"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.
"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.
The Mwango roundup of Today’s Top Business News [June 22, 2022]
1. In its latest bid to curb tax cheating and staff bribery, KRA workers in the Domestic Tax Department and Customs and Border Control will start wearing body cams to record any actions for review.
2. In a proposal to Parliament, the Salaries and Remuneration Commission wants the salaries and allowances of public officers be automatically reviewed after every 4 years as a means to match the increasing cost of living.
The Mwango roundup of Today’s Top Business News [June 21, 2022]
1. The price of a 2KG packet of maize flour has breached the KES 200 mark; setting upward pressure on inflation as Kenyans grapple with a rise in the cost of other basic goods.
- EPRA [@EPRA_Ke] this week adjusted June/July pump prices by Kshs 9.
- National Treasury [@KeTreasury] CS Ukur Yatani [@BaloziYatani] pointed out that the cost of the fuel subsidy could eventually surpass its allocation in the national budget.
2. Debt Markets
- Senate has approved the National Treasury's request to underwrite Laikipia’s Kshs 1.16B infrastructure bond.
- Banks pass on costs to customers to protect their spreads.
The Mwango roundup of Today’s Top Business News [June 20, 2022]
1. Kenyans abroad sent $339.7M in May 2022, + 7.6% rise Vs May 2021.
US was the largest source of remittances with 57% of May remittances.
2. An executive director at SIB [@investwithSIB] blame the aggressive interest rate hike by major central bank in the developed world to have hurt Kenya’s businesses, households, and investors through costly loans, losses at the Nairobi bourse, and weakened shilling
3. Data published by WorldRemit shows that Kenya was its second largest market in Africa.
Users globally sent KES 24.2B to Kenya via WorldRemit, second to Nigeria where KES 38.4B was sent through the payments giant in the first 5 months of the year.
Is There a Dollar Shortage?
💲 KAM [@KAM_Kenya] Reports Dollar Shortage
🏦 CBK [@CBKKenya]’s 2021 Annual Supervision Report
📉 Sanlam [@SanlamKenya] FY 2021 Results