Greetings, fellow startup enthusiasts!
This week’s StartupGhana newsletter brings you a mix of inspiring news – funding wins, policy updates, and a stellar talent acquisition. Let’s dive in and see what’s propelling Ghana’s entrepreneurial ecosystem forward!
- 3Farmate Robotics secures $100,000 from Reddit co-founder Alexis Ohanian’s 776 Foundation.
- Regenerative skincare ingredient supplier MoringaConnect raises undisclosed funding from Mirepa Capital.
- Ghanaian startups raise $40 million till date, but funding remains depressed.
- GEA streamlines MSME classification to empower businesses and policymakers.
- Belinda Baah appointed as co-Director of the innovation policy co-creation organisation Innovation for Policy Foundation.
Funding
- 3Farmate Robotics has been selected for Reddit co-founder Alexis Ohanian’s 776 Foundation climate cohort. As part of the fellowship, the company will receive a $100,0000 grant to support its mission to automate farming in Africa. The funding will be pivotal in scaling up its production and deploying of robots across key agricultural regions in Ghana.
- MoringaConnect Inc (True Moringa), the agritech that supplies natural skincare & wellness products and bulk organic ingredients, secured an undisclosed funding round from the impact-focused investment firm, Mirepa Capital. The company will use the capital to strengthen its local supply chain as well as boost its distribution capacity in the US and the EU.
- Ghanaian startups raise $40 million in equity and debt for H1 2024. After the 2022 funding splurge by early-stage investors, 2023 was the hangover year where startup funding dipped by 69%. According to our Gold Rush tracker, for H1 2024, there is a mild recovery in startup funding. So far, Ghanaian startups have raised $40.1 million. Compared to H1 2023, startup funding has surged by 55.47%.
Policy
- The Ghana Enterprises Agency has passed a new legislative instrument aimed at standardizing the classification of micro, small, and medium enterprises. Micro enterprises, are now classified as enterprises with up to 5 employees and a turnover or fixed asset value of no more than GHS 150,000. Small enterprises employ 6-30 people and boast a turnover or fixed asset value between GHS 150,000 and GHS 6 million. Medium enterprises employ 31-100 workers and GHS 6 million – GHS 18 million in turnover or fixed asset value. Any business exceeding the criteria for a medium enterprise falls is considered a large enterprise.
Talent
- The Innovation for Policy Foundation (i4Policy) has appointed Belinda Baah as a co-director of the pan-African non-governmental organization that brings citizens, communities and governments together to co-create the future. As a co-director, Belinda will continue to lead the Foundation’s feminist innovation policy work and ensure all its activities have a gender lens. She will also lead HR-related activities across the Foundation, combining her passion for ensuring well-being is front and centre for internal and external stakeholders.
That’s a wrap for this week’s StartupGhana newsletter! We hope you found the content insightful. Stay tuned for the latest developments in Ghana’s vibrant startup scene. As always, feel free to share your thoughts and entrepreneurial journeys with us!
