Rio, a Dubai-based investment firm which focuses on seed, early and growth stage investment opportunities in technology, media and telecommunications. Rio is led by Percy Grundy, formerly CEO of Tigo Ghana and Commercial Director for Africa at Millicom.
“We are thrilled to announce that we are now in a long term partnership with the leading e-commerce business in Ghana.” said Grundy. “We believe the combination of Rio’s hands-on approach to investment, expertise in West Africa and financial support, will allow Ahonya to successfully scale its operations in Ghana.”
Ahonya’s success can be traced back to Savannah Fund, a Nairobi-based Fund who accelerated Ahonya and were its first ever investors at the inaugural Savannah Fund Accelerator program last year.
In a statement Mbwana Alliy, Managing Partner at Savannah Fund said, “Ahonya was a standout startup in our first accelerator class last year. We are proud to see them raise their post-accelerator seed round and look forward to being part of their continued growth.”
Now with over 100,000 products Ahonya was launched over a year and a half ago by Gerard Yitamkey, Philip Adzanoukpe and Addo Kufuor Mensah at their hostel room in the University of Cape Coast in Ghana. Since then, Ahonya has grown and now provides an unmatched online shopping experience in Ghana. Ahonya sales tablets and laptops, to designer dresses and handbags.
Gerard Yitamkey, Co-founder and CEO of Ahonya told TechMoran the confidential round will help them hire additional talent and scale Ahonya’s growth. “The new funds will allow us to bring in additional talent and continue pushing towards our mission of transforming retail in Ghana. We are excited to partner with Rio and are delighted to have Mr. Grundy to join our board to deepen the wealth of experience and knowledge available to Ahonya.”
Dubbed Ghana’s Amazon, Ahonya.com offers a wide range of brand new electronics to the Ghanaian market and has partnered with suppliers all over the world to provide genuine products at reasonable prices and are also helping end the menace that is fake electronics in the country. If Ahonya expands out of Ghana, it is likely to launch in West Africa and East Africa where it both calls home, but it will have to battle Rocket Internet’s Jumia and Naspers’ Konga and some deals sites run by Ringier and some other players.