For interesting reasons, our host kicked off the podcast with the $9.5 million raised by Zeno, and concluded with the problems with Kenya's largest telecoms company, Safaricom.
Into the stories; Zeno, an EV startup founded by Tesla alum, Michael Spencer, has raised $9.5 million in seed funding led by Lowercarbon Capital and Toyota Ventures. The company plans to introduce swappable battery electric motorbikes in East Africa by early 2025, targeting boda boda riders to reduce fuel costs.
Customers can buy or lease motorbikes and opt for battery purchase, pay-per-use, or subscription models. Zeno will also launch home battery docks with solar capabilities, enabling off-grid power solutions.
Zeno is vying with firms such as Ampersand and BasiGo to tap into the rapidly expanding electric vehicle market in East Africa, which is expected to reach a value of $313.3 million by 2029.
Some interesting questions of concern includes; what is the fascination with East Africa and EV startups? Why are many of the startups founded by foreigners? Could there be something we're not seeing?
Moving on to the second and last story. Kenya’s Safaricom, leading a consortium with Apeiro Ltd and Konvergenz Network Solutions Ltd, will invest KES 104.8 billion ($812.4 million) over ten years to implement an Integrated Healthcare Information Technology System (IHTS) for the Ministry of Health.
The consortium will recover its investment through monthly payments starting in February 2025 after project milestones are met. The project includes developing a health information exchange to enhance system interoperability and a standards-based hospital management system to digitize public health facilities.
It also emphasizes cybersecurity to protect patient data and comply with Kenyan laws. The National Health Information Exchange is set to launch on October 1, 2024, with developer registration already open.
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In addition to technology, Safaricom and its collaborators will educate healthcare professionals and oversee the nationwide implementation of the project. For Safaricom, this initiative marks a significant milestone in its aspiration to evolve into a technology company driven by purpose, leveraging its digital footprint in Kenya.
However, concerns have arisen about Safaricom’s role in the consortium, as Apeiro, linked to Adani Group, holds 59.55% of the consortium, while Safaricom holds 22.56%. Speculation suggests Safaricom initially resisted the contract.
Meanwhile, Safaricom recently reported earnings of KSh 139.9 billion ($1.07 billion), with its M-PESA service accounting for 42.4% of revenue. It partnered with Mastercard and received a Visa Payment Facilitator Certificate to strengthen its merchant ecosystem.
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