African trading platform, WaystoCap has raised $3 million new funding from seed investors after it graduated from the Y Combinator accelerator program.
WaystoCap is an online hub for buyers and sellers of business-to-business goods in Africa. Founded in Casablanca and Morocco in 2014, the startup aims to digitise and make cross-bordering trading seamless.
According to reports, the funds raised was undisclosed, but a source close to the company said that it was between $2.5 million to $3 million in size.
Niama El Bassunie, the CEO of WaystoCap said that they plan to spend the money on expanding their services to West Africa starting with an office in Benin. Currently, they are in 12 countries.
On why they selected Benin to launch their entry into West Africa, El Bassunie said the country is strategically located because a lot of neighbouring land-locked countries go through there,” and that includes the lucrative Nigerian import industry.
Besides Benin, they are also looking at opening two to three more offices in West Africa, most probably starting with Nigeria.
Next year, El Bassunie explained, the company will look to open a physical presence in East Africa to make a push in that region