Can Uganda’s tech scene compete with Kenya?
Although Uganda does not have a tech scene that regularly makes headlines in Africa, its ecosystem has made steady gains over the past few years. There has been solid growth in the small but flourishing sector with most of the activity taking place in the largest and most well-funded segments: health, mobility, agritech and fintech.
One of the best known players in the ecosystem is SafeBoda, a Kampala-based motorbike taxi startup that is well known outside Uganda as an early pioneer in the ride hailing space. The startup expanded its services outside Uganda to Nigeria and Kenya – a feat not many home-grown startups have managed to achieve – giving it exposure on the pan-African stage.
Indeed, most Ugandan startups are still in the early growth stages and have not yet scaled business models beyond their own borders. Funding rounds remain small in comparison to Africa’s “big four” tech countries – Kenya, Nigeria, South Africa and Egypt.
Tugende, an asset-finance startup, is Uganda’s most well-funded startup. It has raised about $34m since it was founded in 2013 – closing a $9.9m Series A last March. Asaak finance, another asset finance company, has raised around $31.5m since it was founded in 2016.
Source: African Business