While the terms were not disclosed, the funds raised are being used to hire additional reporters and analysts to expand coverage for its subscription news service and specialised industry reports.
“Many people outside Africa are surprised to hear how significant the African space industry has become, and how the development of the industry has become a real priority for many nations and the African Union,” says Space in Africafounder, Temidayo Oniosun.
The GDP of the African continent has doubled in the last 10 years to over USD 2.2 trillion. Amidst this economic expansion, Temidayo explains that “the African space market is now worth over USD 7 billion in terms of annually generated revenue, and we project that it is likely to grow by over 40% in the next five years to exceed USD 10 billion by 2024. There are thousands of people employed across the African space industry, and our local technology skills set is growing alongside international partners and home-grown NewSpace startups. African engineers are increasingly collaborating on satellite construction, while local innovators are providing new application solutions across communications, natural resources, and public services.”
“We now have reporters in Kenya, Nigeria, South Africa, Rwanda, and Tanzania who travel around the continent to cover all aspects of the market. We typically publish six to eight stories daily, and we just launched our Opportunities platformthat lets you in on a wide range of new projects, open jobs, fellowships, and other prospects for gaining business and expertise. We want to be your first and best source for all information pertaining to the African space industry,” he added.
The investment round was led by AC Ventures, the venture capital firm led by Adam B. Cohen, who has previously built and sold other research and news companies. Cohen said, “I am proud to partner with Temidayo in evangelising the benefits of space applications to solve practical problems and create exciting business opportunities for Africans. As the cost of launch falls and satellites shrink, the most valuable resources now in the NewSpace arena are imagination and passion. Space is for everyone.”
Space in Africa is based in Lagos, Nigeria and provides daily news and data analysis relating to the African space industry, and also offers proprietary research and consulting services. The company was founded by Temidayo Oniosun.