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Mwango Capital

@MwangoCapital

Jun 22, 2022 • 15 tweets • 7 min read • Read on X

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Kune Food. A short story.

1. Kune Food was launched in December 2020:

"After three days of coming into Kenya, I asked where I can get great food at a cheap price, and everybody tell me it’s impossible" - Founder Robin Reecht

2. Their goal?

" The goal? To provide affordable, convenient and tasty meals"

3. They raised USD 1M in pre-seed funding in June 2021.

4. From the July 2021 Kune Food report:

5. August 2021. Kune Food launched kune retail.

6. Oct- November 2021:

A VP of Softbank invested in Kune Food.

7. December 2021: Official launch.

8. We did attend the high-powered launch btw:

https://twitter.com/MwangoCapital/status/1461651701711134724?s=20&t=7cwbqGDUwDcHAnztaCh2kQ

9. December to February 2022 traction:

"Our traction has been tremendous, and above all expectations. In only 3 months since launching, we multiplied our sales by x12, from 3000$ of MRR to 37,000$ of MRR"

+ launched billboards + android and iOS apps:

10. Last we checked they were going to raise $6M for the seed round to expand across Africa:

Seems this did not work out and they have run out and will close shop soon.

11. They have tried to source for funds or to sell to a strategic buyer and all channels were closed:

"I have exhausted my options. Am just not able anymore to raise money, it’s impossible." - Founder.

12. The founder on LinkedIn:

"Many things could have been done differently, better certainly. The coming months will allow us to reflect on Kune’s failure, and I hope to share about it when the time will be right"

13/13. The end.

Kibandaskis remain undefeated.

@KuneFood

Tomorrow evening on #MwangoSpaces, we reflect on the journey of Kune Food [@KuneFood], the lessons we can learn and what it means for the ecosystem.

twitter.com/i/spaces/1vAxR…

@KuneFood

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Oct 15

KETRACO [@KETRACO1] has taken 3 pages in the Star Newspaper to give more details on the Adani Energy deal.

Here is a thread with a few key points we noted from the statement.

@MativoMJohn @arnoldi254 @kinjeketile @Jasiri_MAR @DollyOgutu @lindahoguttu @RichardOnyonka_ 1. Background:

—The Transmission Master Plan (TMP) projects the need for an additional 9,600 km of transmission lines and a $5.2B investment by 2042 to support industrial growth and electrification.
—KETRACO is exploring Public-Private Partnerships to bridge the funding gap

2. Why PPPs?

—KETRACO projects have historically been financed through loans from development partners like the World Bank, AfDB, JICA, and Exim banks.
—The next set of funding from these partners is estimated to be available after the financial year 2028/2029.

Read 12 tweets

Mwango Capital

@MwangoCapital

May 11

The latest Finance Bill proposes several key changes to Kenya's tax laws.

Here is a thread of a few things we picked:🧵

[Corrections welcome]

@Nikhil_Hira @mwaniki_joseph @wakili_dennis @ill_dduor @coldtusker @Brianmbunde @janetmachuka_ @arnoldi254 @mmnjug @Theo_mwangi 1️⃣ Finance Bill 2024 introduces the Motor Vehicle Tax:

💰 The tax rate is set at 2.5% of the vehicle's value

🔴 Minimum tax: KES 5k. Maximum tax: KES 100k

✍️Calculation based on make, model, engine capacity, and year of manufacture.

2️⃣ Withholding Tax:

The bill introduces withholding tax on goods supplied to public entities at 3% for resident persons and 5% for non-residents.

Read 21 tweets

Mwango Capital

@MwangoCapital

Apr 16

We compiled a thread on SACCO's FY 23 Results that we have received so far.

Here is the thread:

@cheruiyotkb @the_acemt @moneyacademyKE @nderi_j @RonnyChokaa @xysist @wiseshilling @StellarSwakei @tyrus_ 1. Nation DT Sacco[@NationDTSacco]:

—Total Assets: +17.7% to 3.5B
—Net Income: +8.5% to 235M
—PAT: +3.8% to 116M
—Dividend rate on deposits: 20%
—Interest rate on member deposits: 11%

2. Magereza DT Sacco:

—Total Assets: +12.7% to 7.9B
—Net Income: +33.4% to 606M
—PAT: +53.9% to 129M
—Dividend rate on share capital: 10%
—Interest rate on member deposits: 6%

Read 21 tweets

Mwango Capital

@MwangoCapital

Apr 5

10 Key Takeaways from the CBK Post-MPC Briefing by the Governor.

1. CBK is keen on the separation of Safaricom & M-Pesa:

"One of the factors that has been delaying this..is the tax liability which is fairly significant in the order of at least KES 75B & what to do with it"

2. There has been a sharp rise in remittances to Kenya this year:

"If one were to compare the first two months of 2024 (Jan & Feb 2024), we see remittances for those two months compared to the two months in 2023 have increased by more than 20%"

3. There was a slowdown in growth in credit to the private sector in Feb 2024 from 13.8% to 10.3%

"A certain amount of private sector loans is denominated in dollars & therefore, when the exchange rate appreciated the level of credit to the private sector did decline"

Read 10 tweets

Mwango Capital

@MwangoCapital

Jan 7

We selected the top #MwangoMemes from 2023 for you to enjoy!

1. The Kenya shilling closed 2023 at KES ~157 against the dollar.

Earlier in the year the President had promised that it would be trading at around 115 to 120 in a few months.

#MwangoMemes

@coldtusker @OchiengJasper @Brianmbunde @Bebi_16 @swabrah @KenyansNoContxt @Dicksonmagecha @MugambiNandi @alexmwanzo @InvAnalystKe 2. Kenya Power [ @KenyaPower] sought to enter the internet business.

It identified some 93 hotspots in Nairobi & Mombasa where it will connect with high-speed internet through 1,331.68 km of overhead fiber optic cables in phase 1 of its data business.

#MwangoMemes

3. There was a proposal to make Kenyans working abroad make mandatory contributions to a new Fund.

Every migrant worker would have to register as a member of the fund before departing the country.

#MwangoMemes

Read 25 tweets

Mwango Capital

@MwangoCapital

Dec 24, 2023

𝐓𝐡𝐢𝐬 𝐖𝐞𝐞𝐤'𝐬 𝐓𝐨𝐩 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐍𝐞𝐰𝐬 𝐢𝐧 𝐌𝐞𝐦𝐞𝐬:

1. Kenya's backlog of incomplete projects reaches KES 1.3 T, sparking calls for a halt on new government projects until existing ones are completed

#MwangoMemes

@MihrThakar @KenyansNoContxt @PesaWall @alexmwanzo @swabrah @NguliMT @MwangiMaina_ @Brianmbunde @arnoldi254 @DollyOgutu 2. Taxpayers are facing a new burden as President Ruto's administration plans to secure an additional KES 362B to fund his second full-year budget, set to surpass the KES 4T mark for the first time.

More debt on the way:

#MwangoMemes

3. Emergency loans the Treasury has tapped directly from CBK [ @CBKKenya] have hit a historical record KES 91.13 B.

According to CBK data, GoK’s overdraft has grown from KES 61.12 B at the end of July to KES 88.33B on December 1.
#MwangoMemes

Read 20 tweets

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