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Mwango Capital Profile picture
@MwangoCapital
Jun 22, 2022 • 15 tweets • 7 min read • Read on X
Scrolly
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:

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.
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…
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…

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More from @MwangoCapital

Mwango Capital Profile picture
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] Image
@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.

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2️⃣ Withholding Tax:

The bill introduces withholding tax on goods supplied to public entities at 3% for resident persons and 5% for non-residents.
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Mwango Capital Profile picture
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We compiled a thread on SACCO's FY 23 Results that we have received so far.

Here is the thread: Image
@cheruiyotkb @the_acemt @moneyacademyKE @nderi_j @RonnyChokaa @xysist @wiseshilling @StellarSwakei @tyrus_ 1. Nation DT Sacco[@NationDTSacco]:

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

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

#MwangoMemes Image
Read 25 tweets
Mwango Capital Profile picture
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

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@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:

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

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Read 20 tweets
Mwango Capital Profile picture
Jul 25, 2023
The Hass Real Estate Index Q2 2023 Report by
@HassConsult
:

1. Land prices in Nairobi:

— General land prices for Nairobi’s 18 suburbs stagnated with slower demand and a decline of 0.1 % in the quarter but an overall increase of 1.2% in the year. https://t.co/4T7q3zyZUz
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@HassConsult 2. Land Pricing

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—Ngong experienced a bullish land price increase of 4.7% in the quarter and 20.7% in the year (4X the increase in the average Satellite Town) Image
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—Langata and Ngong however, continued to post strong growth with house price rises of 12.8 % and 18% respectively in the year. Image
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