Connect with us

Fund Raising

Waysia Raises €10M To Deliver Asian Grocery In Europe

Waysia, an Asian grocery delivery platform recently raised €10m to deliver Asian groceries in Europe

Published

on

Waysia

Waysia, an Asian grocery delivery platform recently raised €10m to deliver Asian groceries in Europe.

Recall that the covid-19 pandemic brought about a paradigm shift in our lives and the way of doing things, which gave rise to so many services tailored to these newborn needs.

Waysia delivery did not hesitate to join the rest of the startups that had to reinvent the wheel, in response to the needs of this present period.

The company which was formerly known as Alorsfaim, first began its operation in France, Paris, four years ago as a delivery platform that specialized in the delivery of Asian food to customers.

After the sudden covid-19 pandemic that ravaged nearly the whole world, Waysia users began to panic buy and quickly emptied retailer supplies.

The incongruity between demand and supply promoted the company to open its warehouse and start procuring directly from suppliers, like farms specializing in Asian produce in the Netherlands, France, and Spain.

According to Waysi CEO Yejun Fan, he said; “The pandemic showed that the need for ethnic groceries was really underserved in Europe,”.

It is however interesting to note that not only Waysia, but a handful of startups are already delivering Asian takeout across Europe.

Although, online grocery targeting the demographic is still relatively rare, reckoned the founder, who worked in finance before becoming a serial entrepreneur.

The grocery pivot gave Waysia’s revenues a boost and recently helped it land a series Pre-A round of nearly 10 million euros. The round was led by Banyan Pacific Capital, with iFly.VC, Cathay Innovation, and Goodwater Capital participating.

The most notable investor from Waysia’s new financing round is Datastore, a digital retail fund started by Daphni and Carrefour, and Convivialité Ventures, the venture capital arm of the French wine and spirits company Pernod Ricard, an indication of the French giants’ interest in ethnic minority consumers.

Waysia’s average basket size is as much as over 70 euros, for consumers tend to shop weekly for ethnic food. That means the platform can spend less on deliveries compared to more mainstream services sending small orders more frequently.

Continue Reading
Comments

Fund Raising

YC-Backed Startup Numida Raises $12.3 Million Pre-Series A Round

Ugandan-based Fintech startup Numida which provides working capital to African micro-businesses has raised $12.3 million in a pre-series A round.

Published

on

Numida

Ugandan-based Fintech startup Numida which provides working capital to African micro-businesses has raised $12.3 million in a pre-series A round.

The debt funding round was led by Serena ventures, the venture fund of tennis champion Serena Williams who led the $7.3 million equity portion of the round with participation from Breega, 4Di Capital, Launch Africa, Soma Capital, Y Combinator, and existing investor MFS Africa, which is following on. The startup also received a $5 million debt facility from Lendable Asset Management.

Due to the significant increase in demand for its services, Numida is currently eyeing growth opportunities beyond Uganda, stating that it has a proven business model that can be adopted across the African continent to unlock the potential of MSMEs.

With this recent fundraised, the startup plans to extend loans to an additional 10,000 businesses to reach its 40,000 targets within the next 18 months by entering into two new African markets.

Speaking on the recent fund said, Numida CEO Mina Shahid said, “I’m most excited about continuing to build and provide financial products for these micro and small business owners who have been forgotten by the traditional financial services industry even though they are hardworking and have viable businesses.

“There are so many of these businesses across the continent, we really do believe that we’ve proven a model in Uganda that can be Pan-African and unlock the potential of these businesses to growth and achieve great things”.

Since raising its $2.3 million seed round last year, Numida has grown over 7.5 times propelled by the soaring demand for quick loans. The startup has to date issued $20 million in working capital to micro and small businesses, having grown from issuing $250,000 a month to $2 million.

To support this expansion, Numida has disclosed its plans to double its team to 200 people across its credit operations, data product development, and growth functions over the next 18 months. Shahid told BetaKit that four people out of its over 100-person workforce are based in Canada, with plans to expand its Canadian team to six by the end of the year.

Continue Reading

Fund Raising

The Fundraising Market in Africa is Growing, But it’s Hard Out There for Startups, Says DAI Magister

Analysis of the current African market by boutique investment bank DAI Magister, reveals that investors have so far bucked macrotrends by exhibiting confidence in investing into African businesses, particularly in first and second round raising.

Published

on

African Continental Free Trade Area (AfCFTA)- Investors King

Analysis of the current African market by boutique investment bank DAI Magister, reveals that investors have so far bucked macrotrends by exhibiting confidence in investing into African businesses, particularly in first and second round raising.

However, nascent start-ups are facing difficulty, with just half the number of accelerator deals taking place in Q2 2022 compared with Q2 2021.

DAI Magister has analysed the African market over the past four to six weeks in anticipation of the upcoming fundraising season, to assess the challenges and requirements for key finance functions through the lens of fundraising.

The global investment market overall has declined, with many investors treading cautiously. However Africa’s ecosystem has experienced two very strong quarters in the first half of 2022. June 2022 was the market’s strongest June yet, while Q2 and H1 2022 were also the strongest performing Q2 and H1 on record. The ‘big four’ venture capital markets in particular have seen capital flow into their regions, particularly Kenya, Egypt and Nigeria while South Africa has remained neutral.

According to DAI Magister, in the past few weeks African raises have definitely slowed, with the general pace of activity more moderate than this time last year. However, capital is continuing to flow into deals where companies can demonstrate a clear path to profitability and an open market to continue to scale. Also, Africa continues to have high structural growth rates, which are much higher than the rest of the world, and an ecosystem of startups that are geared towards solving primary ‘must have’ needs.

Risana Zitha, Head of Africa at DAI Magister said: “We’re building an interesting picture of the mindset of an investor looking to pool their resources into African businesses. There is an increased emphasis on compliance and capital efficiency, and many companies are exploring dual track mergers and acquisitions (M&A). In fact, all African M&A deals we’ve been a part of recently have been dual tracks.”

Growing businesses in the African market are in a constant state of raising capital, and it is essential that businesses have repeat, successful rounds to stay competitive. However, it’s no longer the seller’s market that many African investors and startups saw in 2021. Now it’s a more balanced picture, with many investors taking more time and being more choosy than this time last year.

Risana continued: “We’re seeing that the rules have changed since last year. Restructuring to cut costs was not on the agenda in 2021, but now, businesses are being open about layoffs – and it’s being encouraged.

“Investors have formed strong views on what they ‘like’ and ‘don’t like’, which is very different to even just a year ago. In response to this, African businesses need to debate whether they take a radical approach to rethinking their business model and how they make their money, or whether they need to make minor adjustments in order to attract investment during a period of balance. Also, it’s important to remember that successfully raising even a smaller amount than originally anticipated has far more value in the current environment. Basically, a $ raised now is worth far more than a $ raised 12 months ago, because many competitors are seeing fundraisings delayed, and capital is always far more valuable when others do not have it..

“Flexibility is crucial to ensure that businesses are responding to the market so get that all-important ‘yes’ from investors.”

While the fundraising market overall is growing steadily, nascent start-ups are having a harder time raising capital. Just 16% of deals in Q2 2022 were accelerator, compared with 32% in Q2 2021.

Risana added: “There has been a significant decrease in accelerator deals when comparing Q2 2022 and Q2 2021. This is in part due to decrease in first time investors from the US and Europe, increase in financing in later rounds and an increased level of sophisticated questions from investors.

“Startups are likely to have less experience raising investment, so it’s essential that they’re able to take advantage of the growing market. This can only be done with the right guidance and resources to ensure they can make a success of their business and reap the benefits of the increased funding we’re seeing in later rounds.

“The same goes for businesses in Africa of all sizes. It’s a volatile time no matter what round you’re raising, and we’re seeing the need for leaders to begin to think differently about their business and approach to fundraising.”

Continue Reading

Fund Raising

Vendease Raises $30 M in New Seed Round, Plans to Deepen Operation Across Africa

Vendease an online marketplace for Africa’s food businesses has recently raised $30 million in an equity and debt funding round.

Published

on

Vendease

Vendease an online marketplace for Africa’s food businesses has recently raised $30 million in an equity and debt funding round.

This seed round of $30 million was split between $20 million equity and $10 million debt, which was co-led by TLcom and Partech, in a rare joint investment by two of the biggest Africa-focused funds.

The equity round also included Hack VC, Kube VC, VentureSouq, Hustle fund, GFR Fund, Magic Fund, and Kairos Angels, who re-invested after participating in the previous round. The $10 million debt round was raised from the local finance market. 

According to Vendease, the new seed round raised will be used to deepen its operations across eight cities in Nigeria and Ghana, while noting that the startup is currently building a technology to aid in the effective movement of  food from the point of production to the point of consumption

CEO of Vendease Tunde Kara while commenting on the recent funds raised said,  “We’re building technology to efficiently move food from the point of production to the point of consumption.

“Everything we build at Vendease; financing, logistics, warehousing, inventory management, is tailored towards ensuring that food flows efficiently from that point of production to the point of consumption.”

Vendease enables African restaurants and food businesses to buy products, access financial services, and secure their operations.

According to the company, most customers, including restaurants and food businesses, hospitals, hotels, and schools, incur losses of $100 billion annually due to several factors.

These factors range from unreliable supplies and waste to limited data to make informed purchasing decisions to little or no capital to fund purchases.

Vendease, described as a series of stacks, is designed to reduce waste and help food businesses thrive.

The platform claims to have transported about 400,000 metric tons of food for its more than 2,000 customers in the past 12 months and helped them save about $2 million in procurement and more than 10,000 man-hours.

Vendease CEO Kara also disclosed that his company has saved its customers nearly $500,000 in losses due to overstocking.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending