Chari, a Moroccan B2B e-commerce and retail startup, has acquired Axa Credit, the credit branch of Axa Assurance Maroc  for $22 million .

The announcement follows Chari’s recently completed seed extension round, which valued the company at $100 million and saw it begin offering BNPL services to its customers. It is one of the few African startups that has made its valuation public.

In parts of French-speaking Africa, mainly Morocco and Tunisia, Chari digitizes the relatively fragmented FMCG sector. It operates a mobile app that connects small retailers in these two countries with FMCG multinationals and local manufacturers, allowing them to place orders and get products in  less than 24 hours.

Karny.ma, a Moroccan credit book, was acquired by the YC-backed startup last October. About 50,000 merchants use the Khatabook-esque platform for credit and bookkeeping. It enables these businesses to manage the credit they extend to their clients.

The acquisition of Axa Credit — the Moroccan credit branch of the French-based Axa Group — makes Chari one of the few, if not the only, startups to acquire a local branch of a global bank. The acquisition is still subject to approval from the Moroccan banking, insurance and antitrust authorities.

With the acquisition of Axa Credit, Chari will be able to begin extending credit to its FMCG B2B clients (which it already does), who will then be able to lend money to their consumer clients. It’s a B2B2C lending model, if you will.

Shop owners, according to Chari, know their customers’ spending habits, where they dwell, and when and how they get paid, and can thus undertake the credit risk assessment that a regular bank cannot.

Shop owners and merchants can also provide FMCG on credit in addition to loans. Chari claims that the underbanked may now compete on an equal playing field with those who have bank accounts by providing loans and credit to businesses that function as branches and give the same services to end consumers.

Chari provides merchants with a free credit line; the cost of the loans is passed on to FMCG suppliers in the form of a higher distribution margin. Suppliers receive the data on the SKUs they sell to each retailer in exchange.

Chari provides greater credit lines to shop owners who want to offer loans to their end customers, and Chari shares the data collected from Karny (on end consumers’ purchasing behaviour) with FMCG companies who pay for the higher loans.

Chari intends to charge merchants a setup fee and low-interest rates in the future, after it has a larger user base.

At the Stitch Startup Showcase in Cape Town last week, ten African fintech startups pitched their products and solutions to a group of investors.

Stitch, a South African API fintech startup hosted a “startup showcase” in January to give early-stage fintechs from across the continent the opportunity to share their solutions with local and international investors and receive support.

The showcase was part of a Stitch-hosted meetup for global fintech investors interested in learning more about the space, and it intended to spotlight high-growth, early-stage startups from across Africa.

Around 100 people attended the meetup at the Stitch office, including a mix of fintech investors and angels from the US, UK, and Africa, as well as founders from the Raba portfolio, with whom Stitch partnered for the meetup.

Ten startups were selected to pitch, with seven doing so in-person and three via video call. They were Abela (SouthAfrica), Bettr (South Africa), Munch (South Africa), Hashgreed (Nigeria), Get Equity (Nigeria), Feather (Nigeria), Sava (Kenya), Alvin (Kenya), Zuberi (Ghana) and Paybox (Ghana).

All startups will receive a one-hour workshop focusing on funding and growth from members of the Paystack team. Nigerian and South African startups will get six months of free Stitch API access, while Nigerian, South African, and Ghanaian startups will get free payment processing from Paystack.

“We were super happy with the quality of companies presenting and the ideas showcased. It reinforces our confidence in and excitement about the continued growth of fintech innovation on the continent. The audience was filled with global and local fintech investors and later stage founders that shared our sentiment and engaged the founders in conversation throughout the rest of the day. We look forward to hosting more events like this one in the future,” said Thea Sokolowski, head of marketing and communications at Stitch.

Sudo Africa, a fintech startup in Nigeria that offers a card-issuing API to developers and businesses, has raised $3.7 million in pre-seed funding.

Global Founders Capital (GFC), based in San Francisco, led the round. Picus Capital, LoftyInc Capital, Rallycap Ventures, Kepple Africa, Berrywood Capital, ZedCrest, and Suya Ventures are among the investors.

Several African fintech founders, like Olugbenga ‘GB’ Agboola, Ham Serunjogi, and Odun Eweniyi, are also investors.

Card-issuing API (pioneered by the likes of Rapyd, Ayden, and even Stripe globally) is gradually attracting the attention of investors who believe it’s the next big thing in a sector that has drawn the most VC funds in Africa, similar to many other API-led fintechs.

Sudo Africa’s founders, Aminu Bakori and Kabir Shittu, explained that the chance to develop Sudo arose from a problem they encountered while trying to issue cards at their previous startup: a mobile wallet system allowed users to aggregate existing financial institutions into a single platform and conduct transactions.

Customers are told that whereas banks take weeks or months to issue cards, Sudo Africa does so in days. 

The company’s infrastructure, which is built in partnership with licensed card issuers, allows it and any developer or merchant who joins its platform to issue virtual and physical cards to their customers.

Businesses can also customize and program cards to their liking, add functionality, and securely integrate with other services on the platform.

Sudo’s clients come from a variety of industries. Fintechs, microfinance banks, non-tech enterprises, government agencies, logistics companies, commercial banks, and e-commerce companies are among them.

When its issued cards are used to execute an online or POS transaction, the company collects interchange fees, and it takes authorization fees when spending and location-based controls are performed. Sudo charges less for card manufacture and customizing than competitors.

Sudo Africa is currently the only startup in this space that only provides virtual and physical cards to Nigerians.

Susu, an Ivorian startup, has secured $1 million in pre-seed funding for health support in the area of rising hypertension in Africa in order to continue delivering affordable and accessible healthcare to its consumers in Ivory Coast, Senegal, and Cameroon.

The majority of the funds came from angel investors, but the company also secured $1.2 million in debt and grant funding from BPI France, the French government’s public investment bank.

After losing her father to complications from a chronic health issue owing to poor management, Bola Bardet founded the company alongside Laurent Leconte (CTO) and Sandrine Egron (COO).

Susu provides care packages or bundles to people with chronic conditions including diabetes and hypertension, as well as pregnant women, who require close monitoring and preventative guidance in order to live their best lives despite their illnesses.

Susu is a one-of-a-kind platform in that it offers a community financing option, in which family members, whether local or in the diaspora, can help patients pay their monthly membership charges via care bundles, as well as allowing patients to finance their expenses.

Doctor’s appointments, nurse visits, SMS medical advice, and a variety of other medical activities are all included in care packages for patients.

The product appears to have struck a chord with the company’s 5,000-strong user base, which has increased by fivefold in the past year. According to the company, revenue increased by more than 400% in 2021.

Susu plans to use its new funding to expand its team and provide new features. Nigeria and Ghana will be among the six countries in Sub-Saharan Africa where the company will launch its services.

Mumerz, a support society and e-commerce website for mothers and their children, has secured $1.2 million from Disruptech, a local venture capital firm, in a Pre-Seed round.

Mumerz is a one-stop shop for all parent and child needs, as well as a community platform for parents and children.

From conception through the age of twelve, the platform is Egypt’s largest bilingual community and e-commerce platform, serving the needs of every parent and child.

Mumerz was created to address the information, advising, and product needs that parents and children have.

The portal features a blog with articles on a wide range of topics connected to pregnancy, childbirth, motherhood and childcare, as well as integration with Egypt’s largest parent and child e-commerce platform.

“We feel that Egypt’s online mother, baby, and child vertical is underserved. “Delivering an excellent customer experience with a wide choice of mother-baby and child items at low pricing is the key to that,” says Amir Shenouda, Founder and Managing Partner of mumerz.

Mumerz also provides value-added material for moms on its blog and Mums Mag, which is handled by Rahet Bally and includes direct links to products on the e-commerce platform.

“Mumerz is a logical extension of Rahet Bally’s maternity support services, allowing us to serve millions of our moms who really trust us, consume our material on a regular basis, take advantage of our discount services, and visit our fitness centers”.

“Mumerz also takes advantage of Rahet Bally’s extensive knowledge of what moms require, as well as a highly experienced advisory team that recommends the best product for each mom’s needs based on Rahet Bally’s reviews across all product categories,” said Nadia Gamal El Din, Founder of Mumerz.com and Rahet Bally.

The funds will be used to expand the company’s market share in Egypt and beyond, as well as to improve its online platform with more diverse offerings and content.

MockUp Studio, a Berlin-based technology company, has been acquired by Homzmart, the Middle East’s leading furniture and home goods marketplace platform.

The acquisition indicates Homzmart’s success in implementing its strategy to consolidate the whole home goods and furniture value chain, and it aligns with the company’s vision to transform how consumers shop for and furnish their houses.

Consumers will be able to visualize their furnished home in minutes thanks to MockUp Studio’s technology. Homzmart will use the acquisition to digitize the entire interior design process, starting with an empty room and exploring different layouts, finishings, and floorings with different sets of Homzmart’s catalogue assortment, all displayed in a 360-degree view.

For consumers, the end result is a perfect representation of their desired space. They can also view and interact with the entire Homzmart catalog with only a few clicks.

MockUp Studio will be integrated into Homzmart’s operations as soon as possible. Homzmart customers may expect to have access to the full house visualization and interior design experience in the fourth quarter of this year.

Homzmart’s CEO and co-founder, Mahmoud Ibrahim, said:“We are delighted to complete this acquisition in Germany, and start integrating MockUp Studio’s technology into Homzmart’s product family. We have been very clear that our intention is to grow rapidly, expand regionally, and consolidate the whole furniture value chain. We are successfully doing all these things, and this M&A is a solid step in our value chain strengthening.

“Our philosophy is all about transforming the furniture experience for consumers and sellers. Adding MockUp Studio’s technology means consumers can have the full interior design experience – browsing Homzmart’s entire catalogue and viewing their desired space, in just a few clicks. MockUp Studio is a perfect partner to welcome to Homzmart and I know consumers will be delighted when they experience the new technology later this year.”

MockUp Studio digitizes furniture store images quickly and effectively using Artificial Intelligence and advanced computer vision. The technology recognizes photos and uses them to mix and match items according to interior design guidelines.

The technology also considers the desired space’s size, room layout, and furniture placement. The algorithms in MockUp Studio pick the ideal furniture to meet the user’s preferences and the room’s architecture.

The acquisition comes on the heels of Homzmart’s quick expansion, with operations having tripled in size by 2021 as a result of high consumer demand. Homzmart also expanded into Saudi Arabia in November 2021, a $15 billion market with a 10% CAGR per annum.

Homzmart is backed by investors including MSA Capital – a global investment firm with over $1.5 billion in assets under management; Nuwa Capital, Rise Capital, Impact46, EQ2 Ventures, and Outliers Ventures.

The Stellar Development Foundation (SDF) and DFS Lab have launched applications for the second Blockchain Bootcamp for African startups, with prizes of up to US$20,000 in XLM up for grabs for the most promising solutions.

The bootcamp is a virtual three-day design sprint that allows participating companies to answer critical business questions with hands-on technical support and guidance from DFS Lab and SDF.

It is designed to give early to mid-stage startups in Africa an opportunity to build on Stellar, an open-source blockchain network for financial services and products.

A problem will be defined, a solution will be storyboarded, and a quick prototype of the innovation will be developed. The most promising solutions will be awarded prizes ranging from $5,000 to $20,000 in Stellar’s native currency, XLM, and there will be options for extra grant funding, including potential investment from SDF’s Matching Fund and other investors present at the demo day.

“We saw some impressive results from our Blockchain Bootcamp last year, with companies that participated in the bootcamp still building on Stellar. We’re excited to offer this opportunity for even more startups to see where the Stellar blockchain network can benefit them. From cross-border payments to financial inclusion, we are interested to see what role blockchain can play in the future of digital commerce in Africa,” said Jake Kendall, partner at DFS Lab. 

Fintech, blockchain, and crypto-curious companies operating in Africa who want to improve existing services or integrate digital asset solutions into their models for the first time are encouraged to apply here before March 18.

Sary, the MENAP’s leading B2B e-commerce platform, has announced the acquisition of “Mowarrid,” one of Egypt’s most popular B2B marketplaces.

Sary’s acquisition reflects a significant move in the company’s expansion aspirations in North African countries, beginning with Egypt, Africa’s second-largest economy and the Arab world’s third-largest, with a $60 billion wholesale and retail trade industry.

This acquisition marks the start of a series of expansion initiatives for the company as it pursues its aim of leading B2B e-commerce in emerging countries, beginning with MENAP, which will enable a regional network to connect buyers and sellers across several regions.

With extensive e-commerce, fintech and startup experience coming from Fawry Pay, Jumia and Cognitev; Ahmed Essam founded Mowarrid in 2018 focusing on the B2B Food & Grocery markets. He led the company toward unlocking a 25 million USD run rate allowing more than 10,000 retailers to digitally procure all their needs across a variety of more than 1000 products in the platform.

Mohammed AlDossary, co-founder and CEO of Sary commented, “we are excited to join forces with Ahmed and the amazing team at Mowarrid, their hyperlocal understanding of the Egyptian market is profound, and we believe that our visions are in harmony toward reinventing the B2B ecosystem across the region”

He added. “Egypt is a strategic market for us and has a huge synergy with the Saudi and GCC markets. The industry has witnessed significant growth in the past years with very strong digitization in the wholesale and retail trade industry which accounted for around 15% of Egypt’s GDP.”

Ahmed Essam, the founder, and CEO of Mowarrid commented, “Since 2018, Mowarrid’s journey has been rewarding by enabling small businesses in Egypt with smarter supply chain solutions. Today, joining forces with Sary to build one stronger entity with a solid footprint, regional network, and technological capabilities in two of the most important economies in the region.”

He added. “Sharing many values and principles, our combined force is our greatest advantage in the next years as we continue to solidify our grounds in the current markets and continue the expansion journey with a solid head start.”.

Sary has raised a total of $112 million in funding since its inception, and after closing its series C round last December, it became Saudi Arabia’s first late-stage financing round.

The company is expanding throughout the region with a focus on creating a seamless experience and employing cutting-edge technologies to connect MSMEs with the world’s largest international brands and regional players, empowering them to grow smartly.

In 15 cities across Saudi Arabia, the company has reached over 350,000 clients and helped over 40,000 businesses, transporting over 270,000 pallets of goods.

Kouncel has raised $1.2 million in its latest funding round, the funding round was led by Zaldi Capital for investment “an Investment Bank focused on SMEs and Assets Management”, the African Development Bank (AFDB), the Academy for Scientific Research and Technology (ASRT) &Tanmia wa Tatweer – Egypt’s entrepreneurship development project.

The funds will be disbursed in banknotes for €250,000, with the rest being provided in-kind as services.

Kouncel is Mena’s first online legal education platform, designed to provide lawyers and enterprises in the Mena region with a unique training experience based on their different jurisdictions.

Kouncel.com first aimed to reach thousands of learners and then expanded to provide premium customised courses to individuals and enterprises in Egypt and the Gulf region.

The platform has a wide range of courses categories such as arbitration, legal drafting, corporate law, intellectual property, banking and non-banking law, law for startups, etc. which consist of weekly learning sequences.

 Each learning sequence is composed of short videos interspersed with interactive learning exercises, where students can immediately practise the concepts from the videos.

The courses often include tutorial videos that are similar to small on-campus discussion groups, an online textbook, and an online discussion forum where students can post and review questions and comments to each other and teaching assistants.

 “Education forms a key part of Egyptian Economic Vision 2030, and law plays an important role in creating a healthy environment for businesses and pushes FDIs forward. and we aim to provide a highly sophisticated education experience to everyone in the legal field which will positively impact the ecosystem,” said Ibrahim Saleh, founder and CEO of Kouncel.

“Legal education has never been easier – discover various topics in the legal field and master law with Mena’s top counsels.”

M-KOPA, a fintech platform that connects underbanked customers to connected financing and digital financial services in four African markets, has raised $75 million in a growth equity round.

Generation Investment Management and Broadscale Group led the round, with new investors such as LocalGlobe’s Latitude Fund and HEPCO Capital Management joining in. CDC Group and LGT Lightrock, two of M-current KOPA’s investors, also participated in the round.

 M-KOPA’s total equity funding has already hit $190 million. M-KOPA is also giving loans to two million customers, according to today’s report.

M-KOPA intends to use the funds to grow into additional countries, adding on its existing centers in Kenya, Uganda, Nigeria, and Ghana, as well as expanding its footprint across the continent.

By scaling its financial services offerings such as health insurance, cash loans, and BNPL merchant partnerships, the business will continue to expand its flexible daily and weekly payments model to go beyond asset finance.

 M-KOPA’s financing platform, which was launched in 2011, allows underbanked customers to access a broad range of products and services without the need for collateral or a guarantor.

By combining the power of digital micropayments with the Internet-of-Things [IoT] technology to make financing more accessible, customers are enabled to build ownership of their assets as well as build their credit histories over time through a flexible payment model.

To date, M-KOPA has unlocked over $600 million in financing and enabled 2 million customers to access a diverse set of products including smartphones, solar lighting, solar-powered appliances and digital financial services such as cash loans and health insurance.

M-KOPA has recorded nearly 2.5X growth of new customers in 2021 and is projected to reach 3 million customers by the end of 2022.

Speaking on the round, Jesse Moore, M-KOPA CEO and Co-founder said, “We’re thrilled to partner with leading global investors with deep experience supporting growth-stage companies as we expand our platform to serve more of our customers’ needs. ”

“Our innovative model means we have enabled financial empowerment for over two million people already through micro-payments, but there are still millions of people across the continent that are stuck with limited economic options. ”

With this funding, we will expand to more markets across Africa and scale to over 10 million customers in the next few years.”

“M-KOPA’s unique technology-enabled approach to providing essential consumer goods and financial services is an inspiring engine of empowerment perfectly aligned with our mission of Disruption for Good,” said Broadscale’s Managing Partner, Andrew Shapiro.

“The company’s rapid customer growth demonstrates the massive unmet demand in this sector, and we look forward to working with M-KOPA as they continue to scale their reach and impact across Africa”

“We believe M-KOPA is a critical part of the push to accelerate access to digital and financial tools that will empower millions of people across Africa whilst increasing access to clean energy, clean mobility and connectivity. ”

We were early supporters of M-KOPA and continue to be impressed by the continued innovation of its product offerings and ability to accelerate at a significant scale. We are pleased to continue supporting M-KOPA as it scales further”, said Dave Easton, Partner in Generation Investment Management’s Growth Equity team.

In Sub-Saharan Africa, 85 percent of the population live on less than $5.50 a day per adult, and as a result, they are unable to make major purchases without taking out a loan.

However, because the bulk of customers are underbanked, offline, and difficult to contact, access to credit remains severely limited across the continent.

M-KOPA’s offering has a monthly interest rate of 3.1 percent, which is lower than the typical interest rates offered by alternative sources of credit available to their consumer base.

By making micropayments available and leveraging data to unlock credit solutions, M-KOPA is enabling financial and digital inclusion.

The company was recently recognised as one of Fortune Magazine’s Impact 20, which highlights the top 20 global venture and private-equity backed companies tackling key social and environmental issues as part of their business model.

Mayur Patel, M-KOPA’s Chief Commercial Officer, added, “By leveraging our unique data and market knowledge in serving customers over the last decade at M-KOPA, we’ve seen extraordinary growth across our markets in East Africa and our recently launched operations in Nigeria and Ghana. ”

“There is a massive opportunity in front of us to make everyday essentials more accessible by better matching fractional payment terms with customers’ daily or weekly earning and spending cycles.”

M-KOPA has created over 500 new full-time jobs across Africa as a result of its rapid expansion, and is currently recruiting for commercial operations and engineering roles globally as part of its expansion plan.

Paga, a Nigerian mobile payments and financial services company, has partnered with the Bank of Abyssinia and received regulatory approval from Ethiopia’s National Bank to launch an online payment gateway.

Paga, which was founded in 2009, provides Nigerians safe and convenient payment options by allowing money to be sent to any phone number, which the beneficiary may then redeem at a Paga agent or at an ATM via a cardless withdrawal.

Paga will support Ethiopia’s digital economy by enabling sellers to pay and be paid conveniently online using its online payment gateway and other features. To provide world-class online payment services, Paga will leverage on its experience and international partnerships.

“Ethiopia is on the cusp of a digital transformation. Paga has a long history working in Ethiopia, and we are very excited for this next phase of our involvement in Ethiopia, where we can provide innovative payment and financial services to the market,” said Adam Abate, CEO of Paga Ethiopia.

“We are equally excited to be partnering with the Bank of Abyssinia, which has demonstrated its commitment to and capabilities in driving Ethiopia’s digital economy forward. Combined with Paga’s innovation and technology, we believe our offering will be very exciting for Ethiopian consumers and businesses.”

VALR, a cryptocurrency exchange based in South Africa, has raised $50 million in the largest funding round ever for an African crypto company, according to the company. VALR is now worth $240 million, more than ten times what it was worth in July 2020 when it raised $3.4 million in its Series A round.

Pantera Capital led the exchange’s Series B equity funding round, which included Alameda Research, Coinbase Ventures, Cadenza, CMT Digital, Distributed Global, GSR, Third Prime, and Avon Ventures, a venture capital fund affiliated with Fidelity Investments’ parent company.

VALR has over 250,000 retail customers, the majority of which are in South Africa, as well as 500 institutional clients since its launch in 2019. Clients can trade and store bitcoin (BTC) and 60 other cryptocurrencies using it.

The new funds will be utilized to expand into other African countries as well as other emerging markets like India. It will also allow VALR to offer more products and services to its existing customers, as well as hire more workers, according to the company.

“Society’s financial tools should unite us, not divide us. That’s why I’m very excited that VALR is helping to build a financial system that recognises the oneness of the human race. There is no longer any room for doubt regarding the impact crypto assets are having on our global financial system,” said Farzam Ehsani, VALR’s CEO and co-founder. 

“We already help VALR’s customers enter this new world of crypto from the traditional financial system using their USD or ZAR and I’m very excited that this round of funding will allow us to serve so many more across Africa and the world.”

Paul Veradittakit, partner at Pantera Capital, said he was excited to lead the Series B round.

“We believe that Africa’s future is bright for the adoption of cryptocurrencies for both asset diversification and payments,” he said. “VALR brings an amazing product and service to onboard both retail customers and institutions.”

Valinor,a Norwegian clean-tech investment company focused on sustainable solutions that promote economic growth, has announced a strategic ZAR5 million (US$330,000) partnership with The Hatchery, an international clean-tech startup incubator that launched its new Africa office in Cape Town late last year.

The Hatchery, an international clean-tech incubator focused on technologies that increase productivity or profitability while reducing resource consumption or pollution, officially opened in Cape Town in November, with the goal of discovering and supporting cutting-edge entrepreneurs in fields such as smart utility metering, solar energy, and mobile financial platforms.

“The world is facing code red in climate challenges, and we are trying to give a voice to this challenge with our recent collaboration with Valinor,” said The Hatchery global head Jon Bøhmer. 

“Valinor is 100 per cent committed to green investments and will indeed help the company fulfill its goal of supporting and developing startups.”

The alliance will help businesses get clean-tech investment faster by providing hands-on expertise and milestone-based funding that will support founders focus on business growth and operations.

4DX Ventures and Wamda have invested in FreshSource, the MENA region’s first B2B agri-supply chain platform.

By revolutionizing the way fresh goods are sourced, moved, and sold, the Cairo-based fresh food platform hopes to become the region’s largest fresh food distributor by leveraging technology and data.

Additionally, FreshSource aims to transform the lives of producers, businesses, and consumers while also improving the environment by using their technology platform to develop more sustainable fresh food systems.

Farah and Omar Emara, a Cairo-based sibling duo, founded FreshSource in 2019. Since then, they’ve built a strong network of thousands of producers and hundreds of businesses, including restaurants, hotels, online retailers, and traditional retailers, who rely on them for their fresh fruit and vegetable needs.

The company is rapidly expanding, and it now has major customers in 11 Egyptian cities.

Farah was working at P&G after spending 4 years immersed in entrepreneurship through Endeavor, and Omar was studying Computer Science while working at Goldman Sachs in London when they came up with the startup idea.

Both recognized an opportunity to use technology and analytics to improve the fruit and vegetable sourcing experience for Egyptian businesses in a fairly traditional market.

For over 30 years, through the duo’s family company Emarco Group, one of the largest cold chain logistics in Egypt, they have worked day and night to source the best produce from around the world and keep it safe in their state of the art facilities.

Today, FreshSource is able to leverage on this generational know-how, to source, handle, store and deliver its partners the freshest, highest quality fruit and vegetables. With their diverse and distinctive experiences along with their family›s expertise in the sector, they sought to transform the agriculture sector through data and technology by using their platform to partner directly with producers and farmers and businesses.

Agriculture is a leading sector in the Egyptian economy, contributing about 11.3% of the country’s gross domestic product and accounting for 28% of all jobs.

The agriculture supply chain, which is highly inefficient and complicated, has led to inflated prices, food loss and low profits for farmers, all problems that FreshSource aims to solve.

FreshSource is taking a value chain approach to improve the economic and environmental efficiency of the food supply chain in Egypt where food loss has reached an all-time high nearly 45% due to improper handling and storage techniques.

FreshSource intends to use the funds to expand geographically within the Egyptian market, invest in their technological platform, and expand their workforce in Egypt, all while keeping an eye on future expansion in the area.

“We saw a substantial market opportunity and believed that with our Management, Finance and Tech background coupled with our family business know-how, we would build a high-growth and impactful business that will introduce new ways of sourcing in the country.” said Farah Emara, CEO & Co-Founder

“We are proud to have the confidence of some of the strongest investors in the region who share our vision of leveraging data and technology to streamline the inefficient agrisupply chain. This new investment will allow us to continue to bring top talent on board and build the team we need to achieve our mission and accelerate our growth.” – Omar Emara, COO & Co-Founder.

“We’re really excited to partner with Farah and Omar. They’ve shown excellent knowledge of the market and ability to execute so far, and we think that they have the potential to build a really important business in the coming years. Great pricing, reliability, and quality is essential for the agriculture/food industry, and Freshsource is helping to deliver a service quality well ahead of anything else in the market.” – Peter Orth, Co-Founder & Managing Partner at 4DX Ventures.

Cartnshop (Cart “n” Shop) is an end-to-end e-store enablement engine that allows any retailer or business to gain new customers.

The startup’s B2B and B2C channels include payment gateways, shipping and fulfillment centers, marketing and marketplace cross-listings, and company management capabilities.

“The Cartnshop ecosystem pulls stakeholders into the channels, including producers, supply chain partners, service providers, and e-commerce enablers, providing a complete model of B2B2C,” stated Joe Wambugu, creator and CEO.

The startup launched engine one in late 2019 and onboarded 50 clients. After showcasing the concept and collecting comments, it launched engine two with over 300 merchants.

It initiated a market proof of concept with Safaricom and EABL in 2020, gathering enough market feedback to create engine three, which is now ready to go live and can host over a million merchants.

This month, a group of business angels will invest US$400,000 to help fund the implementation.

Some retailers in Tanzania and Botswana have access to Cartnshop’s platform, but Wambugu believes Kenya remains the company’s main focus.