A South African mobility startup is the latest to shut down
South African mobility startup WhereIsMyTransport has announced its closure due to the inability to secure new funding. Founded by Devin De Fries in 2016, the startup had previously raised a substantial $27 million in funding and maintained a workforce of 140 employees.
WhereIsMyTransport specialized in mapping both formal and informal public transport networks and utilized this data to enhance the overall public transport experience, with a focus on safety and accessibility. The startup also licensed its data to governmental bodies. In May 2022, it reported having mapped 50 cities across Africa, Latin America, Southeast Europe, and Asia. Notable clients included the World Bank, which leveraged the data to assess public transport access to job opportunities in 12 African cities.
WhereIsMyTransport had a diverse group of investors, including Naspers Foundry, Cathay AfricInvest Innovation Fund, SBI Investment of Japan, Wuri Ventures, Capria Ventures, Nedbank, Global Innovation Fund, Goodwell Investments, Google, and Toyota Tsusho.
Points clés à retenir
As the global startup landscape faces a funding winter, Africa's tech ecosystem, which defied this trend in the past, is now experiencing an influx of startup closures due to declining venture capital. The inevitability of these shutdowns has reached the continent, forcing companies to opt for closure over strategies like layoffs, which have proven ineffective in sustaining their operations. In the recent past, notable closures include Kenyan logistics firm Sendy, which entered administration after failing to secure a buyer, and Nigerian genomics startup 54gene, which initiated its shutdown process. Ghanaian fintech Dash also met a similar fate amidst controversy. Over the last six to seven months, at least five startups, including Lazerpay, Paxful, Zumi, Hytch, and Wabi, have shuttered their operations, based on publicly available information. This wave of closures highlights the challenging climate facing African startups as they grapple with the ongoing funding scarcity.
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