Amazon acquires stake in valU worth US$10Mexpands in Egypt

EGYPT – American multinational technology company, Amazon has expanded into the Egyptian market with the acquisition of US$10 million stake in valU. Based on the terms and conditions of the transaction agreement, the option will be exercisable prior to or upon the occurrence of a qualified liquidity event at the level of valU. It will be in the form of…

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Egyptian B2B e-commerce startup Teegara secures undisclosed funding to expand operations

EGYPT – Egyptian startup Teegara, a B2B e-commerce platform focused on household and FMCG products, has raised an undisclosed bridge round led by the Alexandria Business Angels Network. The seed round was led by Alex Angels with the participation of investors from Saudi Arabia, Egypt, and Jordan. The startup will utilize the fund in its expansion plan of the company…

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B2B marketplace Sabi appoints two new Advisory Board Members

AFRICA – Sabi, a B2B marketplace serving Africa’s informal economy, has announced the appointment of two new Advisory Board members to help bolster the company’s network. The new Advisory Board members, Sapna Goyal and Bame Pule will help improve the infrastructure for informal business. Sapna is currently the Corporate Development Director (strategic investments, partnerships, and M&A) at udaan.com, the leading…

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eCommerce platform TradeDepot appoints Chidi Akubuiro as MD for West Africa

NIGERIA – TradeDepot, a B2B eCommerce and embedded finance platform in Africa has appointed former Coca-Cola HBC and Hayat Kimya Nigeria Executive, Chidi Akubuiro as its Managing Director for West Africa. Akubuiro will lead further expansion of TradeDepot’s services across more key cities in Nigeria and Ghana and drive growth across English-speaking West Africa. Akubuiro comes into the role with…

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Senegal-based B2B marketplace start-up Kwely secures US$1M seed funding round

SENEGAL – Kwely, a Senegalese B2B wholesale distribution platform for made-in-Africa products, has secured US$1M in seed funding with an additional US$700,000 fresh capital injection. The seed funding round was led by WIC Capital with participation from Loftyinc Capital, Afropreneur Angels, Haskè Ventures, and other angel investors. The company will use the funds to support Kwely’s marketing and distribution of…

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Global e-commerce leader QNET partners Transblue, launches in Nigeria

NIGERIA – Global e-commerce and direct selling leader, QNET Limited, has launched in Nigeria in partnership with Transblue Limited as its lead market partner in one of Africa’s biggest economies. QNET provides customers around the world with unique high-quality products and services while providing an opportunity for Independent Representatives (IRs) to build a sales business by promoting these products. The…

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Lipa Later appoints Tom Gong as the new Chief Technology Officer

AFRICA – Lipa Later, the first of its kind buy-now-pay-later (BNPL) company operating in Kenya, Rwanda, Uganda, and Nigeria, has appointed Tom Gong as the new Chief Technology Officer. In his new role, Tom Gong will lead the company in the creation of robust systems that will enable it to grow Lipa Later across different African markets. Gong, has a…

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UPS partners with Jumia to expand its logistics services across Africa

AFRICA – Global logistics and package delivery company, UPS has partnered with Jumia, a pan-African marketplace to expand its logistics services in Africa. UPS will leverage Jumia’s network across Africa to grow its reach in the continent, following a new partnership announced today that gives it access to the e-commerce firm’s last-mile delivery infrastructure. The firm’s customers can pick up…

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Ecommerce platform Tushop raises US$3m pre-seed funding to scale its product offering

KENYA – Tushop, a Kenya social-commerce platform that enables group-buying of fast-moving consumer goods (FMCGs) has raised US$3 million in pre-seed funding. The round was led by 4DX Ventures with participation from JAM Fund, Breyer Capital, Chandaria Capital, TO Ventures, Golden Palm Investments, FirstCheck Africa, and DFS Lab. Wasoko (formerly Sokowatch) also joined to make their first strategic institutional investment.…

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Africa online marketplace Jiji rebrands Cars45 to Jiji Cars

AFRICA – Jiji, an African online marketplace has renamed Cars45 brand to Jiji Cars in a bid to consolidate and strengthen Jiji’s positioning in the car dealership market. The move has been triggered by the fact that car sales and inquiries are among the top five reasons people visit the Jiji site. Apart from real estate, the search for affordable…

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