africa

Sources: Wasoko-MaxAB e-commerce merger faces delays amid headwinds in Africa

Enterprise /

Last December, Nairobi’s Wasoko and Cairo-based rival MaxAB — two B2B e-commerce startups that enable retailers to order fast-moving consumer goods (FMCG) from suppliers via their respective apps — announced a planned “merger of equals.” The aim was clear: create better economies of scale in a sector that holds a lot of promise in the […]

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Founded in war-torn Sudan, YC-backed Elevate now provides fintech to freelancers globally

Startups /

In early 2022, the fintech startup Bloom — not to be confused with the Gen Z-focused investing app, or the heavily capitalized revenue financing platform — was accepted into Y Combinator as the first-ever startup from Sudan to participate in the famed accelerator. Alongside its four founders’ track records at Amazon, Meta, IBM, and Goldman Sachs,

Founded in war-torn Sudan, YC-backed Elevate now provides fintech to freelancers globally Read More »

YoLa Fresh, a GrubMarket for Morocco, digs up $7M to connect farmers with food sellers

Commerce /

The fresh produce supply chain in Africa and emerging markets is faced with a daily list of cascading challenges. They include environmental and labor issues through to logistical ones food wastage to poor demand-supply synchronization. These various issues affect stakeholders differently: farmers struggle with sales, while retailers struggle to negotiate effectively. Several agritech startups have

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OpenseedVC, which backs operators in Africa and Europe starting their companies, reaches first close of $10M fund

Venture /

Founder-market fit is one of the most crucial factors in a startup’s success, and operators (someone involved in the day-to-day operations of a startup) turned founders have an almost unfair advantage in finding that fit. Data shows that a lack of expertise and business acumen in founders contributes to failed VC investments. The same principle applies

OpenseedVC, which backs operators in Africa and Europe starting their companies, reaches first close of $10M fund Read More »

Axmed raises $2M from Founderful to streamline drug supply chains in underserved markets

Biotech & Health /

It is estimated that about 2 billion people, especially those in lower and middle-income countries, lack access to quality and affordable essential medicines. The situation is exacerbated by low-quality or even killer counterfeit drugs that fill the gap. This shortfall means diseases that are otherwise treatable or preventable end up causing distress and even death.

Axmed raises $2M from Founderful to streamline drug supply chains in underserved markets Read More »

Jumia is back, growing total sales and orders in Q1 2024

Commerce /

Jumia’s revenue and gross merchandise volume showed growth despite a decrease in quarterly active customers, according to its Q1 2024 report. Revenue increased by 19% year-over-year (57% in constant currency) to $48.9 million, while GMV surged by 5% year-over-year (39% in constant currency) to $181 million. The quarterly active customers of the African e-tailer, on

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Amazon launches a Prime-free marketplace in South Africa, its first in sub-Saharan Africa

Commerce /

Two years after announcing plans, Amazon’s highly awaited e-commerce entry into sub-Saharan Africa has finally come to pass. On Tuesday, the tech giant launched its marketplace in South Africa. South Africa is the e-commerce giant’s first marketplace in the sub-Saharan region (it already has an operation out of Egypt following the acquisition of Souq in

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Accel leads $4M investment in Egyptian corporate cards platform Swypex

Fintech /

Cards are gaining ground in Egypt, with over 30 million in circulation (prepaid cards, particularly, are seeing more use than debit and credit cards combined). This surge in card usage, about 14% in the last four years, is primarily due to the incentives introduced by fintech companies and banks, attracting millions of Egyptian consumers who

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Renda, which provides order fulfillment for businesses in Africa, takes in $1.9M

Startups /

The logistics industry in Nigeria, like any informal sector, struggles with poor infrastructure and other inefficiencies, making it difficult for businesses — both large and small — to move and store goods. Many startups have tackled middle-mile and last-mile delivery challenges, but one untapped area is providing an end-to-end fulfillment solution. Renda, a three-year-old startup,

Renda, which provides order fulfillment for businesses in Africa, takes in $1.9M Read More »

Productive solar technologies draw investors as global off-grid solar sector funding slumps

Climate /

Productive Use of Renewable Energy (PURE) technologies, especially those in the solar irrigation and cold chain segment, saw increased investor interest last year, despite a 43% funding slump recorded in the global off-grid solar sector. The global association for the off-grid solar energy industry, GOGLA, says PURE technologies raised $65 million in 2023, double the

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