Revivo, a Kenyan-based startup, recently secured a pre-seed funding round of US$635,000 to support its scaling efforts. This investment will aid the company in expanding its operations and reaching a wider market. The funding round included contributions from Raba Partnership, Village Global, Musha Ventures, Satgana, and strategic business angels.
Why The Investors Invested
The investors decided to invest in Revivo based on several key reasons. Revivo addresses a pressing issue in emerging markets by providing a B2B marketplace for consumer electronic spare parts. By catering to the needs of small businesses that perform the majority of electronics repairs, Revivo aims to increase access to quality and affordable repairs. This resonated with the investors, as they recognized the potential impact on underserved communities.
The investors were also attracted to Revivo’s transparent pricing model and commitment to guaranteeing product quality. The company’s platform offers repair shops access to new sources of electronic spare parts, along with learning materials and embedded financing options. These features provide value to repair businesses, making Revivo an appealing investment opportunity.
read also Congolese Fintech Startup Tuma Secures $500K in Funding, Setting New Record
Again, the investors were impressed by Revivo’s track record and achievements. The startup has already sold over 45,000 products to thousands of customers and has formed partnerships with major original equipment manufacturers and e-waste recyclers. Revivo’s dedication to sustainability and its ability to secure grants, including one from Stanford’s TomKat Center for Sustainable Energy, further demonstrated its potential for success.
A Look at Revivo
Revivo was founded in 2022 by Sarah Johnson, who recognized the need to improve access to quality electronics repairs in emerging markets. The startup operates as an online marketplace for consumer electronic spare parts, accessories, and repair tools. Its primary markets are in Kenya and other emerging economies where the demand for affordable repairs is high.
read also Zambian Fintech Union54 Makes Strategic Shift, Embraces Super App Structure for Growth
The platform aims to make it easier for repair shops to find the necessary products and resources. By centralizing the marketplace, Revivo simplifies the sourcing process and provides a convenient platform for businesses in the repair industry. The company emphasizes transparent pricing, guaranteed quality, and access to new product sources to ensure customer satisfaction.
Revivo’s mission extends beyond the marketplace. By promoting the repair economy, the company strives to make the use of electronic devices more affordable while reducing their negative environmental impact. This aligns with Revivo’s commitment to sustainable practices and its goal of fostering green growth across the continent.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard