There is no doubt that the technology landscape in Africa is changing rapidly and it is a real challenge for entrepreneurs to stay on top of it Singhtechcrunch. However, with the right tools, a little bit of creativity and a great deal of dedication, you can build a business in Africa that will be successful. In this article, we look at some African startups that are making waves on the tech scene.
Lori raises $38.2 million
Lori is a Nairobi-based e-logistics company. It provides cargo owners with supply chain management solutions through a marketplace logistics model. This platform enables users to digitally manage their cargo, reducing the costs involved in moving goods across the continent.
The company has raised $38.2 million in two funding rounds, a pre-Series B round and a Series A round. The most recent round was participated in by Google. As part of its $50 million Africa Investment Fund, the search engine giant has invested in three startups. Previously, the fund has backed the super app SafeBoda from Uganda and South African games publisher Carry1st in a $20 million Series A extension round.
Lori has built a large network of vetted transporters and built an e-logistics platform. Since May of 2017, Lori has experienced 30% month-over-month compounded growth.
The company has expanded to Rwanda and South Sudan. According to the company, it is working to cut the cost of transporting commodities across the African continent.
Fintech startup OZE raises $3 pre-Series A round
OZE is a Ghanaian fintech startup that provides a comprehensive suite of business software and financial products to small and medium-sized enterprises (SMEs). Founded in 2018 by Meghan McCormick, CEO, and Dave Emnett, CFO, the company provides a mobile app and a proprietary data set to help business owners manage their cash and receivables, track sales and expenses, and apply for loans. It also offers daily tips, business coaching, and a streamlined process for securing credit.
OZE has a strong customer base of 125,000 SMEs in both Ghana and Nigeria. The company plans to use its latest round of funding to expand its platform and increase access to affordable financing in the two countries.
OZE uses behavioural data to identify credit risks. This helps the company assess the financial viability of a business, provide contextual recommendations, and make it easier for borrowers to obtain loans without collateral. In addition, OZE predicts how a business will perform in the future.
E-commerce startup Chari secures $100 million bridge round
Chari is a Moroccan B2B e-commerce startup and a FinTech company. It is focused on digitizing the fast-moving consumer goods sector in Morocco and French-speaking Africa. The company has secured a $100 million bridge round.
As part of the investment, the startup will be acquiring a local credit company to enable shop owners to lend directly. According to the company, this will help shop owners to grow their businesses. In addition to this, the startup plans to test its BNPL services with current customers.
The startup also aims to expand its footprint to Tunisia and other French-speaking African countries. Afri Mobility, Khwarizmi Ventures and Air Angels have participated in the bridge round.
The e-commerce startup is a member of the Y Combinator. Chari has been working with more than half of proximity stores in Casablanca. Currently, the startup works with over 10,000 shops.
With the new funding, the startup will pilot services with grocery stores in Francophone African countries. These stores will be chosen on the basis of frequency of order and average basket order. This will help the startup understand which payment terms are suitable for each shop owner.
Startup Battlefield Africa in Kenya
TechCrunch hosted its first Startup Battlefield Africa competition in Nairobi, Kenya. This event brought together 15 of the best startups from across the continent. It also featured a live audience of influential investors and tech community leaders. The main goal of the competition was to highlight the impact of technology on the African continent and the role of tech in education.
TechCrunch is looking to find Sub-Saharan Africa’s most promising technical entrepreneurs. After receiving 600 applications, 15 finalists were selected. Each winner will receive $25,000 in no-equity cash. They will also join TechCrunch’s alumni network. In addition, each startup will receive in-person training. Founders of the winning startups will be invited to compete at TechCrunch’s flagship event in 2019.
TechCrunch Startup Battlefield Africa is currently ongoing in Nairobi, Kenya. Facebook and TechCrunch are bringing together influential industry leaders and hottest startups from across Africa to compete for the title of “best early stage startup in Sub-Saharan Africa.” A total of 15 startups have been selected for the event.