Entrepreneurship Zone: 16 May 2023 :: From Nigeria to Kenya: African VC investors reveal three standout startups

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Entrepreneurship Zone: 16 May 2023 ::  From Nigeria to Kenya: African VC
investors reveal three standout startups

 




 


·          

 

At the African Private Capital Association’s annual conference held in
Cairo in early May, a panel of venture capital investors in Africa were
asked to each identify a company from their portfolios that excite them the
most. Their responses were as follows:


1. Twiga: Streamlining supply chains


Maurizio Caio, founder and managing partner of TLcom Capital, singled out
Kenya-based Twiga. This company, established in 2014, connects farmers and
small shopkeepers via a mobile app. If a vendor runs out of a product, they
can place an order through the Twiga app, and the company delivers within 24
hours, sourcing from its warehouse or directly from a smallholder farmer.
Last year, Twiga also invested $10 million in its own farming operations via
a new subsidiary, Twiga Fresh, to address challenges with quality control.
Read more: Why B2B e-commerce platform Twiga ventured into farming


2. Touch and Pay: Digitising micro-transactions for the transport sector
and beyond


Idris Bello, managing partner of LoftyInc Capital Management, expressed
enthusiasm for Nigeria-based fintech startup Touch and Pay. The company
offers a product called the Cowry card, which commuters use to pay for bus
fares in Lagos and other states in Nigeria. Bello compared it to London’s
Oyster card. Beyond transport, the money in customers’ Cowry wallet can also
be used for fund transfers, airtime purchases, interstate travel payments,
and merchant transactions.


3. Fuelin: Managing fuel consumption


Dina El Shenoufy, chief investment officer for Flat6Labs, pointed to
Fuelin, an Egyptian startup offering a platform for logistics companies to
monitor and manage their fleet’s fuel consumption. In the context of
fluctuating oil prices and high inflation, fuel costs can account for 50-60%
of these companies’ annual revenues, making efficient management crucial.

The platform employs optical character recognition (OCR) technology to
transform fuel dispenser readings into digital text. It helps determine fuel
needs based on the type of load and routes, and assists in locating the
nearest gas stations, contributing to increased operational efficiency.



Established in 2014, Kenya-based Twiga Foods connects farmers and small
shopkeepers via a mobile app.

 

- Howwemadeitinafrica

 

 


 


 


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