Swedish Millionaire Investor buys Kenyan Online Publication Business Today

Business Today founder Luke Mulunda confirmed the deal


Ricardo Badoer, a Swedish millionaire businessman based in Dubai, has bought majority shares in the Kenyan independent online business news website, Business Today (www.businesstoday.co.ke).

Business Today founder Luke Mulunda confirmed the deal to Business Illustrated but declined to divulge the exact terms of the transaction.

Mulunda, a former business editor with Daily Nation, will retain control of editorial director and business strategy of the outfit.

“Yes I can confirm I have sold majority shares but I retain a significant stake,” Mulunda said, in telephone interview. “We are now joining the big league.”

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Business Today Founder Luke Mulunda

The investor will bring in experts to help transform the startup into a major media company in the region.

Badoer has also bought Wazito Football Club, a soccer team playing in the National SuperLeague in Kenya. He also recently acquired shares in Sumac Microfinance.

The millionaire runs the global investment conglomerate Badoer Investments Limited.

Mulunda, a graduate of Moi University, founded Business Today in 2012.

He previously worked at People Daily and Standard newspapers as reporter and sub editor before joining Daily Nation where he rose to become the business editor.