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Africa - Page 2

2 mins read

Ghanaian E-Logistics Platform Jetstream Raises $13 Million for Expansion

Rapid urbanization and economic growth in Africa have contributed to a rise in e-commerce activity.

Simultaneously, the lack of developed transportation infrastructure and logistics networks in many African countries poses a significant challenge for businesses attempting to move goods across the continent.

This creates a significant market opportunity for e-logistics platforms that can assist businesses in overcoming logistical challenges.

Ghanaian e-logistics platform, Jetstream was founded in 2018 by Miishe Addy and Solomon Torgbor with the goal of giving African businesses greater visibility and control over their global supply chains.

Following a successful $3 million seed round, the company announced today that it has raised $13 million in a Series A round of funding.

Initially, Jetstream provided two services: logistics for cargo owners handling imports and exports, and financing for freight forwarders. Recently, however, they have consolidated these two services into a single one, focusing exclusively on cargo owners. According to CEO Miishe Addy, the pivot helped Jetstream in achieving product-market fit.

Since adopting this new strategy, Jetstream has experienced significant growth. The company estimates that its trade finance product has disbursed approximately $9 million in loans to date, up from $1 million at the middle of 2021. By the end of 2023, it intends to increase this by five times.

Additionally, in the past year, the company’s revenue has grown by 48% and its active customer base by 102%. Currently, 47% of the freight handled by Jetstream is transported via air, 44% via ocean, and 9% via ground.

Twelve of the 29 countries where the company currently operates are in Africa. The funds will be used to support Jetstream’s expansion into new countries and its ongoing technological platform development.

 

by Tony O. Lawson

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1 min read

$136M Agribusiness Fund Aims To Boost Food Security in Africa

Agribusiness is a term used to describe the enterprises involved in the production, processing, and distribution of food for consumer use.

In Africa, agribusiness is responsible for 70% of employment and about 25% of the continent’s GDP. Due to its enormous agricultural potential, the African agribusiness sector is expected to reach $1 trillion by 2030.

Zebu Investment Partners is a pan-African private equity fund with offices in Ghana and South Africa. It was established to build strong companies in the food value chain and improve food security in Africa.

agribusiness
Brian Frimpong, Managing Partner at Zebu Investments

In this interview with Brian Frimpong, Managing Partner at Zebu Investments, we discuss:

  • The reasons why his firm is focused on agribusiness investments
  • Current and emerging opportunities in the agribusiness sector
  • The ways technology is improving food security in Africa
  • Co-investing with funds based outside of Africa
  • The growing interest in Africa from African-American fund managers

Tony O. Lawson

1 min read

Black Executives Closing the Corporate Board Gap by Promoting African Business Growth

Despite high levels of education and proven ability, the pathway to the c-suite and paid board seats remains elusive for many Black executives in the United States.

B-Direct is a corporate board preparedness and executive search firm on a mission to multiply corporate board opportunities for U.S. Black executives and entrepreneurs by preparing them for and connecting them to board placement on African-based corporations looking to scale nationally and internationally.

Africa is home to over 430 businesses with $1 billion in annual sales. Of this total 25% are subsidiary group companies of foreign domicile multinationals, 50% have a local origin, 40% are publicly listed, and 60% are privately owned.

We caught up with the B-Direct executive team, Larry Yon, Andra Ward, and Henri Ward to discuss:

  • The importance of knowledge and resource sharing between African entrepreneurs on the Continent and Black professionals in the Diaspora.
  • Why the US should pay more attention to the business environment on the Continent.
  • What should US executives consider when taking on a board role in Africa
  • The mutual economic value of culturally connecting Africa to its US Diaspora.
  • Their unique approach to board placement

To learn more about how B-Direct™ is disrupting the corporate board training and placement marketplace you can reach them at info@globalboarddirector.com and vis their website.

Interested candidates and corporations can learn more here.

 

1 min read

African Ancestry, the FIRST Black Owned DNA Testing Company

African Ancestry is the world leader in tracing maternal and paternal lineages of African descent. Founded in 2003 by Dr. Rick Kittles and Gina Paige, it is also the first Black owned DNA testing company.

With the industry’s largest and most comprehensive database of over 30,000 indigenous African DNA samples, African Ancestry determines specific countries and specific ethnic groups of origin with an unrivaled level of detail, accuracy, and confidence.

African Ancestry
Source: Africanancestry.com

In this episode, co-founder Gina Paige discusses:

  • The origin of AfricanAncestry.com
  • Taking DNA test recipients on curated “birthright trips” to Africa
  • Why she is passionate about her work
  • The many ways African Ancestry differs from other DNA tests
  • The surprising results from tracing her ancestral lineage
  • How a lack of connection to Africa impacts Black identity

-Tony O. Lawson

LISTEN TO THE FULL INTERVIEW WITH GINA PAIGE BELOW

1 min read

Strengthening U.S.-Africa Trade and Investment Partnerships

The United States Commercial Service (CS) is the trade promotion arm of the U.S. Department of Commerce’s International Trade Administration.

The mission of CS is to advance and protect strategic U.S. commercial and economic interests around the world.

Camille Richardson is a tenured Senior Foreign Service officer with the U.S. Commercial Service.

U.S.-Africa Trade
Camille Richardson, Deputy Assistant Secretary for the Middle East & Africa

She is an accredited diplomat who has served six successive tours of duty in Miami, FL; Buenos Aires, Argentina; Rio de Janeiro, Brazil; Nairobi, Kenya; Mumbai, India, and Sao Paulo, Brazil facilitating commercial partnerships between U.S. and local companies.

Camille was recently appointed as the International Trade Administrations’ new Deputy Assistant Secretary for the Middle East and Africa (MEA) region.

In this interview with Camille, we discuss:

  • Using trade and investment to grow the U.S. economy.
  • Having more U.S.-based SMEs become partners in Africa’s growth story.
  • How to access information about business opportunities in multiple African countries.
  • The trade sectors that are being prioritized.
  • A recent example of a successful U.S.-Africa trade partnership.

-Tony O. Lawson

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1 min read

Black Owned Abroad: They Moved to South Africa and Started a Luxury Travel Company

Mark and Dr. Latesha Blanton are the owners of The Real South Africa, a luxury travel company based in Johannesburg, South Africa. Their company offers a variety of services for those interested in expanding their knowledge of South Africa and what it has to offer.

In this interview with Mark, he shares his experience living and working in Africa.

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VIDEO CHAPTERS

0:00 Introduction

0:38 – What does his business do?

1: 45 – What inspired them to start the business?

2:43 – Moving to Johannesburg

3: 25 – What do you enjoy the most about living in Johannesburg?

7:00 – Are there a lot of African Americans in Johannesburg?

8:32 – Relocation process

10:33 – Trends/Changes in perception

15:26 – Mindset shift

18:12 – Business goals

19:40 – Africans vs African Americans (Uber story)

22:20 – Contact info

Tony O. Lawson

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3 mins read

Here’s Why Rihanna’s Fenty Beauty is Expanding into 8 African Countries

Fenty Beauty is a cosmetics brand that was launched by Rihanna in September of 2017. The brand is popular for its broad inclusivity across skin types and tones.

Fenty Beauty initially launched in 17 countries with a vision of inclusivity and global reach at its core.

On May 10th, Rihanna announced via an Instagram post that beginning May 27th, Fenty Beauty and Fenty Skin products will be available in Botswana, Ghana, Kenya, Namibia, Nigeria, South Africa, Zambia, and Zimbabwe and that it’s “just the beginning”.

“I am a proud Bajan who also feels a close connection to Africa, and its people,” she said in a press release.

“I’ve had the pleasure, and the privilege, to spend time on the continent and those experiences never leave you. Now, being able to bring Fenty Beauty and Fenty Skin to eight African countries and then hopefully more in the future — means so much to me.”

The African Beauty Market

Africa’s population of 1.4 billion people is projected to double by 2050. 

With this population growth, the potential in the African market is enormous. With rising disposable incomes, Africa’s 18 most populated cities could have a combined spending power of $ 1.3 trillion. 

Not only is the African population growing, so is the African beauty market. 70% of the population in sub-Saharan Africa is under the age of 30. This group is the most likely to be interested in a wide range of cosmetics and beauty products.

According to recent reports, the beauty and personal care market share in Africa is expected to increase by $1.26 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 2%.

Some of the influential factors that are increasing market growth include the rising middle-class population and the rise in online shopping trends.

Another key factor driving growth in the beauty market in Africa is a demand for innovative products that address multiple concerns within a minimal time span.

Lastly, more African women, especially in the middle class, have attained higher education, allowing many to pursue careers that offer higher than average income and the luxury of spending on premium products, including skincare and cosmetics.

Fenty Beauty undoubtedly sees the potential in this promising market and has made its move.

 

Tony O. Lawson


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3 mins read

Mara Raises $23M for the First Crypto Exchange “Built by Africans, for Africans”

Pan-African centralized crypto exchange Mara announced Wednesday that it has raised $23 million to create a portal to the crypto economy for Africans.

Investors include Coinbase Ventures, Alameda Research (FTX), Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures, Infinite Capital, DAO Jones, and about 100 other crypto investors.

mara
Chi Nnandi, CEO of Mara

Unlike its competitors from North America and Europe, Mara’s onboarding, support, and ecosystem reflect the needs of Africans. Customer support is easily accessed and will be available in both local and international languages.

“While there are other crypto exchanges in Africa, there is yet to be an indigenous African crypto exchange,” said Mara’s CEO, Chi Nnandi. “That’s where Mara comes in — we are a Pan-African crypto exchange built by Africans, for Africans.

The Lagos, Nigeria, and Nairobi, Kenya-based company has also announced a partnership with the Central African Republic, which just passed a bill legalizing Bitcoin as legal tender. As part of this partnership, Mara will become the official crypto partner of the Central African Republic and an adviser to the president on crypto strategy and planning.

Mara’s launch comes during a period in which political and economic instability has led to the devaluation of currencies across Africa. As a result, interest rates, as well as food prices, have skyrocketed.

“The inefficiencies inherent to the old 20th [century] centralized Sub-Saharan African financial systems has presented an obstacle to the proper development of Sub-Saharan individuals and economies for decades,” said Chi Nnandi, CEO of Mara, in an interview with VentureBeat. “A decentralized alternative (which will include but not be limited to finance, art, ownership, infrastructure, and business as a whole) will give Sub-Saharan Africans an alternative to these tired systems. Through this digital financial system — through this freedom — the region will find itself in a much stronger competitive position before other parts of the world.”

“Mara’s mission is to facilitate a more equitable distribution of capital by providing a decentralized alternative that spans across tribes, class, cultures, and countries,” said Nnadi. “Our goal is to close the gap in opportunities for Sub-Saharan individuals and establish a financial infrastructure that they can build their lives upon.”

 

Tony O. Lawson


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5 mins read

Yenaé, High End Jewelry Inspired by African Culture

Yenaé (pronounced as Ye.Nay) is a high fashion jewelry brand that offers culturally curated and African-inspired collections. Their exquisite jewelry designs fuse deeply rooted and diverse African culture with a twist of modern design appeal.

We caught up with co-founder Seble Alemayehu to find out more about the business.

Yenaé
Yenaé co-founders, Seble Alemayehu and Felekech (Fei) Biratu.

What inspired you to start your business?

Yenaé was born out of our shared experiences – two Ethiopian- Americans, jewelry lovers, and co-founders, Seble Alemayehu and Felekech (Fei) Biratu.

While living in different parts of the US, we saw the magnitude of the lack of awareness that existed about Africa, especially in a positive light.

We were both born and raised in Ethiopia and we had first-hand knowledge about the creativity, craftsmanship, and resources that exist in Africa.

Coming from entrepreneurial families and holding MBA degrees ourselves, we decided to pursue our interest for business and love for jewelry.

With that, we founded Yenaé – a high fashion jewelry brand that takes patrons on a journey inside Africa through exquisite jewelry designs that blend culture and storytelling with a twist of modern design appeal for a wide range of jewelry enthusiasts.

How did you raise the capital to start your business?

Yenaé is 100% self-funded and women-owned. We raised our initial funds from our immediate families while we worked on the side to raise our own capital. But most importantly, we learned how to kickstart with minimal investment.

We heavily utilized a lean startup model to build the brand, where our ideas started with customer interviews, building out the minimum viable jewelry, testing it, quickly iterating, or pivoting to get to the core of our offering and branding.

What makes your pieces unique?

What makes Yenaé stand out is its creative focus on offering customers multi-wear jewelry. Currently, 50% of our collection fits this category, whereby a single piece of jewelry can be worn in a minimum of 3 different styles.

All of our jewelry is made from recycled brass, plated with 14K gold or rhodium; responsibly and ethically sourced Ethiopian semi-precious gemstones, hand-crafted by artisans in Ethiopia, and hand-polished hypoallergenic jewelry made in California, USA.

Ranging from simple, everyday jewelry to one-of-a-kind, contemporary statement pieces, each piece of jewelry has a story behind its design, sourced from historians and storytellers.

What is one lesson you’ve learned as a business owner that you’d like to pass on to other entrepreneurs?

One of the most important lessons we learned is the power of taking action and having a “Start Today” mentality. Often, there are so many limiting reasons for why one may not pursue their ideas or take it to the next level.

There will never be perfect timing, working capital, network or resource. Whatever you want to explore as an aspiring entrepreneur, don’t limit yourself. Just start.

We both love to wear jewelry, but we didn’t have a single clue or background on how it’s made. We just made the bold decision to start, figure it all out, and learn as we go along our journey.

Where do you see your business in 5 years?

In 5 years, we see Yenaé playing a role to influence a consumption pattern that moves towards a more sustainable community, away from fast fashion.

We will be expanding the design of our jewelry collections to cover every corner of the African continent, showcasing the rich heritage and culture of each African country. Lastly, we see our collections available in major retail stores in the US.

Tony O. Lawson


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2 mins read

Flutterwave Triples Valuation to $3 Billion, becoming the Highest Valued African Startup

African fintech Flutterwave has raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion in only twelve months.

Flutterwave has grown significantly since Shoppe Black interviewed founder and CEO,  “GB “Agboola, last year.

“We started Flutterwave due to the fragmented nature of payments in Africa— there were multiple ways of making and receiving payments within countries but cross-border payments remained a hassle. This made it difficult for individuals like myself or businesses to make or receive international payments in Africa”, said Agboola.

Today, the company supports international payments for over 34 countries and processes payments across 150 currencies. In September 2021, the number of businesses using Flutterwave was 300,000. Now, 900,000 companies use Flutterwave to receive money from their customers.

fluttervwave
Flutterwave Founder and CEO, Olugbenga “GB “Agboola

B Capital Group led the $250 million round, with participation from Alta Park Capital LP, Whale Rock Capital and Lux Capital. Several existing investors who participated in previous rounds also followed this round, including Glynn Capital, Avenir Growth, Tiger Global, Green Visor Capital and Salesforce Ventures.

The company will use the funds to expand through mergers and acquisitions in Africa and the Middle East in the coming months.

Flutterwave currently facilitates cross-border transactions in multiple currencies for Uber, Netflix, and Microsoft on their expansion across Africa.  And, have started talking to many other US-based merchants that have growth ambitions across the continent.

Tony O. Lawson


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