Jetstream Raises $3 Million to Improve African Cross-border Trade

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Jetstream, a Ghanaian technology-driven logistics company, just landed $3 million in seed funding to solve one of Africa’s biggest problems: the lack of coordination at its ports.

“These are exactly the types of problems that technology solves,” said Miishe Addy, cofounder of Jetstream.

Addy founded the startup with Solomon Torgbor in 2018 to help African businesses by aggregating private sector logistics providers at the ports and borders of Africa, and then bringing them online. This way, companies could have better visuals and control over their cross-border supply chains.

“We are different from a more siloed freight management system because we are leveraging financing…so that shipments can be tracked every step of the way. We are bringing many of the local providers online for the first time,” Addy mused.

Since Africa increased its share of international exports from 80% to 90% between 2000 and 2017, there’s been a growing demand for the continent to be less commodity-dependent and diversify its exports.

Africa needs to revitalize its notoriously slow and costly ports to create more opportunities and encourage intracontinental trade. For Ghanaian native Torgbor, Ghana is the perfect place to plant Jetstream’s roots. The West African country can be a thriving hub for intercontinental trade as it’s home to the largest container terminal in West and Central Africa, Port Tema.

Jetstream isn’t just making waves in the world of commerce, however. Data suggests that women-led startups in Africa attract as little as 15% of the total VC investments available in the continent. Addy hopes that Jetstream’s win will lead to more women leaders being funded.

Technology and data are at the forefront of Jetstream’s business model, and according to Addy, these two elements might bring the future that Jetstream envisions to life.

“We see a future where trade running on Jetstream’s digital rails has a powerful competitive edge on logistics. Jetstream is to cross-border logistics what Flutterwave is to fintech in Africa.”

 

Written by Reese Williams


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