The Senegal-based startup raises an additional $700,000 in its Series Seed from WIC Capital, Loftyinc Capital, Haskè Ventures and other notable investors, completing its US$1 million round.
DAKAR, Senegal, 27 April, 2022 -/African Media Agency(AMA)/- Kwely Inc. today announced a new round of funding of $700,000 to complete its US$1 million Series Seed round. This round of funding was led by WIC Capital with participation from Loftyinc Capital, Afropreneur Angels, Haskè Ventures and other angel investors. Initial investors including DNA Capital, the Lead Investor and UMA Ventures had participated in the first $250,000 part of the round in July 2021.
“Kwely is working to connect the dots between local African producers, global consumers and international buyers. Our goal is to be the leading African B2B e-commerce platform that redefines the perception of African products and the way African buyers and sellers transact with each other and the rest of the world” says Birame N. Sock, Founder and CEO at Kwely Inc. “We have seen the impact Alibaba has had on the informal industrial sector in China and believe that there is an opportunity in economies that are still driven by small businesses operating at the artisan level, to make Africa a major sourcing destination for international buyers”, she adds.
In support of its distribution strategy, from brand development to packaging, Kwely currently works closely with local companies to make sure their products are export ready. “The range of services offered by Kwely perfectly aligns with WIC Capital’s long-standing effort to foster the development of high-growth women-led SMEs – because efficient packaging has always been the missing link preventing our local producers from exporting and scaling their businesses to capture extra-continental markets” says Evelyne Dioh, CEO of WIC Gestion managing WIC Capital.
As the company prepares to launch its digital platform and bring to market the various brands in its portfolio, this new round of funding will be used to support Kwely’s marketing and distribution efforts. Specifically, the areas that the company will focus on are:
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