Tech

SA re-commerce startup, Faro to combat textile waste in Africa

Published

2 weeks ago

September 17, 2023

South African re-commerce startup, Faro has commenced the process of combating textile waste in Africa by launching operations to make quality fashion accessible in the continent.

With the new platform, the startup which partners with global fashion brands to source high-quality unsold clothing for resale in Africa, said it hoped to check the inflow of problematic textiles by giving customers a sustainable alternative.

Faro co-founder David Torr, who threw light on the new initiative, said the startup was embarking on a rapid store roll-out with the first outlet scheduled to open in Mitchell’s Plain on the South African Cape Flats in October.

“The roll-out could have incredible environmental implications. Our commitment to the circular economy goes beyond waste prevention; we’re dedicated to addressing the existing problem,” said Torr.

“This dedication has given rise to Faro Impact, a textile recycling initiative. For every kilo of high-quality sustainable clothing we sell, Faro Impact will recycle an equivalent kilo of textile waste.”

The CEO said with his team comprising Michelle Sibanda, Amber Penney and William McCarren, Faro had a wealth of experience in building and promoting ventures in Africa.

“We spent three years trying to reduce waste in the second-hand clothing market, but people wouldn’t change their ways. To fix the problem, I knew we had to build a new supply chain,” he said.

“Faro has partnered with the Bestseller group, whose fashion brands include Jack & Jones, LMTD, Only, Vero Moda, Vila and Noisy May, to bring its unsold brand-new stock directly to the South African market, where it will be sold at up to 70 per cent off retail prices,” he added.

Related Topics:Africa Faro Featured Textile Waste

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Tech

Nigerian insurtech startup, ETAP partners AIICO to redefine car insurance

Published

2 hours ago

October 2, 2023

Akanimoh Etim

Nigerian insurtech startup, ETAP has entered into a partnership with frontline insurance firm, AIICO Insurance which will make it easier for Nigerians to to buy car insurance and make claims, driving increased penetration of car insurance in the country.

The Chief Executive Officer (CEO) of ETAP, Ibraheem Babalola, who announced the partnership with AIICO, said with the new arrangement, buying and claiming on car insurance would be as easy as “taking a picture, providing drivers with access to a range of daily, weekly, monthly and quarterly plans to choose from.”

“We are proud to collaborate with AIICO Insurance on this transformative collaboration,” Babalola said.

“The app’s ability to reward safe driving habits while providing rewards for doing so as well as quick access to insurance purchase and claims payment will undoubtedly empower car owners and encourage responsible behaviour on the roads.

“We invite everyone to download the app from Apple App Store or Google Play Store and experience a new dimension of driving,” he added.

Also commenting on the partnership, Gbenga Ilori, head of retail business of AIICO Insurance, said:

“We are elated to unveil our collaboration with ETAP, marking the inception of a transformative era in car insurance. By harnessing the power of gamification, we are poised to shift perceptions around car ownership and driving in Nigeria.

“This initiative will not only elevate the driving journey but also significantly enhance safety on our roads”.

The ETAP app uses machine learning to build intelligent risk profiles that determine appropriate premiums for each driver, allowing them to achieve lower premiums by driving safely, the company said.

By using advanced telematics, the driving experience is gamified to improve driving behaviour and drivers can earn Safe Driving Points that can be exchanged for shopping vouchers for the most in-demand retail outlets, fuel, cinema and concert tickets, and other exciting experiences, the company added.

Tech

South African venture capital firm, Secha Capital closes first tranche of $15.7m funding

Published

1 day ago

October 1, 2023

Akanimoh Etim

South African venture capital firm, Sencha Capital, has closed an initial funding round of $15.7 millon from a targeted fund of $34 million from a group of investors including RMB Ventures, 27four Investment Managers, the SA SME Fund, and Caleo Capital.

Founding partner, Nombuso Nkambule who made the announcement on Saturday, said the fund was targeting wider investments in traditional companies across different sectors in the southern Africa region making the tech-enabled transition into the green economy.

“The new fund has already made four investments in iG3N, Cultura Fresh, Herbivore and FarmTrace, and plans to make 10 more investments within the next five years,” Nkambule said.

He added that Secha Capital, which runs an operator-investor model, placed highly-skilled human capital resources into its portfolio companies to work on high impact value creation projects that deliver exponential growth for its entrepreneurs.

“We invest in companies at an inflection point in their growth trajectory. Most capital in Southern Africa is invested in either extremes – early-stage startups or mature companies,” Nkambule said.

“We’ve identified a gap in the market where we can find a unique proprietary pipeline and bring in our team of operator investors to achieve outsized returns,” he added.

According to information from the company, Secha Capital, which was founded in 2017 by Nkambule, Brendan Mullen and Rushil Vallabh, is an operator-investor firm that runs a model that places highly-skilled human capital resources into its portfolio companies to work on high impact value creation projects that deliver exponential growth for its entrepreneurs.

According to tech experts, the first tranche of fund has proven that the combination of equity investments and human capital for growth-stage businesses is a replicable model for generating financial returns and social impact, particularly in women-founded businesses in South Africa.