[kictanet] Dodgy tech reporting - M-Kazi and TechMoran

[Andrea Bohnstedt]

The TechMoran link is still up, but the writer has taken down the bulk of
the story. Unfortunately I don't have a screenshot, but the writer alleged
that M-Kazi's team had embezzled USD1m that they had raised from investors.


On 6 February 2014 12:37, Andrea Bohnstedt <
andrea.bohnstedt at ratio-magazine.com> wrote:

> Dear all,
>
> Major eyeroll after reading this piece on Techmoran:
>
>
> http://techmoran.com/kenyas-m-kazi-closes-shop-over-embezzlement-of-nearly-1-million-raised-from-institutional-investors/#disqus_thread
>
> I just had a quick chat with Lino Carcoforo and a couple of points on what
> the real story is are below - Techmoran are just plain unprofessional for
> not including any response from the funders.
>
> And I think the real story should certainly be of interest to both the
> tech and the VC community. I'm sure Lino (copied) is happy to answer
> questions and discuss.
>
> Have a good day,
> Andrea
>
>
>
>
> ---------- Forwarded message ----------
> From: Lino Carcoforo <lino.carcoforo at googlemail.com>
> Date: 6 February 2014 12:15
> Subject: Mkazi- clarification
> To: andrea.bohnstedt at ratio-magazine.com
>
>
> Andrea,
>
> Mkazi raised a total of 200,000 USD NOT 1 million USD
>
> Main reasons for winding down,
>
> 1. Billing issues with Safaricom - Having negotiated rates through craft
> silicon to ensure better margins on SMS and USSD, mkazi was not able to
> bill safaricom directly due to a lack of a tripartite agreement.
> 2. Lack of cash flow due to not being able to bill
> 3. Discrepancy between mkazi system sms sent and safaricom delivery
> reports.
> 4. Failure to close subsequent funding as a result of not showing adequate
> growth in user acquisition -again, directly tied to lack of marketing
> spend.
>
>
>
>


-- 
Andrea Bohnstedt <http://ke.linkedin.com/in/andreabohnstedt>
Analyst/Publisher

www.ratio-magazine.com
www.africa-assets.com
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