Senegal-based B2B Marketplace Startup Kwely Closes $1 Million Seed Funding Round
Kwely, a Senegalese B2B wholesale distribution platform for Made-in-Africa products, has announced an additional $700,000 in funding to close off its US$1 million Series Seed round. WIC Capital led this round of funding, which was also joined by Loftyinc Capital, Afropreneur Angels, Haskè Ventures, and other angel investors. In July 2021, initial investors including DNA Capital, the Lead Investor, and UMA Ventures joined in the round’s first $250,000 tranche.
“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. 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,” Birame N. Sock, Founder and CEO at Kwely said.
This fresh amount of funding will be used to boost Kwely’s marketing and distribution operations as the firm prepares to launch its digital platform and bring the numerous brands in its portfolio to market.
Why The Investors Invested
A major point of reference for investors in this round is the founder Birame N. Sock, a tech entrepreneur who has successfully exited two startups in the US. The startup has also generated considerable traction since it was founded.
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“At Haskè Ventures, we believe that Kwely’s work is going to be a game-changer for all things Made-in-Africa and the global distribution of products at-scale. Kwely is the first African startup to provide enhanced product design and distribution services to local companies. We believe that Kwely’s digitally enabled B2B platform is the missing link to unleash distribution based on global norms and standards”, says Abdourahmane Diop, CEO at Haskè Ventures.
“We have been impressed with what the company has accomplished so far. As investors focused on the future of Africa, we believe Kwely has a critical role to play in fulfilling wholesale orders through collective production across suppliers. We look forward to further partnering with Birame and her team on this exciting new phase of their growth”, says Idris Ayodeji Bello, Founding Partner at LoftyInc Capital and Afropreneur Angels.
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“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.
The company intends to complete its Series A round of financing by the end of 2022.
A Look At What The Startup Does
Kwely is a B2B wholesale distribution network for Made-in-Africa products that is based in Senegal and began operations in the first quarter of 2020. Existing and new Made-in-Africa brands are being developed by the company in conjunction with local suppliers in order to achieve export-ready status. The company is also developing a proprietary platform to support B2B wholesale transactions on the global market, as well as a packaging studio to provide the services required to deliver products that meet international standards.
To be specific, Kwely has built a minimum viable product (MVP) for its technology platform and validated over 200 goods that are manufactured in the country. Kwely’s distribution platform seeks to place high-quality Made in Africa items on the shelves and counters of major worldwide retailers, hotels, airports, specialized shops, and restaurants.
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In April 2021, the Company presented the inaugural round of the TEKKI Challenge in Senegal, where ten local food and cosmetics firms were given branding, packaging, and access to the market in exchange for their participation. As a result, Kwely has collaborated with these businesses to co-develop Made in Africa products and brands that are ready for export and fulfill international quality requirements. With the launch of its packaging studio, the company will be able to provide filling and packaging services that meet the high standards of quality and adherence to global requirements, such as those set by the United States Food and Drug Administration, other international Consumer Packaged Goods standardization agencies, and certification bodies for the food and pharmaceutical industries.
Kwely Senegal Kwely Senegal
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. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh