Tech

Ivory Coast’s e-commerce startup, ANKA raises $5m to support female creatives

Published

3 months ago

September 21, 2023

Ivory Coast e-commerce platform, ANKA, has announced raising $5 million from the International Finance Corporation (IFC) to support the growth of thousands of small, women-led artisanal creatives and businesses, as a way of strengthening Africa’s creative industries, and its growing online retail sector.

ANKA prides itself as a one-stop online platform for African artists including those making and selling clothing, jewelry, and accessories, and helping them connect with new markets by facilitating sales, shipping, and payment processing.

According to Moulaye Tabouré, the CEO of ANKA, the platform is used by more than 22,000 sellers, primarily in Africa, and several others in North America, the Caribbean, and Europe.

“We are excited to partner with IFC, particularly at this stage of our growth story. Having recorded important growth since 2021, we are now in line for the next stage of our journey,” Tabouré said.

“This investment will support our expansion drive as we continue to connect Africa’s creative entrepreneurs to a global market.

“Empowering African artisans, particularly women, and helping them access wider markets is crucial to raise the bar of economic inclusion and spur sustainable growth.

“ANKA’s strategy of connecting artisanal fashion designers and merchants to global markets aligns with our vision of supporting Africa’s creative industry to unlock new opportunities for inclusive growth,” he said.

Tabouré said beyond the financing, IFC would also help ANKA deliver financial literacy and other trainings for women retailers on the platform to strengthen their businesses.

Related Topics:ANKA e commerce Featured Ivory Coast

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Tech

Egyptian online auto parts startup Mtor raises $2.8m funding

Published

3 hours ago

December 8, 2023

Akanimoh Etim

Egyptian online auto parts startup, Mtor, has announced raising $2.8 million in pre-seed funding to enable it expand its product portfolio to digitise local car workshops in the country.

Co-founder and CEO of the startup, Mohamed Maged, who made the announcement, explained that with the funds which were secured from Algebra Ventures with participation from the Dutch Founders Fund (DFF), Aditum Ventures, LoftyInc Capital Management, and a number of local and global angel investors, the firm was set to expand its offering.

“With the new funds, we aim to become the most trusted partner for our mechanics by empowering them to better cater to the car owner’s needs in terms of quality parts and fast service,” Maged said.

“It can be a car owner’s nightmare to get their car serviced. Mtor was founded to fundamentally transform this reality and make the process easier and more efficient, empowering a layer of local car workshops that are well rounded with quality parts, a suitable price position, and a good customer experience.

“The local automotive aftermarket is inefficient with a fragmented and scattered supply chain. Workshops and mechanics face many challenges, including limited product availability, inaccurate fitment data, and a lack of price transparency.

“These issues inevitably trickle down to car owners, who are also faced with limited-service quality guarantees and a complex, time-consuming spare parts procurement process.

“Mtor aims to overhaul this system through its controlled, tech-enabled marketplace, backed by its proprietary Mtor Mechanic app, where pricing, availability, and fitment data are reliably just a click away,” the CEO stated.

He added that the funds raised would be used to further grow Mtor’s product suite, digitise local car workshops, and eliminate major inefficiencies in the automotive spare parts supply chain in Egypt and the region.

Founded in 2022 by Maged, Moaz El-Megharbel, Mohamed Altaf, and Khaled Kandil, Mtor provides a unified platform for local car workshops and on-demand automotive spare parts at reasonable prices.

It has delivered over 70,000 orders, partnering with over 2,500 car workshops in the greater Cairo area, according to the company’s profile on its website.

Tech

Kenya, Ghana, Senegal the pilots as YouTube Music launches in Africa

Published

1 day ago

December 7, 2023

Akanimoh Etim

International video sharing and social networking platform, YouTube, on Thursday announced the launch of YouTube Music and YouTube Premium with the pilot schemes taking off in Kenya, Ghana and Senegal.

Head of Music, Sub-Saharan Africa at YouTube, Addy Awofisayo, who made the announcement, said the new offerings would give subscribers something they had never experienced before.

He added that the expansion builds upon YouTube’s commitment to innovation and the exportation of culture, promising a more engaging and personalized experience for music and video enthusiasts in Africa.

“Music is a powerful force that can unite people beyond their geographical and language barriers; It brings joy and elevates the psyche.

“We’re excited to bring YouTube Music to Africa as this reinforces our commitment to provide individuals access to the music they love while exploring other interesting music preferences.”

Awofisayo further explains that YouTube Premium is all of YouTube and YouTube Music without interruptions.

“What this means is that subscribers will receive ad-free viewing, background play, and the ability to download videos for offline viewing.

“Additionally, Premium subscribers will automatically receive a premium version of YouTube Music, which enables them to listen to music offline and without ads on the standalone YouTube Music app.

“In addition to YouTube Music, YouTube Premium caters to our dedicated viewers by providing an enhanced viewing environment, empowering them to watch their favorite content seamlessly,” Awofisayo added.