Senegal-based B2B marketplace, Kwely, a wholesale distribution platform for Made-in-Africa products, has received an extra $700,000 in funding, bringing its total funding to $1 million.
This round of fundraising was headed by WIC Capital, with participation from Loftyinc Capital, Afropreneur Angels, Haskè Ventures, and other angel investors.
Initial investors in the round’s first $250,000 tranche included DNm A Capital, the Lead Investor, and UMA Ventures in July 2021.
Kwely is a Senegalese-based B2B wholesale distribution network for Made-in-Africa items that was launched in the first quarter of 2020 by Birame N. Sock.
The startup is working with local suppliers to build current and future Made-in-Africa brands in order to attain export-ready status.
The firm is also working on a unique platform to support worldwide B2B wholesale transactions, as well as a packaging studio to offer the services needed to create products that satisfy international standards.
Kwely, in particular, has developed a minimum viable product (MVP) for its technology platform and authenticated over 200 products made in the country.
Kwely’s distribution platform aims to get high-quality Made in Africa products onto the shelves and counters of major international retailers, hotels, airports, specialty stores, and restaurants.
This additional capital will be utilized to expand Kwely’s marketing and distribution operations as the company prepares to launch its digital platform and bring its diverse portfolio of brands to market.
Techbuild’s Take
A B2B Marketplace is a terrific method for businesses to connect with one another while also streamlining their communication and business processes.
A B2B marketplace conducts orders and transactions purely digital, offering a simplified and expedited transaction process, using digital platforms and tools that enable eCommerce activities.
E-commerce is expected to be a source of increased economic growth in Africa, providing opportunities for small and large businesses and fostering more market integration.
B2B marketplaces with transactional capacity or value-added services are uncommon in Africa, although the sector is increasing as new startups emerge.
B2B marketplaces are popular among African enterprises. Startups not only create these inventions, but also refine them to meet client needs.
For Kwely, the startup has partnered with these companies to co-develop Made in Africa products and brands that are export-ready and meet international quality standards.
The firm will be able to offer filling and packaging solutions that suit the standard of quality and compliance to international practices, such as those established by the US Food and Drug Administration, other international Consumer Packaged Goods standardization agencies, and certification bodies for the food and pharmaceutical industries, thanks to the opening of its packaging studio.
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