Investor Updates: April 29 2022 - Senegalese B2B marketplace Kwely raises $1m seed round

Senegalese B2B marketplace Kwely raises $1m seed round

Highlights

• Kwely, a Senegalese B2B wholesale distribution marketplace for “made in Africa” products, has raised a $1 million seed round of funding.
• Founded by Birame Sock, Kwely provides existing and new brands with local suppliers in order to get to export-ready status, a platform to support wholesale transactions on the global market, and a packaging studio to help deliver products that meet international standards.
• As the startup prepares to launch its digital platform and bring to market the various brands in its portfolio, this new round of funding will be used to support marketing and distribution efforts. 

Source: Ventureburn

Our Takeaway

More than $600 billion of consumer goods are sold in Africa through informal retail channels every year, supplying the vast majority of the 1.2 billion population. Yet, the industry is faced with several challenges that can be addressed, profitably, with digitization. For Kwely, it is going after Africa’s untapped export potential, which is valued at $22 billion by the United Nations Conference on Trade and Development.

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westa.solar gets $1.6m to scale in Nigeria

Highlights

• westa.solar, a leading provider of solar power solutions to commercial and industrial companies in West Africa, this week secured $1.6 million in debt & equity funding from the Development Bank of Austria (OeEB). 
• The financial resources are provided by the African-Austrian SME Investment Facility (AAIF) of the Austrian Federal Ministry of Finance. 
• This will allow westa.solar to accelerate the development of solar projects to reduce energy costs and emissions for commercial and industrial customers in Nigeria.

Source: TechCabal

Our Takeaway

Most businesses in Africa grapple with expensive electricity tariffs, frequent power outages, and load shedding. These issues limit production and increase operating and maintenance costs, thereby hindering growth. The decreasing costs of solar systems, relative to either grid or diesel generators, have helped on-site solar microgrids—provided by companies like westa.solar—become economically viable alternatives for commercial and industrial use. Access to reliable power not only saves costs but also expands the number and variety of business and job opportunities available in an economy. 

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Madagascar’s Sayna gets $600k for its learning and work solutions 

Highlights

• Madagascar-based Sayna, an education and freelancing platform, has raised a $600,000 funding round.
• Founded in 2018, Sayna’s mobile video game teaches digital professions while also using algorithms to automatically connect learners to IT micro-tasks requested by international companies. The startup has trained 450 students and served over 60 partner and client companies.
• The funding was provided by Orange Ventures, Launch Africa Ventures, and MAIC Investors Club, and will be used to finalize its platforms. The goal is to have 3,000+ active “microtaskers”, 12,000 learners, and 257,000 commercialized IT microtasks on its platform by 2024.

Source: Techbuild Africa

Our Takeaway

Since the Covid-19 pandemic began, nearly all face-to-face interactions in different fields, from learning and grocery shopping to events and work, have moved online. Almost 60% of Africa’s population are under the age of 25 while the continent has an average literacy rate of 70%, lagging behind other parts of the world. These conditions indicate the region is ripe for disruptions in education, and with the current increasing global demand for tech talent, Sayna’s model does a great job providing education and skilled talent, with backing from international investors.