GreenTech Capital is one Africa-focused venture capital firm that is not choosing to invest differently because of the coronavirus pandemic. The VC has invested an undisclosed amount of funding in the Ghanaian startup Sumundi, which has developed an innovative digital retail management platform designed to help retailers manage, grow, and sustain their businesses, has secured funding from GreenTec Capital to help it expand operations.
“We find this collaboration a great opportunity. Beyond GreenTec’s bespoke support, we are looking forward to working with their incredible team and learning from their years of expertise. We are certain that this partnership will help Sumundi create immense value for Africa, beyond what we can imagine or put a price tag on,” said Awura Abena Amponsah and Gilbert Blankson-Afful, co-founders of Sumundi.
Here Is What You Need To Know
- Although this amount involved in this round of funding is undisclosed, Sumundi hopes to use the funding to pre-finance its hardware components, engage in consistent marketing and public education, and build a team suited for bigger scale.
- The Germany-based GreenTec Capital, which makes small investments in African tech startups says its real value-add comes from its “company-building” model.
Why The Investor Invested
GreenTec Capital is a German-based venture capital firm that invests in African startups and SMEs with a focus on combining social and environmental impact with financial success. The German investment firm has invested in a host of African startups, including Kenyan AI startup SuperFluid Labs, Nigerian logistics startup Parcel-it, Kenyan insurtech platform Bismart, and Zambian energy company WidEnergy.
“Small shops, formal and informal, are a very strong economic engine in Africa. Sumundi’s solution is fast-tracking the digital inclusion of these small businesses, in turn allowing them to become more efficient, grow their revenues and create new jobs. We are thrilled to be starting this journey with Sumundi’s co-founders and their team,” said Maxime Bayen, senior company builder at GreenTec.
‘‘GreenTec Capital Partners invests in African start-ups and SMEs with a focus on combining social and environmental impact with financial success. We use capacity building, process optimization and a diverse team of international experts to help them implement and adapt the latest technologies to their models so they can extend their value chains and have more impact locally. Our mandate is to maintain at least 75 percent impact focused enterprises and we aspire to grow 400 companies by 2023,’’ the VC notes.
Read also: Startups In Namibia To Get $800 From Covid-19 StartUp Grant
A Look At What Startup Sumundi Does
Founded in 2018, Sumundi has developed a retail management platform, available online and offline, that helps store owners record sales, generate receipts, and track inventory, allowing them to keep track of what is going on in their shop in real-time.
The easy-to-use point of sale (PoS) software and inventory management software makes it easy for small shops and retailers to adopt technology into their businesses, benefitting from inventory management, accounting, e-commerce, fulfilment, and logistics services.
Sumundi was not co-founder Awura’s first startup. In 2017, she launched DiggiMall Food, a failed logistics startup where customers could get their orders delivered to their doorsteps. It seems 3 years after, there has come some help from GreenTech Capital.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.