News Startup Space in Africa Raises Fund To Expand To Five African Countries
Even in the face of stiff economic situations, startups in Africa are busy sealing rounds of investment. Everything from FinTech to agrictech, to cleantech to newstech. Space in Africa, a news and research startup that covers the rapidly growing African space economy which has already seen eight nations launch 35 satellites in the last two decades — and 15 satellites in just the last 4 years, has successfully completed its seed funding round.
Although the terms were not disclosed, the startup plans to use the funds to hire additional reporters and analysts to expand coverage for its subscription news service and specialized industry reports.
A Look At The Funding
- The funding round was led by AC Ventures, the venture capital firm led by Adam B. Cohen, who has previously built and sold other research and news companies.
“I am proud to partner with Temidayo in evangelising the benefits of space applications to solve practical problems and create exciting business opportunities for Africans. As the cost of launch falls and satellites shrink, the most valuable resources now in the NewSpace arena are imagination and passion. Space is for everyone,” said Cohen of why AC Ventures invested in Space in Africa.
- AC Ventures is an investment firm led by Adam B. Cohen. The firm invests in early-stage companies involved in the space industry and its enabling technologies. AC Ventures is the trade name of AC Ventures of Florida, LLC.
- Cohen previously founded Covenant Review and Fulcrum Financial Data, which were acquired by Fitch Group, a unit of Hearst, in July 2018. Cohen is a serial entrepreneur and has also previously practiced as a lawyer, investment banker, and space and defense consultant. For additional information on AC
“Many people outside Africa are surprised to hear how significant the African space industry has become, and how the development of the industry has become a real priority for many nations and the African Union,” says Space in Africafounder, Temidayo Oniosun.
The GDP of the African continent has doubled in the last 10 years to over USD 2.2 trillion. Amidst this economic expansion, Temidayo, explains that:
“the African space market is now worth over USD 7 billion in terms of annually generated revenue, and we project that it is likely to grow by over 40% in the next five years to exceed USD 10 billion by 2024. There are thousands of people employed across the African space industry, and our local technology skills set is growing alongside international partners and home-grown NewSpace startups. African engineers are increasingly collaborating on satellite construction, while local innovators are providing new application solutions across communications, natural resources, and public services.”
“We now have reporters in Kenya, Nigeria, South Africa, Rwanda, and Tanzania who travel around the continent to cover all aspects of the market. We typically publish six to eight stories daily, and we just launched our Opportunities platform that lets you in on a wide range of new projects, open jobs, fellowships, and other prospects for gaining business and expertise. We want to be your first and best source for all information pertaining to the African space industry,” he added.
A Look At Space In Africa
- Space in Africa is a media startup that focuses on news, data, and market analysis for the African space industry.
- The startup is based in Lagos, Nigeria.
- Space in Africa provides daily news and data analysis relating to the African space industry, and also offers proprietary research and consulting services.
- The startup was founded by Temidayo Oniosun, who has been recognized as one of the World 24 Under 24 Leaders and Innovators in SPACE and STEAM by The Mars Generation and is one of the recipients of the 35 Under 35 Space Industry Recognition Award by the International Institute of Space Commerce.
- The Space in Africa offers Space stories in English, French, Swahili, and Arabic.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.