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Funding: Nigeria’s Startups Attract the Most in Africa

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  • Funding: Nigeria’s Startups Attract the Most in Africa

A report compiled by Disrupt Africa showed a total of 210 African start-ups attracted US$334.5 million worth of investments in 2018.

A break down of the report revealed Nigeria secured US$94,912,000 funding with 58 start-ups in various sectors. The largest amount among the African nations surveyed during the year.

In the report titled ‘African Tech Startups Funding Report for 2018’, the number of start-ups that raised funds during the year grew by 32.1 percent while the total funding jumped by 71.5 percent when compared with 2017. Another indication of the growing interest in Africa’s start-ups.

The report also highlighted Nigeria as the hub of Africa’s start-up funding, following years of playing second fiddle to South Africa.

South Africa raised US$59,971,000 with 40 start-ups in 2018. Kenya came third in terms of the number of start-ups that raised funds.

Speaking on the report, Gabriella Mulligan, the Co-founder of Disrupt Africa, said: “It has been an incredible year for tech start-ups in Africa – and it’s a real pleasure to release this report and the impressive figures it contains. The continent’s entrepreneurs have grabbed the attention of investors, accelerators, and media both locally and globally this year with their innovative solutions and business models, and it’s great to be able to report on such strong results across our ecosystem.”

Tom Jackson, another Co-founder of Disrupt Africa, said: “The African tech space continues on its upward trajectory, with more start-ups than ever before securing record levels of funding in 2018.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Combined Market Cap of Five Largest MedTech Companies Surged by $40bn YoY

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Five Largest MedTech Companies Gained Combined $40bn Year-on-Year

The coronavirus outbreak put immense pressure on the healthcare industry, forcing pharmaceutical institutions to roll out clinical trials for a COVID-19 vaccine at breakneck speed. However, many other companies also played a huge role in identifying symptoms and keeping the virus under control, which sparked significant innovations in the medical technology market.

According to data presented by AksjeBloggen, the combined market capitalization of Johnson & Johnson, Abbott Laboratories, Medtronic, Siemens AG, and Cardinal Health Inc., as the five biggest MedTech companies globally surged by $40bn year-over-year, reaching $394.3bn in October.

Abbott Laboratories Market Cap Jumped by 31%, the Biggest Increase in 2020

The World Health Organization defines medical technology, or MedTech, as the use of knowledge and technology in devices, medicines, and procedures to advance human health. One aspect of that which has been drawing more and more attention lately is remote healthcare services or telemedicine, as the growing number of people seek medical advice from the safety of their homes.

In September 2019, the combined market capitalization of the five major Medtech companies amounted to $354.2bn, revealed the Yahoo Finance data. By the end of the year, their combined value of shares rose to $398.7bn.

However, the first quarter of 2020 witnessed a significant drop, with the figure plunging to $359.1bn after the stock market crash in March. The following months brought a recovery, with the combined market capitalization of the five companies rising to $385.4bn in June.

The increasing trend continued in the fourth quarter, with the figure increasing by $8.9bn between June and October.

As the leading MedTech company globally, Johnson & Johnson witnessed an almost $40bn increase in the market capitalization year-over-year, growing from $340.3bn in September 2019 to around $380bn last week.

However, statistics indicate that Abbott Laboratories, the second-largest MedTech firm, witnessed the most significant market cap growth in 2020. In December 2019, the combined value of shares of the Chicago-based healthcare company specialized in nutrition, pharmaceuticals, diagnostic treatments, and medical devices amounted to $153bn. After falling to 139.5bn in March, this figure recovered to $161.8bn in June and continued rising.

In August, the company announced the US Food and Drug Administration (FDA) had issued Emergency Use Authorization for its BinaxNOW COVID-19 portable and affordable antigen test that can deliver results within 15 minutes. Since March, the company has got US authorizations for five other coronavirus tests, including the ID Now that can provide results within minutes.

The Yahoo Finance data show Abbott Laboratories market cap jumped to $194.1bn last week, a 31% increase year-over-year.

Siemens AG Market Cap Rose by 20% Year-over-Year

As one of the leading manufacturers and developers of medical devices in the industry, Siemens AG has also witnessed substantial market cap growth in 2020. Their products mostly center around diagnostic equipment and medical imaging systems, the largest contributor of more than €86.8 billion in revenue in the 2019 fiscal year. Statistics show the combined value of the German company’s shares rose by 20% year-over-year, rising from $87.4bn in September 2019 to $104.4bn last week.

The market capitalization of Medtronic plc, the Irish firm that has been at the top of the industry for nearly three decades, rose by 3.5% YoY. In December 2019, the market cap of the medical device company peaked at $151.3bn. After a sharp fall to $120.8bn in March, this figure recovered to $150.4bn last week.

The Yahoo Finance data indicate that Cardinal Health, Inc., an American multinational health care services company providing supplies to more than 75% of the US hospitals, witnessed the smallest increase in the combined value of shares. Statistics show its market cap rose by $350 million after the stock market crash in March, landing at $14.3bn last week, a 3.7% increase year-over-year.

 

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Buy Now, Pay Later Apps Record 8m Installs YTD, Grows by 155% YOY

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8.43 Million People Install Buy Now and Pay Later Apps

Data presented by Stock Apps indicates that Buy Now, Pay Later applications have recorded about 8.43 million downloads. The downloads are on a year to date basis.

Coronavirus spurs BNPL apps downloads growth

The highest downloads were recorded as of September 20th at 1.4 million. As of January 20th, the BNPL applications had been downloaded 962,000 times.

The application downloads recorded a significant decline across the year between March and April at 767,000 and 734,000, respectively.

The Stock Apps research also overviewed the application downloads on a year over year basis. As of September 2019, the apps had been downloaded 650,000 times. During a similar period this year, the apps had recorded 1.4 million downloads.

The research explained the soaring popularity of BNPL apps registered this year. According to the research report:

“The Buy Now, Pay Later apps enables customers to purchase goods with payment plans segmented into installments. The apps have been on the rise this year as the coronavirus took a toll on the economy. Most people lost their jobs as different states imposed lockdowns to contain the virus. Due to the pandemic, consumer spending dropped. Essentially, as the economic uncertainty grew, many consumers were more comfortable buying a variety of essential items that had the option to make smaller payments over time without adding to their credit card debt.”

The research also linked the rise to consumers who are shunning credit cards due to high costs.

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Netflix Subscribers Grow by 2.2M in Q3 2020 as Its Mobile App Falls Two Spots behind Disney+

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Netflix Grows Subscribers by 2.2 Million in the Third Quarter

Following a blockbuster H1 2020, Netflix’s growth slowed down in Q3 2020. According to the research data analyzed and published by ComprarAcciones, net paid subscriber additions for Q3 2020 were 2.2 million. Comparatively, FactSet analysts had estimated 3.57 million while Netflix had expected 2.5 million.

According to a report made by Netflix, it had added 15.77 million subscribers in Q1 2020 against an expected 7 million. In Q2 2020, the total number of new paid subscribers was 10.1 million versus an expected 7.5 million.

Disney+ Subscribers Grow by 60M in 9 Months vs. Netflix’s 28.1M

At the end of Q3 2020, Netflix reported a total of 195.15 million. Netflix reiterated the fact that it had missed its Q3 2020 subscriber forecast due to the company’s record performance in H1 2020.

All in all, Netflix had an additional 28.1 million subscribers added in the first nine months of 2020. Comparatively, it added 27.8 million throughout 2019. For Q4 2020, the company estimates 6.0 million additional paid subscriptions. If it achieves this forecast, total paid net adds for 2020 will be 34 million, setting a new record higher than 2018’s 28.6 million.

Moreover, Asia Pacific accounted for the highest growth of Netflix net paid subscribers, contributing 46% to the global total in Q3 2020. APAC revenue grew by 66% during the period, compared to 22.7% global growth.

According to a study by Sensor Tower, Netflix was the eighth highest grossing mobile app in Q3 2020 on both the App Store and Google Play. Streaming rival Disney+ sat ahead of Netflix, in the fifth position.

Based on a Walt Disney report, Disney+ subscribers have grown at a remarkable rate since its launch. Immediately after its launch in November 2019, it had 10 million signups, growing to 26.5 million at the end of December 2019. By the end of March 2020, the number had risen to 33.5 million and further to 50 million by April 2020. As of August 2020, it had 60.5 million subscribers.

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