America First Policy Spurs Africa Startups to Seek New Backers

Oko Finance, a Morgan Stanley-backed startup providing disaster insurance to farmers in Africa, was on track to become profitable this year — until US President Donald Trump’s funding cuts gutted its biggest customer.

The US Agency for International Development accounted for almost 75% of Oko Finance’s revenue. Trump’s decision to cut almost all overseas funding forced the startup to let go of 126 contractual workers in Mali and reduce staff on USAID projects, according to Chief Executive Officer Simon Schwall.

Elsewhere, a grant worth $1.5 million to BasiGo, a Kenyan provider of e-buses, evaporated. The startup managed to ...