Crypto startup Vibra reportedly shuts down Africa operations

Key Takeaways

As the funding winter season set in, forecasts indicated a looming wave of startup closures on a global scale. Although Africa's tech ecosystem managed to defy this funding trend last year, the inevitability of startup shutdowns has reached the continent as venture capital dries up. Faced with challenging circumstances, many companies are now choosing closure as alternative strategies, such as layoffs, have proven ineffective in sustaining their operations. In the previous month, Kenyan logistics startup Sendy went into administration after failing to find a buyer, while Nigeria-based genomics startup 54gene also began the process of shutting down. Additionally, Ghanaian fintech Dash recently collapsed, albeit amidst controversy. Over the past six to seven months, at least five such shutdowns have been recorded based on publicly disclosed information. These affected startups include Lazerpay, Paxful, Zumi, Hytch, and Wabi.