It’s Friday again, and we’re back with another condensed rundown of noteworthy activities in the African venture capital investment space.
Inside Kenya’s Supply Chain & Logistics Industry
The supply chain and logistics industry is one of the oldest, most essential, and most rapidly evolving industries worldwide. Over the years, the industry has undergone a significant transformation driven by globalization, technological advancements, and changing customer demands.
Today, the industry is a critical enabler of trade, commerce, and economic growth, providing the backbone infrastructure that underpins global supply chains.
The global industry market value is expected to reach an impressive $13.7t in 2028. In 2022, the African supply chain & logistics industry became the third most funded sector, with the Kenyan market emerging as a leader in the sector.
In 2022, Kenyan startups raised an impressive $181m across 10 deals, while Nigerian start-ups raised $27m across eight deals in the same period. This trend has proven true in the past years.
Twiga Foods – backed by top investors like Creadave, TLcom, and DOB Equity – is one of the leading market players, having raised over $150m since its inception.
A Closer Look at Egypt & Africa’s Top SaaS Innovators
Did you know that the MEA Public Cloud Market generated revenue of around $3.5m in 2021 and is anticipated to grow at a CAGR of over 20.5% to reach around $10.71m in 2028?
Egypt and South Africa have claimed a spot as one of the major markets in the region alongside UAE and Saudi Arabia.
Egypt’s rapidly growing digital infrastructure and increased internet connectivity have led to the adoption of SaaS (Software as a Service) solutions over the past few years, with more and more Egyptian companies embracing this cloud-based technology.
Deal Street Roundup
- Renew Capital – the Africa-focused, early-stage, investment firm – invested an undisclosed amount in Kenya-based, smartphone re-commerce platform Badili. Badili is focused on streamlining the unorganized, pre-owned, smartphone market in Sub-Saharan Africa and putting a smartphone in the hands of every African through its re-commerce platform.
- Andela acquired Qualified, the technical skills assessment platform to identify, qualify, and certify top engineers. Andela’s global talent community is set to expand with the addition of over 3.6 million engineering users via Codewars, an online community powered by Qualified that enables technical talent to compete and improve their practical coding skills in gamified challenges.
- BioBuu, an East African insect company, raised $200k in seed funding from the GIIG Africa Fund to hire additional talent, expand its product range, and increase production and export capabilities in Tanzania and Kenya.
See you Friday next week!
GetFundedAfrica is building Africa’s largest tech-enabled marketplace, connecting African founders with global mentors, coaches, corporates, investors, and government. Whether you want to raise funds ranging from $100, 000 to $50m or you simply want to grow your business, sign up for free at: www.getfundedafrica.com