum six-bedroom mansion in Nigeria, which served as its headquarters and staff lodge.
The startup also spent $700, on average, for weekly living costs for every employee on-site, as well as $1,160 per month for security. By December 2021, the startup’s troubles started to surface when it failed to pay staff salaries or vendor fees. It reportedly owed three startups over $400,000, with Nteff assuring staff that the company had money but could not convert it from crypto to dollars.
Zoom out: So far, neither Nteff nor his co-founder Agnor Ashu has commented on what the new business model entails. Nteff’s statement, however, noted that the company is giving out partial refunds to all subscribers of its annual health plans. It’s also hinted that its mobile app will shut down, or at least change drastically, as the message notes that customers have until the end of the year to download all personal data from it.
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WORLD BANK INVESTS $390 MILLION IN KENYA’S DIGITAL ECONOMY
Kenya believe it?
The World Bank Group Board of Directors just gave Kenya a digital high-five with a whopping $390 million in financing for its Kenya Digital Economy Acceleration Project.
This project is all about widening the doors to the digital economy for everyone in Kenya through high-speed internet, better education and government services, and building skills for the regional digital economy.
TechMoran reports that the Kenya Digital Economy Acceleration Project is going to take a multi-phase approach. Phase one will run from 2023–2028. It will entail expanding internet access, improving education and government services, and teaching more Kenyans digital skills. Then, phase two, from 2026–2030, will kick it up a notch with a data-driven and secure environment for enhanced digital service delivery and innovation.
What will the evolution look like?
Kenya has come a long way, but there’s still a digital divide. This project aims to bridge that gap by boosting broadband access through fibre optic backbone expansion with last-mile connectivity to government and learning institutions, and even along Kenya’s borders.
It also entails giving Kenyans increased access to digital skills and work opportunities in regional and global markets, thereby creating a competitive digital workforce.
It looks like Kenya’s digital evolution is on steroids!
DFC INVESTS $25 MILLION IN NOVASTAR VENTURES
The US International Development Finance Corporation (DFC) is giving a $25 million thumbs-up to pan-African VC firm, Novastar Ventures. TechTrendsKe reports that the DFC invested the money in putting together Novastar Ventures’ new fund, which is focused on supporting agriculture and climate startups. The fund is called the Africa People + Planet Fund.
It’s giving power rangers eco-warriors
Novastar Ventures is all about saving the planet while making bank. Their Africa People + Planet Fund is all about supporting climate tech startups that have green thumbs. That is, businesses that protect biodiversity, improve soil health, and capture carbon.
They’re on a mission to decarbonize the growth of the continent so they’re backing cleantechs dealing in clean utilities, electric mobility, circular economy, and alternative materials. The fund is also eyeing marketplaces, financial and supply chain services that will enable access-to-market and resilience in the face of climate change.
No strangers to this game
Before this fund, Novastar Venture had already made waves in the startup scene with their East Africa Fund and its successor, Africa Fund II. They’ve backed tech-enabled startups serving the mass market in various sectors, from agriculture to education to renewable energy. They’ve got a knack for picking winners, like TradeDepot, Turaco, Moniepoint, and mPharma.
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THE WORLD WIDE WEB3
|
|
|
|---|---|---|
|
Bitcoin
|
$29,885 |
– 1.16% |
|
Ether
|
$1,8918 |
+ 1.36% |
|
BNB
|
$320 |
– 0.86% |
|
Dogecoin
|
$0.083 |
– 0.96% |
|
|
Source:
|
|
* Data as of 01:00 AM WAT, April 13, 2023.
Kenya’s Capital Markets (Amendment Bill, 2023) wants to legalise crypto trading, but experts think it needs more eyes. Nodo News reports that experts like the CEO of the Hisa Investment platform, Eric Jackson, believe that the bill needs more public inclusion and participation from the country’s blockchain and Web3 communities.
Fonbk and Tanda are teaming up to bring innovative DeFi apps to Africa. TechCabal reports that the Kenyan Web3 platform will launch a first-of-its-kind airtime trading marketplace.
Written by – Timi Odueso & Ngozi Chukwu
Edited by – Kelechi Njoku
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