Uber’s hurdles in Kenya

Adobe acquires Figma [Read this online](=.oy2CUzG6SNs8N5c6adJwkoNvvGrPAX3tNsgoBHUJbTM) [TC Daily Logo] 16 SEPTEMBER, 2022 IN PARTNERSHIP WITH [Flutterwave Logo] TGIF 🤩 Everyone falls to peer pressure, even multimillion-dollar companies. This time, it’s TikTok that’s following the crowd. Yesterday, the app [announced](=.sF-rpwc0Fizmwq8bMrqtgMfLHDFWw0LE-s_P7o8GBLE) it would be launching “TikTok Now”, a new feature that sends daily notifications that prompts all users to capture photos or 10-second videos with both their front and back cameras. =.Z0ODuK6_sOKK53S8QvvPN8z0yPjusIptAAjElxRMevc Sounds similar? It’s because it’s the entire premise of BeReal, a photo-sharing app that sends out notifications at random times to ask users to post photos from both cameras within a two-minute period. BeReal was launched in 2020, but it only [rose to prominence](=.NTWriRxR4XE6ZPAfRh8Mt93pKJD4A2ufHatKE2MGDjc) this year, garnering over 10 million active daily users last month. Since it rose, both Instagram and Snapchat have adopted a dual-camera feature similar to BeReal’s. TikTok is the latest to join the trend with TikTok Now. Hopefully, TikTok Now will imitate everything but BeReal’s unavailability in African countries. In today's edition - [Crypto market: The Ethereum merge is here](#CryptoMarket) - [Uber and Bolt face regulatory hurdles in Kenya](#Story1) - [Adobe acquires Figma](#Story2) - [TC Insights: Funding tracker](#Story3) - [Event: The Future of Commerce 2022](#Event) - [Job opportunities](#Opportunities) CRYPTO MARKET: THE ETHEREUM MERGE IS DONE =.DONvE6Ar3qbheH7iB8GTOk4gPmS3mqU6qscLGP84zBw Bitcoin $19,829 - 1.04% Ether $1,472 - 7.92% BNB $272 - 0.59% Solana $32.97 - 0.42% Cardano $0.46 - 0.13% Name of the coin Price of the coin 24-hour percentage change Source: CoinMarketCap * Data as of 06:00 AM WAT, September 16, 2022. You’ve probably heard people speaking about “[The Merge](=.CuOL1RC1gYs5QbsQwzYqEv7sQpkk_Q5SGL33UOdJKYU)” over the last few weeks. Well, it’s now done and dusted. Yesterday, a massive overhaul of the second-biggest blockchain ethereum—not to be confused with the cryptocurrency ether—was completed. Prior to The Merge, ethereum, like bitcoin, was run under a complex mechanism called [proof-of-work](=.ZgwSCQ98XwBM_0yb-lkVzMwfvVRrHP2ZAgJ5qkRp8EE) where crypto miners use high-powered computers to solve complex problems. Now, ethereum has been moved to [proof-of-stake](=.BlmaX5GsVz3D1b7AoU-_8GXTp7sLGYk3fGKGg8buVaY), a new mechanism that cuts out crypto miners and requires very little energy. How does this concern you? Well, it’s good for the environment which is good for you. Mining crypto takes a lot of energy; for example, operating and mining bitcoin globally is estimated to consume as much as [127 terawatt-hours](=.Cr64pJz4lX1vNcdtXuCPt0hvqSgt8E2UpdMzO2JU2QA) (TWh), a little more than the annual electricity consumption of Norway. Ethereum, on the other hand, uses [112 terawatt-hours](=.u4nNw8yhKUVF0CdYHz12FIWQHo3KcaMnVER3gp6BQrY) per year, and The Merge will reportedly cut down this consumption by 99.95%. [WhatsApp](=.sdh2lyqTld6vyIjyfFgPI8LZEhETeFanOafBVt7lDl8) [Twitter](=.mFyaheGXNGQ0iTmG40jcMZRO0R5Mi16HXLwYQz9Sg_4) [LinkedIn](=.WIQMxadJTWw74zagn8hKfhYA7-ImQXaxFfQK7FzbmO8) [Facebook](=.NjVftFIXTpuFONu05xsmJAd0iIep2-2r1COxLei7Qe0) [Email](mailto:info@example.com?&subject=&body= SEND BY FLUTTERWAVE =.UBgvusNUIR-nIXvrROPp2dAh06lqOGPg_ZhVZh3blGY Don't just send money, send money fast. Send and receive money directly to mobile wallets, bank accounts, Barter or through cash pickup with $end. Visit [send.flutterwave.com](=.oXQY4uuDFelpoD8ixuXMY7ht8fxm5rRsC12gBr5IBVs) and do it now! This is partner content. RIDE-HAILING OPERATORS FACE REGULATORY HURDLES IN KENYA =.Y8Ljz0_CGqoDuygLx-_BOfgXf4JfILzTTVW3cQRGAms Kenya is driving its ride-hailing operators crazy. In a few weeks, Kenya’s National Transport and Safety Authority (NTSA) will [enforce a regulation](=.yv4M7kJrSoDbF4zNABOz3czxekN4fbhixsfp8iOYtFA) that caps commission for all ride-hailing companies in the country at 18%. Why have I heard this before? Because something similar happened in Tanzania a few months ago. Earlier this year, Tanzania’s Land Transport Regulatory Authority (LATRA), which regulates the taxi sector, [restricted commissions](=.kNkgVDnkZr0qEaAx76rjGO_vJz0fFyfAqT47ZuZzjZw) earned by ride-hailing companies from a maximum of 15%. After the announcement was made, Uber, which charged its drivers a 25% commission, exited Tanzania. Months later, Bolt toned down its offerings, [announcing](=.hoDOtlZ7lMIOjdffKokFfXUAl6MWYukj-VnUNxbBj9c) that it would only provide its services to corporate clients. How’s Kenya taking the news? For operators like Bolt and Uber, it’s bad news. This time, however, Uber is choosing fight instead of flight. Last week, [TechCrunch reported](=.BFDdINiklZOUvHLi2lIQwQdfHRnHwHm1Zm7aRM_UIcY) that the company is contesting the regulation with an appeal to the Supreme Court to nullify the decision. Uber says the regulation is not only unconstitutional and discriminatory, it also discourages foreign investments. Bolt is keeping mute. For local ride-hailing companies, however, the regulation couldn’t have come at a better time. Little, for example, has taken the opportunity to announce itself and its 15% commission offer. CEO Kamal Budhabhatti [has stated](=.T7VyQl3RlEZOjNBLMAGtxjyBUVNM3DeuvmbzjIJfEEI) that his company is fine with the regulation as it creates fair ground for local startups that can’t offer incentives like discounts because they already charge low-commission fees. [WhatsApp](=.X1j18aSS62hasW8WlSmi9E9ylMwvmPyB9MMx8BTkkiM) [Twitter](=.8AWGCWajs9J6aru_EZSLsPEhQvEb39D83t-f5iPVnoA) [LinkedIn](=.0CEQ6KrkKVYzminpg4AWdKGB2RKzRTk3hn5JqubpdLc) [Facebook](=.KY5D8Lj3hwNpyQzhbjxrHugFZHa3-P5_epvl3rjq5BQ) [Email](mailto:info@example.com?&subject=&body= ADOBE WILL ACQUIRE FIGMA FOR $20 BILLION =.p-6wLBXdS0vxIVBboJuVaU117dMf8TMAkNE9fi7wK3s Image source: Stack Diary In not-so-surprising news, tech behemoth Adobe Inc has acquired its biggest competitor, Figma, [for $20 billion](=.3VHarCWvkOQeDrHuBrNC3Zmbzr00nLliRxeIocmFb0c). Early yesterday morning, the Wall Street Journal and Bloomberg [reported](=.65nsPmdMMQsZOE8Oe-8328NAksRwDlIWJXdTW4d5_lI) that Adobe was nearing a deal to acquire Figma. Much later, Adobe [took to Twitter](=.MQfvY5ikGtu6Op4zzVNraM1t49viiUc96186cGHNO0o) to confirm the news. Side bar: Just in case you don’t know, Adobe and Figma are software tools that help designers and creators bring imaginations to life. While Adobe—founded in 1982— is an enterprise behemoth software that offers various products like Photoshop, Illustrator, and Premiere Pro (a tool used to edit many Marvel Movies), Figma is a web app founded in 2016 that offers design software. And now? According to Figma, the deal has been in the works for 10 months and “is a huge opportunity to accelerate the growth and innovation of the Figma platform with access to Adobe’s technology, expertise and resources in the creative space.” When the news was released many users were concerned. Why? Figma offers excellent design software with a freemium plan; it’s free for individuals and small teams, a good catch compared to Adobe’s seven-day-only free trial plans. Also, Figma is also web-based which means designers can access it and their designs on any device with a browser. On Adobe, designs have to be in the cloud and devices must have the app before any designs can be accessed. As Big Cabal Media's head of design Dumebi Iwuchukwu said to TechCabal over a chat, the basis of users’ concern is that the acquisition would see Figma abandon its community and freemium-based models, and adopt Adobe’s aggressive monetisation style. To this, Figma CEO [Dylan Field stated](=.VxoRAouvPQoDPPa4uuI3r3QHBMfCM66IG5x9_rriCts) that the team will remain committed to keeping Figma running autonomously. The CEO also announced that the company had no plans to change Figma’s pricing. [WhatsApp](=.JHDnUH3LwVo9fliCNYwGXKvwrwDOWXPnozNSKG1w_ms) [Twitter](=._FpZg3QsAAV6QwEKpL8S-wW_9cju6VipxjzBfish5Ng) [LinkedIn](=.qsOv9qeJC2YUtTLl1gTB0TxZ7MiPJ95aHb7SXJZ6n70) [Facebook](=.29QahdAM9UJMNdnkWA0p18_GZLV5oYZ3Mk4znPHKs1w) [Email](mailto:info@example.com?&subject=&body= SELL MORE WITH PAYSTACK [Paystack](=.TGlzfuGp68UpHkI_TlowT3GGMLvyR9BN1aMBDxjDdRY) Increase your online sales with a Paystack Storefront - a free, beautiful seller page that helps you bring creative ideas to life. 👉🏾 Learn more at [paystack.com/storefront](=.JeBYuQDdxLC6i5dtCozb3JzlVveTKtMZ4Lbj7vI7qlE). This is partner content. TC INSIGHTS: FUNDING TRACKER =.epnbX28kS1rfk3WRJgra3Sb4H7Ewd35HZ82NvQ5E4Co This week, Kenyan-based insurtech company Turaco [raised](=.FxbkgrHPhOdDy4G3PPtb6lpRZwLVNOPK2kEkkhvJVgg) $10 million in a Series A equity round led by AfricInvest (through the Cathay Africinvest Innovation Fund) and Novastar Ventures. Other participating investors include Enza Capital, Global Partnerships, Zephyr Acorn, Operator Stack, Asi Ventures Limited, and Push Ventures. Here are the other deals this week: - Kippa, a Nigerian financial management app, [raised](=.Eouw8rz_-_htlfKzNwDxHoEZPwrLQZqPOnYJbbF61eI) $8.4 million in an undisclosed round. Participating investors include Goodwater Capital, TEN13 VC, Rocketship VC, Saison Capital, Crestone VC, VentureSouq, Horizon Partners and Vibe Capital. - Nigeria's blockchain payment startup, Bitmama, [raised](=.jwfLcpofhkyEizApQMWWfjG2JQajGaFmZlQ4IDDGy34) $1.65 million in an additional round of funding, bringing its total pre-seed round to $2 million. This new round includes investors from its initial round as well as new investors. These include Tekedia Capital, GreenHouse Capital, ODBA, Five35 Ventures, Chrysalis Capital, Enrich Africa, Thrive Africa, Angellist Ventures, and angel investors including CELO founders: Rene Reinsberg and Marek Olszewski, and Honey Ogundeyi. - BusyMed also [raised](=.z7Rj0K1nFGb962xX9TqTpqbXuD07NTIpkAoPK29OBsA) an undisclosed amount from Entrepreneurs for Entrepreneurs Africa (E4E Africa). That’s it for this week! Follow us on [Twitter](=.BSnaMV-own5Ib4Tiy2coeRpqMkqBLe4Tju4peDsrMkc), [Instagram](=.6uQ8EjLGA46ew3W9E2dTIMF-1c2jPtvbhRKnqMYDcVw), and [LinkedIn](=.D2fjw65S2I5_1LZ4SfDpmukG4i_UXooMl3l3FvJpo-8) for more funding announcements. [WhatsApp](=.DhN-86-EiUSTFY-ufSFfRxi-ytZU3G_sgGx1kEF-d-Y) [Twitter](=.zxT_mLc0rpR_0vxty4QIvyvB-URAvCaR5kkSQlNhiss) [LinkedIn](=.Nh5GDLnRVOO9ur4wmZmH4NEp2OprUNFXeaVx40eEGbc) [Facebook](=.w9sI1hYkE-KJ5wFQJ-2OazrikqbeMxaB8jyd1D3CYOc) [Email](mailto:info@example.com?&subject=&body= EVENT: T-MINUS 7 DAYS UNTIL #FOC2022 =.0KnuQRKiyzjyIoBqDaUv6THXfJOAnyST9RZvqBD5I9k [countdownmail.com]=.bc42NJKBo9ACzZfGgfy7zrpOBIGA2AO4vgTF6hd3rXs If you haven’t signed up to attend #FOC2022, what are you waiting for? At this year’s Future of Commerce 2022, our conversations will centre around ‘money on the streets.’ More than 30 business leaders and experts will discuss how innovation in payments, social media, and logistics are powering Africa’s commerce. We will discuss the current state, challenges, and solutions, from the key players in the commerce ecosystem. #FOC2022 is a conference you don’t want to miss, so [click here to sign up now](=.nC2vTMeYvXdVUJyaygmPwQt8sEV3hdIwuAp084ejjNg). [WhatsApp](=.37DgnPHtfmfov_Ee3OoXvbfgLM0ep7-HwzNB6umAjOg) [Twitter](=.rWqkxIW3HinMSiJGw1vzfosxC-UBhwrJL22iCvCAGdQ) [LinkedIn](=.NIj8fjzF-Au7c08sLNxlMDr8BegBaCYa2WivjZM0TB0) [Facebook](=.-FUqYOGZtU2Dwwt0VVyjcYO9Ro6BcWQOZR6grWt-Jes) [Email](mailto:info@example.com?&subject=&body= CASH OUT WITH CASHOUT [Africhange](=.QjneUsaD94w6HNCq54jHS-e95xfec0WKIc3Yq48YXN4) Start cashing out your bitcoin for naira today. With Cashout, you can own a bitcoin exchange and start receiving payments with bitcoin. Cashout makes it easy to exchange bitcoin for naira. Get started today! [Cash out with Cashout](=.ktVnpxwhBFIQPU7xH0eRtpU12EmVesKAOkGVXVvZInA). This is partner content. IN OTHER NEWS FROM TECHCABAL What to expect from the [BNPL session at the Future of Commerce 2022](=.yIQJC1rMMIfav80yO6hBQgVDjhT_Jgx7k8PP4zsx7hw). South African mobile network operator [Rain valued at R17.9 billion](=.ILjo-jaRY_eQW9HXO1-B0Hkr0tK9acCRy04_aumnLpM) by major shareholders. Adaverse is backing [a diverse range of Web3 startups](=.dK1RDGkr0mZf5RN4xYB-AuhxQbcaaSz-pX1buX3Re38) across Africa. [Safeboda enters the car-hailing space](=.zYlWOBUxQuIc4OGJBU-Y0p19s-qkeRHnnynkdLnbxug) after seven years of bike-hailing. JOB OPPORTUNITIES - Pulse Africa - [Social Media Manager](=.yJwOSJupw5lCtcuTTQxddunBdFC2onD-J2KpSQHsYLs), [Digital Sales Strategist](=.4kIZ3-KW3vq6I07FqGeDNnuAzHRW6sb8qVOntCg9koE), [Creative Digital Strategist](=.dPHEzRdVoudK7RsVZW34YWrv4HccF7hbqLZH9tTqpec), [Senior Graphic Designer](=.WkZkHRf4FAQJFiYTo3NJrYeI5iNSB7KegOwU2q0aa7Y) - Kenya/Nigeria/Uganda - Beer Tree Brew - [Product Manager](=.53Lk7N8JciV9ysNhkO1iG0lhEqD8b0L_l10smE5Ln5Y) - Nigeria (Remote) - Osiris Trading - [Digital Learning Specialist](=.fHeEWof0RIKJiq2XkrXWUZ1dyOsvb0lcrEal_Xia6EA), [iOS Developer](=.u6ZLER4NJkkKpO7xhhfFBREAFLE-LjguYZkaBvDJ2Uk) - Johannesburg, South Africa. - Nexa - [Senior Copywriter](=.I-GLDb4JZkr5SlSONDl39WOb3B_S2vXmToIqxoolcC8) - South Africa (Remote) - OfferZen - [Content Marketing Writer](=.wXlvuUUTz5q4gn03J_AXJJ2iXRN3jXVAndkEoIvrRHE) - South Africa (Remote) - International Rescue Committee - [Communications Manager](=.fiHMCzdgNTNmBhUz9YGbQZ0rNfj61SqO7dUmZoenVLI) - Nairobi, Kenya. What else is happening in tech? - A [big blow for Elon Musk’s Starlink](=.i71IujmfZG6Pen8wXJ_csmJI8zf5M6YQSqiH6GnVLi8) in South Africa as launch date shifts from 2023 to “unknown”. - Here’s how [technology is changing the face of farming](=.mXLRF5SVXe1xH_SDa3P5YhHjGLKdAHYV-89ANZNY3ns) in Egypt. - Egypt-based beauty and personal care manufacturers ECC Group [acquires majority stake in Source Beauty company](=.M3DMfbxcDr58b5CQmp2y6JTrvBobvuKBvScq2iA-3Gg). - Ghanaian healthcare company [mPharma acquires majority stake in HealthPlus](=.iBhGw4iCt1u6qk6PZMfs5ENhyMNvxEzWXH-TudLr18A). SHARE THIS NEWSLETTER - =.BkS_nUSjiccdFna5BUGOs01HHyZwWDk2wNpl8ZOY1f8 - =.H4Ruulh57OR60x2J3-EF_TcXNKOOCtRho0D-2HyHkh4 - =.pWWKuBglnAT0ybOz35BVJvV7_sX_CMsHqokIW9-J9KU - =.wPNkM3-0k51XIlykWEWDZbJRZgVxm2FtpwLPj2Twlqw - mailto:info@example.com?&subject=&body= Written by - [Timi Odueso](=.-ctZgG0zx1PYQ-HWuzfD2gPpWphvJlacRd90A9SlSAA), [Tomisin Bamidele](=.Bch3SX0qswoD2AIJe6kFyGuHUUV0x5Z8taJdFMMOFGg) & [Tracy Olisa](=.gDGCEd-Q1FuGDZLQsF8vvc-3FHZmhWmofd6AdgT4clE) Edited by - [Kelechi Njoku](=.qL3zIwT63ixoQ6zxAjNwr2O9-G7s-irf778_dTTVeHs) Want more of TechCabal? 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