Investor Updates: Ghanaian logistics startup Boxconn expands

Ghanaian logistics startup Boxconn expands to Nigeria, Botswana

Highlights

• Ghanaian logistics startup Boxconn has already launched operations in Nigeria and Botswana and plans further expansion having already facilitated thousands of deliveries.
• Founded in January 2021 after the team formed during the MEST Africa program in Accra, Boxconn is a logistics software platform that allows businesses and individuals to deliver on-demand.
• It offers a white-label delivery service that allows businesses to promote delivery through their own channels and get access to an on-demand fleet of riders.

Source: Disrupt Africa

Our Takeaway

While most logistics startups in Africa focus on on-demand delivery, Boxconn offers a software management tool and a central platform that help businesses of all sizes, from SMEs to enterprises, manage all their logistics operations while getting delivery orders through their channels. According to Boxconn, uptake has been swift as its platform has already completed more than 30,000 deliveries for over 120 businesses, including Jumia and KFC.

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Norwegian firm in $330,000 deal to support cleantech in Africa

Highlights

• International cleantech startup incubator, The Hatchery, which recently launched its new Africa office in Cape Town, has announced a $330,000 partnership with Valinor, a Norwegian investment company focused on sustainable solutions.
• The Hatchery launched in November to discover and support entrepreneurs in areas such as smart utility metering, solar energy, and mobile financial platforms.
• The partnership with Valinor will enable The Hatchery to advance its cleantech infrastructure and support startups as they transform their ideas into fledgling businesses.

Source: Disrupt Africa

Our Takeaway

As African economies grow, the demand for energy by companies, homeowners, and industries increases by the day. This comes with challenges of climate change and energy depletion, however, many innovators and investors believe renewable energy can help Africa counteract these challenges. Although most financiers take a skeptical approach to promising new ventures like renewable energy, which hinders growth in the sector. That makes initiatives like The Hatchery crucial to startups within the space. 

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15 African startups confirmed for Y Combinator W22 batch

Highlights

• Five African startups were recently confirmed as participants in the Winter 2022 batch of the Y Combinator accelerator, taking the total to 15 so far.
• The W22 batch of the YC program is currently taking place and concludes with a demo day in March.
• With over 230 companies now confirmed as taking part, a further five African names on the list means this year’s tally equals the number of African participants in Summer 2021. More W22 participants are expected to be revealed.

Source: Disrupt Africa

Our Takeaway

In Africa, YC’s alumni feature high-growth startups such as Flutterwave, Paystack, and Kobo360 as well as Cowrywise, MarketForce, Kudi, WaystoCap, WorkPay, Healthlane, Trella, 54gene, CredPal, NALA, and Breadfast. YC recently increased its standard deal size to $500,000 from $125,000 for 7% equity and it will now also invest an additional $375,000 on an uncapped SAFE with “Most Favoured Nation” (MFN) terms.