Black-Owned Distribution Platform Raises $850,000 In Seed Funding
African-based distribution platform, Afrikamart, has raised $850,000 in seed funding. The funding round, led by Bloc Smart Africa and managed by Bamboo Capital Partners, saw a range of investors participate, including Bamboo Capital Partners, Orange Ventures, Launch Africa, and Teranga Capital.
Afrikamart, co-founded by Albert Diouf and Mignane Diouf in 2018, is a digital distribution platform that works to provide services to farmers. The brothers launched the tech platform to address farmers’ problems with poor market access and late payment from intermediaries using technology to collect products from thousands of producers in rural areas to serve merchants in urban areas.
The Senegal-based platform operates as a digital purchasing center for professionals in the retail and hospitality sectors. It provides an efficient supply chain with less price risk, less food waste, and more convenience for farmers and traders, and it has also helped resolve Senegal’s post-harvest loss.
“After launching our small retailer trading program in late 2021, we have been overwhelmed by the demand for our solution,” said Mignone Doug, founder, and CEO of Afrikamart.
“The annual fresh fruits and vegetable market in Senegal represents a billion tons and a $1 billion market opportunity. Once we have successfully entered the Senegalese market, we intend to take out tech platform to other West African countries.”
The tech startup company has generated a lot of traction since its launch, with over 2,000 farmers contributing their products to it. As a result, Afrikamart currently delivers an average of 10 tonnes of veggies daily to 500 regular consumers in four Senegalese cities.
“We were impressed with Afrikamart’s potential to combine scalable social and economic benefits for smallholder farmers and retailers with exceptional financial growth potential for society,” said Winnie Mwangi, Fund Manager at Bamboo Capital Partners.
The extra funding will help Afrikamart expand its network to more than 5,000 operators and across 2,000 shops in the country.
