Va O) es Birtley Cera ee DECODING A NEES INVESTMENT TN Waa rae pACONTENTS 01 — investment Map 02— highlights 03 Birds Eye View 04 auorter-On-Quarter Analysis 05— top 10 Deals 06 deal Types 06.1 Grants & Prize Money 06.2 Acceleration & Incubation 06.3 Big Ticket Rounds 06.4— $5 million+ Club 06.5— Icos O07 — debt Financing 08 top Sectors 08.1 Fintech 08.1.2 Micro-Lending 08.2 Healthcare & Education 08.3 Agritech 08.4 off-grid 09 Top Locations 09.1 nigeria 09.2 south afica 09.3 Kenya 09.4 Egypt 09.5— tunisia 09.6— Uganda & Ghana 10 most Active Investors 11 — Fund Launches 1 2 Mergers & Acquisitions 13 Focus 30 14__ MethodologyINVESTMENT TABLE - AFRICA cach —— 2018 ach eet Beont Wag S pastack pitpesa tambo Aare iy Wal anes cain a ul ee Glaibione BRT Sell Sess eS sgt fos ve o) Biss | i fe SEs, Sesaee Wests mh @) Bhciiins ORBtn VaiegeE oe B ood ae as ee Sa 4 Bie ga 8 = imatontine Wala, (EASE ita Reina i ‘UyzKime Feese y osoonges “Se Jugnice por uGawpa oe aa ardent fi le eee cera. AactehT oncoy QO SAND O.ereshe artes G32 Ne wove Mono 08 WATER rims & moka iS "eet ar al Duseet idertty@) maroar Giggs vetsark ie fees RANT rape gon 6 Sec tel NBR Yoznn06JeDbI-F Hombonaini @anany wz TabAd IREAMOING oe (Beciumein ae @rrertsosSoowwea aaa aes Qos ‘aura’ » See meSPOTLIGHT USD 725.6Mn Grants & Prize of venture capital Money wrest top spread across slot, Series A 458 deals on the rise Nigeria bags the highest number ! 25 Funds were zi launched this of deals, while a {A | South Africa a receives the PaEHRRr pels maximum investment USD 1 Bn oo Fintech leads the pack in terms of deal volume as well deal value 22 Mergers & Acquisitions were observed through the year Gr. &5- Trackerba VENTURE CAPITAL IN AFRICA: MAKING IT TO THE SKIES The technology & innovation landscape in Africa was seen fo be moking headway, fueled by @ torrent of venture capital in 2018. The year saw a record level funding of USD 725.6 million injected, the highest ever seen by the African ecosystem, This exhibits an over 4-fold increase in venture investments over the past year. The number of deals at 458 is again a whopping 127 percent hike from the last year. These numbers represent all disclosed deals of the year. The growth rates appear even more stupendous when compared with the investment trajectory taken through 2015 until nove. 458 201 153, 125 2015 2016 2017 2018 sams Funding Amount Deal Count Trackerba TRAJECTORY: A QUARTER AT A TIME Each quarter seems to have unfolded on @ more optimistic note, with the number of deals virtually doubling every three months until the fourth quarter which witnessed some inertia Deal values too soared for the first three quarters before slumping down fo half in the last one. Diving deeper would probably explain this fall, as the third quarter saw two of the biggest deals of the year — that of Webuycars (94 M) and Jumo (52.5 M of the 67.5 M) which shet up the deal value. $246.76 Mo wm Funding Amount mmm Deal Count $175.86 Mn $178.84 Mo $124.15 mnTracker CLIVE BUTKOW SEO) Kalon Venture Partners « “The international capital markets are seeing innovation in Africa. solving African and other emerging economies problems. These are significant problems with large target addressable markets making them more attractive to venture capital investors. Africa's VC landscape is becoming more African with an increasing number of investment funds headquartered on the continent ond managed by Africans There hos also been an emergence of homegrown corporate venture arms where significant capital is being invested in African startups, e.g. Safaricom, MTN, Ete. | believe this trend of larger and more checks being written into African tech will continue and accelerate in 2019 and beyond. This is in line with the number of great entrepreneurs that are solving large problems.”Da TOP 10 INVESTMENTS The ecosystem appears to have taken glaring strides towards maturity this year as seen by the surge in ticket sizes, creating market leaders across segments. The top 10 deals having cumulatively raised USD 457 million, they have managed 61 percent of the total funding value for the year. JUMQ — Seu Aiea ite aur er Mion ZOLA ‘uontach Sens 155 Mition Holi tnveatmant Pe 3 Elcre's VC arm Finch fc 475 Mion ie lacy Copal Poynton cellulant™* pl ine Te Mier ond Wakanow Tel Eauny 40 mien Cats Group (G golix — zmbsdwe ech co 23 Mion Unduclowed “branch ev Norse nay ane ote cs Cutan Seu Alco Fite sees Yeon : Trackerba DEALS BY STAGE The following bifurcation is done on the basis of number of deals. The highest proportion of deals belong to non-equily grants segment, while 20 percent of the deals come from Incubation and Acceleration money flowing into the ecosystem. 20.1% Incubation & Acceleration 4.6% Series A 42.5% Grants & Prize Money 0.6% : Series BD 2.2% 16% Seed Trackerora PRIZE MONEY AND GRANTS Iti interesting to see how non-equity funding as a phenomenon is cropping up in Africa, not quite observed in any startup and VC ecosystems around the world. An impressive USD 27.5 million was poured across 195 deals With the highest deal number, this category tops the chart. hep ros 7 an The biggest grant received by O-Mobile Media, a fintech company from Nigeria makes 45 percent of this amount. le Impact Challenge and Google Launchpad Accelerator others deserve an acknowledgement. TOP SECTORS Such programs and foundations are largely supporting sectors of Social ‘ 5 0 Impact and Agritech. Ce Social Impact... Agritech ee eeACCELERATION AND INCUBATION Accelerators and incubators on the continent are increasingly becoming coctive. This year, 92 deals procured USD 3.6 million worth of financial backing from them, numeration only considers cases of disclosed financial transaction that were part of the acceleration and incubotion support received These support entities are primaritly eyeing the Fintech space, as pointed cout by the fact that 14 fintech stortups were backed. Thi id area of interest appears to be Edtech and Al with 8 deals each in or. Most active incubators and accelerators include FbStart, Justice Accelerator, StartupBootCamp & FlatéLabs Wee Tracker Za rro TOP SECTORS ww LCoS reua] ru avaPartner & Chief Investment Officer, Startupbootcamp Africa roe Tracker ZACHARIAH GEORGE ( “It is important to acknowledge the fact that African tech startups that have gone through incubator and/or accelerator programs have done significantly better from a traction, revenue and valuation perspective than those that didn’t (all else being equal) We definitely need to get that number closer to at least 500 for the continent in 2019. From across the most active, tech savy ragions of Africa (South Africa, Nigeria, Kenya, Uganda, Ghana, Cote D’ Wvoire, Zimbabwe and others), we need to see @ minimum of 40-50 ventures joining programs each year The quality of the programs con definitely get better. But os the saying goes, ‘a rising tide lifts all ship’, and as the importance ond credibility of incubation/acceleration programs in Africa becomes more widespread and mainstream, the quality will also naturally self-improve."BIG-TICKET ROUNDS Ballooning deal sizes in Afri confidence and evolving ec: ica are indicative of increased investor Taking a brief look at the deal amounts ranging from USD 1 to 5 milion [exclusive of upper limit?) a total of USD 73.1 million was absorbed by 35 deals. Diving deeper into Series A financings, @ healthy dose of activity was observed here. 21 de: a gross influx of 76,9 M. These figures include Pre-Series A and Series A extension rounds. Moving up @ notch, deal amounts that were USD § million and greater, USD 582.6 million were pulled in by 30 startups in 32 deals. ee Tracker $1-5Mn 35 Deals Seo Certba THE 5 MILLION+ CLUB wesc ) callulant™ 47.5Mn Toot 23Mnba ICOs IN AFRICA In 2018, Africa witnessed 47 ICO launches according to WeeBase. A total of 42 million was raised in 4 ICOs that were successfully closed. The most noteworthy investment here is USD 23 million raised in an initial coin offering by Zimbabwe's blockchain startup Golix. This is the biggest amount raised by a startup in an ICO across Africa fill date. The second biggest funding roised through an ICO this year was a significant USD 12 million raised by Kora Networks. Though the company is based out of New York, but is focused on the African markets. Third in the series is Nigeria's SureRemit that raised USD 7 million at the outset of the year. The last one is that ‘of Cape Town based Sun Exchange, that ended on 31st Dec 2018 and is yet to disclose the amount raised. Though being in its early days, ICO have started getting relevant in the African contex. It has captured the attention of mony startups founders fo raise capital for their companies. Although the challenges around the issuance of ICOs ore many, owing primarily to scams, this could in the coming years become the alternative method of raising capital 47 4 $42 Mn Published Successfully Amount Raised Via ICOs Closed Succesfull ICOsba DEBT FINANCING This year has seen many technology companies riding on the back of debt financing. A total of 166.92 million was raised as debt capital by 8 enterprises The trend seems to be more pronounced in Kenya where half of these 8 companies are headquartered. On taking a closer look at the sectors, Cleantech has 3 deals to its credit with significant amounts. Do take note that the above set of deals have not been included in the invesiment figures shown in report, for they are not typical VC investments injected against equily Dulch entrepreneurial development bank FMO has porticipated in 2 of the deals for Zola Electric and Apollo Agriculture. a < f l f Zz ! - $53.4mn $52.5vn $50Mn $5Mn $5mn $543k $250k $235« m_s Trackerba INDUSTRY OVERVIEW Leading the startup narrative yet again this year is Fintech - both in terms of deals struck ond capital deployed. Though investors diversified their bets in Analytics & Business Intelligence Suites, Software-as-a-service, Logistics, & Transportation, apart from the top industries below. Fintech Healthcare Edtech Agritech Cleantech Ecommerce 93 43 42 38 36 23 $284.6 $15.3 $32.3 $20.2 $143.5 $97.7 Mn Mn Mn Mn Mn Mn Trackerba FINTECH Fintech yet again secured the top spot when it come fo deal volume end value both, and stood far ahead of the trailing sectors. 93 deals adding up to USD 284.6 million in risk capital is a testament fo the revolution that the sector promises The investment represents a significant 40 percent of the fotal funding. Much of this can be owed fo the fat cheques pulled in by few businesses as suggested by the fact that 7 out of the top 12 deals are from fintech. Here, South Africa's JUMO USD 67.5 million is the largest amount of investment pulled in In 2017 also, the financial sector led the way with 49 deals amassing USD 32.6 million. The year-on-year growth in investment amount sits at a striking 760 percent. Nigeria and South Africa with 28 fintech deals each are the front runners for the space, followed by 11 deals in Kenya:MICROLENDING The microlending in Africa is warming up to become a full-blown phenomenon. The segment attracted a total of USD 32.2 million in 13 deals in 2018, The highest funding from this space is thot of Branch International that picked USD 20 million in equity and USD 53.4 million in debt too. Nigeria has bagged USD 6.9 million in 5 deals. Since East and West African regions have earned the reputation of being the pioneer of financial inclusion through the eorly adoption of mobile money, it hos become the center of altraction for many lenders around the globe As per WeeBase, Africa's most updated startup and investor database, 71 microlending startups were active on the continent in 2017. While statistics as on 7 Dec 2018, saw this figure spike up to 106. ee Tracker Total Funding $32.2 Mn Most Active Nigeria, aera etba EDTECH & HEALTHCARE A fairly interesting trend emerges on juxloposing figures on deal values and volumes from Education ond Healthcare spaces. The sectors have 42 and 43 deals respectively that received funding. Though gross capital received by them are USD 32.3 million and USD 15.3 million respectively. The amount for Healthtech has largely shot up because of Vezeeta’s USD12 million, ond that for Education African Leadership Academy's USD 28.19 million fundraise. Barring thal, the amounts are merely USD 3.4 and USD 3.3 million for Edtech ond Healthcare respectively. It is worth noting now thal this is @ result of most startups receiving prize money, grants, and backing from incubators and accelerators which explains the small ficket sizes. The VCs don’t appear to be fond of these territories. While few VCs like Knife Capital (invested in Series A rounds of South Africa's Edutech company SkillUp Tutors end Health company PhermaScout), the investment amounts remain undisclosed« "African EdTech companies struggle to raise proper VC funding, and this situation does not seem to be improving They are stuck between Scylla and Charybdis - local investors V) are too cautious, and overseas investors do not consider the cheque size or potential market big enough to justify the due diligence. | dont see this changing much in 2019. The sector needs to think harder about a commercial proposition actually JAMIE MARTIN wanted by parents, companies or students, and focus less on supposedly disruptive (but actually just wrong) ideas like Founder & CEO twenty first century skills and student led learning.* Injini - EdTech focussed incubatorAGRITECH Agritech tu ut to be the second most favored domain for iny its credit. The sector is a new entry fo the top charts rs, with 38 deals and USD 20.2 million to The largest deals were managed by Twiga Foods that seized « USD 10 million, followed by a USD 1.34 million investment into Apollo Agriculture, apart from a convertible loan worth USD 250,000. All the rest of the deals were below USD 1 million. Kenya and Nigeria toke the lead with 9 deals each, trailed by South Africa and Ghana having struck 5 deols each. $20.2 TOP LOCATIONS -2 Mn Funding TOP DEALS Ris} Deals A $10mn $1.34 010 Trackerba OFF-GRID Electrifying Africa is one of the largest developmental challenges and opportunity on earth which is seen by many entrepreneurs around the world who're now riding the wave of the Solar Boom. In 2018, A humongous USD 139 M venture capital was fed to companies providing off-grid power solutions The SHA in sub-Saharan Africa prior to the startup and SME boom, was heavier on consumer’s pockets. The PayG model has been able to bring down the cost of energy considerably. As per WeeBase, a total of 33 companies exist on the continent focussing on electrifying Africa with solar off-grid and under-grid solutions One of the biggest obstacles fo the growth of solar power in the region was the lack of available cash. This ‘opportunity has been seized by many companies that have now become micro lenders providing loans to customers via the Pay-os-you-go model While solar power is creating a new hope for Africans, the numbers in 2019 will tell where the sectors is headed,ret "The number of homes and businesses lacking electricity in Africa continues to increase with traditional utiles struggling to fill the gap. Off grid and poor grid innovations including mini grids, home and commercial & industrial systems, among other enablers, are becoming mainstream solutions to fill this energy gop. Coupled with the fact that access to energy is increasingly becoming a key driver of productivity across the RAVINDER SIKAND continent, there is increased availability of debt and equity financing for this nascent sector Senior Partner, Energy Access Ventures Tracker eesba a LOCATION ANALYSIS This year, investors let loose their purse strings mostly in Nigeria that laid claim to 136 deals and USD 133.5 million of venture copital. This commands over one-third of the VC deals struck on the continent. South Africa, albeit, having shed the last year’s top destination spollight by deal volume, it hes relained its top position with regard to the total cheque amounis. The country con be credited with 33.2 percent of the total funding received by the continent. Kenya took the third spot, followed by Egypt 111.8 Mn IM eerste Ae ener eee eegeaeereereereeee e () S & . a w Nigeria South Africa Kenya Egypt NAN MAN we pi 136 Deals 108 Deals 77 Deals 42 DealsNIGERIA Nigeria with 136 deals wins the top VC destination badge, attracting «total of USD 133.5 milion. This is a gigantic leap forward from last year's USD 56.2 million spread across 36 deals The funding volume can be largely attributed to the top 4 deals, the lar being USD 40 million fundraise by online travel agency Wakanow which made up for 30 percent of the folal deal amount. The second largest investment is that of digital credit provider Mines that bagged USD 13 million in a Series A round. Third position is taken by Paga and O-Mobile Media which is incorporated in the UK but largely focused on Nigerian markets. The two enticed USD 10 millon in investment. Diving deeper within the industry statistics for the West African nation, Fintech takes the top slot with 32 deals to its credit, followed by Cleantec! cond Edtech both siting at 12 investments. Here, deserving @ mention are 8 Al startups in the country that also bogged investments and can be seen as ‘on emerging industry in the country. 136 Deals $133.5Mn Funding TOP SECTORS s Cleante OAT ap) ia Dry TOP DEALS t MINES #% pags GME $400 $13m% $10M» $10mnTracker TOMI DAVIES Lagos Angel Network & ABAN ( "2019 is an election year in Nigeria and our ecosystem like all other sectors of the economy will take a hit from the uncertainty that will be created for at least the first half of the yeor. | expect the strong crop of scale ups that have been building their ventures in fintech, power and agritech to continue fo see funding flow to them. As fo Series A being on the cards for some, | would be diseppointed if we don't see ot least one or two before yeor end.”$241.1Mn Funding TOP SECTORS Gane Rr eit TOP DEALS WE"\CARScoza JUM_ $94vn — $67.5a4n $28.19m» SOUTH AFRICA Having bagged 108 deals and USD 241.1 million worth of investments, South Aftiea has observed the highest inflaw of venture money this year. The deal value has escalated by « spectacular multiplier of 5.75 from last year’s 41.6 million thet was infused into 76 startups, This growth will not look as batfling when looking ot the biggest ticket deals, in the country. A whopping USD 94 million was grabbed by used-cor marketplace Webuycars, USD 67.5 million and USD 28.19 million token by fintech company JUMO and African Leadership Academy respectively The trio account for 80 percent of the gross copital that gushed into the nation Toking the forefront yet again is Fintech with 30 investments. Next in the trail are Edtech and Social Impact with 11 and 10 funding deals respectively. It is fascinoting to note that 8 Sa0S startups in the country have also managed to capture the attention of VCs.ret "2019 is poised to be an exciting year for African startups. Anyone close to the ecosystem could feel the momentum building over the past year or so with local VC Funds raising more capital and international VC's taking note and getting > involved in the continent. There is a culture of collaboration 4 ‘and some Corporates are starting to embrace and integrate with startup products and services. All this excitement brings a certain amount of hype over substance, which will offect things KEET VAN ZYL like inflated valuations and mediocre startups gaining false short-term traction, but in the end the awesome will prevail." Partner, Knife Capital Tracker eesKENYA The Eost Afican nation has garnered USD 111.8 million going into 77 deals. Riding on @ 3.5-fold increase from last year’s USD 33.4 milion funding siretching out to 45 deals. A notable phenomenon here is the significantly higher ticket-size in 2018. The largest deals for the year are fintech company Cellulant’s USD 47.5 million Series C raise, supply chain platform for agri-produce Twiga Foods cond off-grid energy provider IM-KOPA picking up USD 10 million each, Social Impact along with Fintech were the spaces that witnessed 11 investor bets each, Subsequently lies Agrtech with 9 deals. It would be worth mentioning the edtech sector which secured 8 deals Th Deals $111.8Mn Funding TOP SECTORS Se 3 ca Cate eee eee a 11 Deals 11 Deals Dey TOP DEALS cellulant” mk@pa Twiga Sashes OT s1OKe( "With the strong growth in Tech & Venture focused funds, the number of deals in the technology space is set to continue growing in Kenya in 2019. Especially Series A and beyond is starfing to attract more investors. The seed stage space will remain underfunded but with the angel invesiment activities on the rise, as well as the early signs of more Seed stage funds BOLDEWIJN SLOET launching, in the medium term investments will grow." Partner, Africa Tech Ventures Tracker ea$33.4Mn Funding TOP SECTORS Lt Doe te Coens epro TOP DEALS ce $120 $8 mo $6 mn ae Tracker EGYPT The country received a venture capital injection of USD 33.4 million in 42 deals. This is a new entry to the top charts. The highest amounts were pulled in by medical appointment booking startup Vezeeta in @ Series C round totalling to USD 12 million, bus booking platform Swvl in a series A of USD 8 million, and USD 6 million by BaharSoft, that owns recruitment portals Forsana and Wuzzuf. The top three deals account for aver three-fourths of the funding received. Flat6Labs that accelerated 10 startups from the North African nation deserves a mention here. 8 deals occurred in the transpori-tech sector, followed by 6 deals inTracker 4) i ZIAD MOKHTAR Managing Partner, Algebra Ventures ( "While the Egyptian population is starting to embrace technology for every day activities, the second wave of entrepreneurs and investors are more mature and experienced. The large but young tech firms with ground operations are a great source of talent and inspiration. There is 0 great opportunity of cross-pollination particularly among geographies with similar structural challenges even if they are thousands of miles apart."TUNISIA Tunisia appears to be warming up for @ venture capitol invasion in the country. 16 deals in the country bagged a total disclosed capital of USD 67 millon. The amounts for the most part can be attributed to USD 4.5 million by expense management software Expensya. The other notable deals involved the 7 startups accelerated by Flatélabs Tunis from across the country, The country has token a lead in setting out government policies for startup growth on the continent, by possing the Startup Act early this year. Reyer Wee See rea Tracker« “| think 2019 is going to be a big year for the Tunisian Startup ecosystem in terms of new creation, the movement that has kickstarted this year will grow bigger next yeor. We have 594 slarlups registered today on TSindex, 48% of them were created in 2018. Existing players in private equity hove launched new funds and many players are preparing fo benefit AMEL SAIDANE from the fund of funds. There will definitely be more than 16 {funds) in 2019, but | would say the big year of funding is ieee going to be 2020.” Tunisian Startups Tracker eaUGANDA AND GHANA Optimism isin the air of Uganda and Ghana. Uganda has managed to attract USD 2.4 million across 24 re space. The largest deal for the country remains thot of agri-insurance company Pula that got a prize money of USD 1.15 million from MasterCard Foundlation We are likely to see more supper for technovative’ Ugondan enterprises, following MTN Uganda launching @ USD 270 K startup fund and lanovation Village launching a USD 100 K fund, this year in Ghana, a significant 18 deals were struck but only spawning @ USD 1.9 million. 5 of these deals belong to Aagritech, Wee Tracker fo) = er Uren Px. Dole See rea4 MOST ACTIVE INVESTORS ool SL So Micro thankucash © CowryWise bitkoin NA traction 7 wallet.ng accounteer eee edovc 5 v. at rensource rhs ONSET 4 @) SPADI PiiteBark Yip. &@ IFC 4 @ Looe ab ties Twiga Other Active Investors go VELOCITY CAPITAL S Endure Copital <1 cee ee aes 55 Million ered Cs enone eee 23 Million ASrican Guorantee Fund (ee ANviog Rwanda Innovation Fund EVs Digital Africa Initiative 7a as Sears enon Pea Yin GSMA 391K Reed Eire Cee ct PA eee geen Pein Nera eee fesseeeee Master Card Foundation Pavia FINCA Ventures res CS age) aus eRe omens ee ea 23 Niillion NT Ps Sowari Ventures ECOG Cem ony 100K a eee ee eee a Tracker ee ee ee ple arehrenieMERGERS & ACQUISITIONS The consolidation environment on the confinent appears only lukewarm. The year saw 22 M&A deals, an overwhelming majority of whom were acquisitions. This spells out an almost 2.5X jump from the 9 deals that were observed in 2017. Below are a few prominent ones, Gon ED — Coccray) IE Kons) Howle Packard Enterprise fy s sr (Chrous) SSE 7, (Seley ) eee @eseva costa) HAVAIG) = ( 8) Bera) QD Gon oO. nD nzwouo ) 3 Negara” ‘ge Breorce eon @konga_ yvdalaba FOCUS 30 Last year uncovered many promising ventures that showed the potential to disrupt the continent, We have closely monitored and tracked the fest growing companies in Africa thal will shope the ecosystem. Here is our list of companies to watch out for in 2019. Bsettr | Fsafesoda| Vizibiliti | comrse | Mav FP rizer & Dabch Ey ¢ iv © Pabeny o> Vezeeta thl¥e | aviacom @rnzuma 7 Gasripredict| post” | picup pi Cc Cp credpal oboe @ wr sWipe {usual 6 Warinsure Pineapple SKILLDP | agarmap | alysarden | AgrsCenta| accounteer Trackerba METHODOLOGY WeeTracker Media encourages the readers to go through the research methodology to better understand the slotistics presented in the report. If you have any questions regarding the same, or you think something has been misrepresented, please reach out fo us directly at editor@weetracker.com Inclusions: The scope of the report spans out to include only disclosed investments. Companies that raised investment for deployment/expansion in Africa have been included, irrespective of their headquarter locations. Only fundings received by private companies have been included The capital value only reflects amounts that were closed, not what was intended to be closed. For instance, if @ company indicates the closing of USD 3 million out of a desired USD 6 million, only USD 3 million is included in the report In cose of franched investments, only the tranche received by companies is included. Commitments of following tranches are not included Exclusions: USD 65 million series C funding raised by Tala was excluded as the capital injection was specifically made for ‘expansion in India. No debts or loans have been considered in total e mounts, though a separate section covering the same talks about this investment category Disclaimer: We are constantly updating our database of Akican startups/SMEs & the venture funding il date in Aca. Due to new entries of variousvena Sie eee eee ae ee ee that the information contained in this report has been obtained from reliable sources. However, WeeTracker can't warrant the Reg Res ee ee ee ee ea ee a report cannot be reproduced or distributed. The data and infographics in this report can be shared with due credits to WeeTracker Media (www weetracker.com). OPM ce ae aE ee Tracker Cae ees eer Porno