This archive report was first published on 22 July 2019.
Space in Africa Secures Investment, Expands Coverage Across Africa ¶
On July 22, 2019, Space in Africa, a news, data, and market analysis platform for the African space industry, completed its seed funding round led by AC Ventures, an investment firm led by Adam B. Cohen.
The funds raised will be used to hire additional reporters and analysts to expand coverage for its subscription news service and specialized industry reports.
According to Temidayo Oniosun, founder of Space in Africa, the African space industry has become a significant priority for many nations and the African Union. The industry's growth is driven by the continent's economic expansion, with the GDP doubling to over USD 2.2 trillion in the last 10 years.
Oniosun noted that the African space market is now worth over USD 7 billion in terms of annually generated revenue and is projected to grow by over 40% in the next five years to exceed USD 10 billion by 2024.
Space in Africa has expanded its coverage across five African nations, with reporters in Kenya, Nigeria, South Africa, Rwanda, and Tanzania. The platform publishes six to eight stories daily and has launched its Opportunities platform, which provides access to new projects, open jobs, fellowships, and other prospects for gaining business and expertise.
AC Ventures' Adam B. Cohen expressed his pride in partnering with Oniosun to evangelize the benefits of space applications in solving practical problems and creating exciting business opportunities for Africans. Cohen emphasized that imagination and passion are now the most valuable resources in the NewSpace arena.
