Why startups fail: The overlooked role of people processes
12 startups shut down in Africa in 2024, with 25% due to people and operations-related challenges. 18 startups failed in the previous year due to lack of operational licenses and poor HR processes.
Africa Web3 Startup Mara Burned Through $15.9 Million In 2022
Mara lost $15.9 million in 2022, spending $9.1 million on salaries, bonuses, and allowances. The company had $5 million left in its account by the end of 2022 and failed to raise new funding in 2023.
Mara, a crypto startup backed by Coinbase, lost $16 million in 2022 as the leadership team fell apart
Mara raised $23 million in funding in 2022 but ran out of cash by 2024. At least 75% of the 4 million verified users Mara reported were fraudulent accounts.
