This Week in African Tech 🌍
Showmax overtakes Netflix and Local Knowledge gets acquired
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Your tour guide on African Tech 🧭
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Happy Monday! A lot is going down this week..
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Showmax beats Netflix to become Africa’s leading streaming platform grabbing a 40% share of the market, leaving Netflix trailing at 35%. Africa’s TV streaming scene is competitive, and heating up.
MultiChoice hit a bump in the first half of the year, reporting an after-tax loss of $50 million for April to September 2023. This marks a drop from the $3 million profit from the same period last year.
Paystack, the Nigerian fintech acquired by Stripe in 2020 for $200 million, is laying off part of its global team. CEO Shola Akinlade confirmed the move, mentioning a reduction in operations outside Africa as the reason for laying off 33 workers in Europe and the UAE.
Morroco’s logistics startup, CloudFret, a company that uses a smart AI platform to link shippers and carriers along the Mediterranean shores, raises a $2.1 million fund from investors. The round was led by AfriMobility and Azur Innovation Fund.
Events + Opportunities
Cybersecurity Startups are you ready? Join the AWS & Crowdstrike Cybersecurity Accelerator, an online equity-free program designed to empower cybersecurity startups with product development, investment, and business support. Apply here before November 30.
Cape Town! We’re bringing our community in Cape Town together to celebrate African Tech. Come by for a night of connection, fun, and good times. Save your spot here.
Fintech founders! Want to know how to move from idea to launch to scale? On the 22nd of November, we are teaming up with our friend Segun Adeyemi from Anchor (YC S22) and our guest Cossi Achille AROUKO, the Founder and CEO of Bujeti (YC W23) to share: How to Launch a Fintech Startup. Grab your spot here.
And that's a wrap for this week!
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