An e-logistics platform for African exporters and importers called Jetstream Africa, located in Ghana, has secured US$13 million in debt and equity finance to support its growth.
Founded in Tema, Ghana, Jetstream Africa is an e-logistics business that serves 14 African nations. Pre-financed logistics, the company’s flagship product, enables companies to quickly reserve and track door-to-door logistics, financing, insurance, and other trade assistant services online.
The firm received a US$3 million seed round in 2021, and with a US$13 million investment, it has now advanced to Series A.
New investors include family offices, ASC VC, Octerra, Cauris, Senegal’s Wuri Ventures, Seed9, The MBA Fund, and Proparco through the Digital Africa Bridge Fund. Golden Palm and Alitheia IDF, two previous investors, also took part in the round.
The money will help Jetstream expand into new nations and further enhance its technology platform, which effectively aggregates the dispersed financing and logistics vendors that facilitate trade throughout the 54 nations of the continent.
With this fundraising round, Jetstream is thrilled to use its technology to mirror its clients’ data back to them in the form of business insights, according to co-founder and CEO Miishe Addy. This will enable them to trade more and generate profits.
“Africa’s population outnumbers its ability to produce. A trade gap of about $50 billion has resulted from this. At Jetstream, we want to assist local businesses in closing that gap by assisting them in growing their supply chains more quickly”, Co-founder and managing partner of Alitheia IDF Tokunboh Ishmael expressed her company’s pride in working with Jetstream to usher in a daring new future for Africa.
She added that this round of funding assists Jetstream’s expansion into new markets that take advantage of trade agreements like the AfCFTA, facilitating richer intracontinental trade that is essential to fostering inclusive economic growth and realizing the potential of the continent.
According to Babacar Seck, senior investment officer for venture capital at Proparco, Jetstream has proven its capacity to develop cutting-edge solutions to increase Africa’s trade competitiveness, assisting in resolving one of the biggest issues facing the continent.
“We appreciate Jetstream’s objective and look forward to supporting its growth across the continent,” he added. “We are a long-term investor in Africa’s development.”
Techbuild’s Take
Big data analysis, IoT, and mobile technologies are being used by African e-logistics platforms to provide successful supply chain transport facilities for cargo owners and assist truck owners in taking advantage of new possibilities.
The same underlying issues that other sectors in the region face are also present in supply chain services in Africa: poor infrastructure drives up costs and sabotages performance.
It’s an industry that is primed for technological transformation, and emerging e-logistics start-ups like Jetstream are utilizing big data analytics, IoT networks, and mobile technologies to streamline the conveyance of goods because they see a potential market.
With the aid of investors and this technology, these startups may boost the economy of Africa and open doors for e-commerce companies to participate in that growth.
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