Matta, a digital marketplace for chemicals and materials, has recently secured a significant $5 million seed round of funding. The investment was led by CRE Ventures and received support from notable investors including Ridgeline, Jangoo, FinTech Collective, and Tofino Capital, among others. The purpose of this substantial investment is to fuel Matta’s mission of transforming Africa’s chemical supply chain. The startup connects chemical producers with manufacturers seamlessly, while also offering vital third-party services encompassing logistics and trade financing. The investment not only validates Matta’s potential but also highlights the growing recognition of the company’s pivotal role in reshaping Africa’s economic landscape.
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Investor Motivations
This substantial investment in Matta is driven by several compelling factors rooted in economic empowerment and the transformation of Africa’s supply chain. Africa, uniquely lacking its own commodities exchange, presents an untapped opportunity. Investors in this round envisioned Matta’s platform as a means to empower emerging markets and modernize the continent’s infrastructure. The startup’s tools address the informal sector that constitutes a significant portion of Africa’s economy, contributing to its formalization and elevation. Furthermore, the investment aligns with the broader objective of fostering economic autonomy and prosperity within Africa. Matta’s platform serves as a conduit for essential resources, ensuring global accessibility while securing Africa’s agency in the process.
A Look at Matta
Founded in 2022, Matta is the brainchild of Mudiaga Mowoe, whose ambition and insights captivated investors from the outset. The startup’s primary markets extend across the African continent, where it aims to revolutionize the chemical supply chain. Matta’s platform not only facilitates seamless connections between chemical producers and manufacturers but also incorporates crucial logistical and trade financing services. The partnership with Tofino Capital, a known investor in African startups, further highlights the startup’s promising trajectory. Matta’s pioneering approach responds to the absence of a commodities exchange in Africa, propelling the continent towards greater economic self-determination. This venture signifies a significant step forward in addressing Africa’s vast potential in the global supply chain and unlocking economic growth and stability.
Matta chemical Matta chemical
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