PesaTalk, a Kenyan web news startup founded in March 2012 might close shop the end of this month if no investor is found to inject in the much-needed cash. (This is too sad.)
Over 25K Readers Monthly
Now over 25,000 readers monthly from around the world and nearly 3K followers on Twitter PesaTalk has been a reliable source of financial news and insights setting itself ready for a final takeover as print newspapers walk towards their end exemplified by the shutting of Newsweek’s print magazine for an all digital version.
8 Investors Needed, Each Just $5K,
The founders of the startup now say its time to invite others to build together from as little as US $5000 to US$40,000, anyone can own an equity stake in PesaTalk and sustain its growth. Eight investors can also pull together US $5,000 each to make the needed $40,000 for equal shareholding percentages in the startup then agree on exact equity percentage with the founders.
The founders are not doing it for fun.
Simplifying Financial Terms, Insights & News
Talking to one of the startup’s team member earlier, he had said,”We all struggle with bills, inflation, interest rates, mortgages, indices, investment and other financial terms that PesaTalk solves. Simplifying this terms is what we are known for.”
But the last quarter of 2012 wasn’t good for this financial news startup many have come to love. PesaTalk lost its CEO, Joel Macharia, but someone had to be found to row the boat on.
“Dear xxxx,
I believe you’ve already been told by Michael that Pesatalk no longer has the funds left to carry on its operations and that this means that 88mph (Rainlex) wont be able to keep you on after January.I’m really sorry about the situation and I hope that either things will turn around for Pesatalk or if not, then you will be able to find something else very soon.Please find attached you letter which explains that you have one month’s notice. We require you to work your notice and you will receive your last pay at the end of next month. “All the best,
“We regret to inform you that we will be terminating your employment with Rainlex Investment Ltd. As Pesatalk no longer has the funds to cover the running costs of its operations, the difficult decision hasbeen made to release all of the employees working on PesaTalk. Unfortunately this means we will nolonger be requiring your services.As per the terms of your employment, you will be given a notice period of one (1) month, as from the21st December 2012.We would like to thank you for contribution to Rainlex Investment Ltd and PesaTalk, and we wish you allthe best with your future endeavors.”
Now if things don’t really turn around we will miss the team’s comprehensive, fun and simple to understand financial news but; business is business.