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Space in Africa attracts funding for cross-continent coverage

July 16, 2019 • Education, Startups

Space in Africa attracts funding for cross-continent coverage

Space in Africa attracts funding for cross-continent coverage.

On Tuesday, 16 July 2019, Space in Africa — news, data, and market analyst for the African space industry — announced that it has completed its seed funding round. 

While the exact figures were not disclosed, the funds raised are being used to hire additional reporters and analysts to expand coverage for its subscription news service and specialised industry reports.

“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 Africa founder, 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 per cent 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 about the African space industry,” he added.

The investment 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. Cohen said, “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”.

Edited by Jenna Cook

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