Joining the train of Africa’s latest startup funding this year is the Ivory Coast-based e-commerce platform Afrikrea which has secured a US$1 million funding round to grow its team and expand its online mobile marketplace. The startup has also sealed a strategic partnership deal with DHL for delivery of its goods. 

“The more volume we have, the more interesting it is for investors,” says Mali-born founder of Afrikrea Moulaye Tabouré who had previously lived in France. ‘‘Today we are at 2,000, 3,000 shipments per month, but we aim much higher. This fund raising will also allow us to recruit. We have 20 employees, remote, everywhere: in France, in Brazil. We plan to hire in the tech and marketing industries.”

Here Is The Deal 

• This round of investment was led by existing Afrikrea investor Saviu, and also includes Id4 Ventures, an angel fund that invested in the likes of Showroomprive, France’s second-largest fashion and beauty e-commerce platform.
• Afrikrea will use the funds to expand its mobile marketplace, further marketing efforts, and add experienced remote developers to its team.
• The startup, which was one of the 10 from across the continent that competed in last year’s edition of Jack Ma’s Netpreneur Prize, also has a partnership with DHL that enables sellers from any African country to ship worldwide for lower prices, and is now planning further growth after banking US$1 million in funding.

Read also: Why Startup Ecosystem in Africa’s French-Speaking Countries Is The Least Funded In Africa

Why The Investors Invested

The lead investor Saviu Ventures is an Africa-focused VC. The VC has previously invested in the startup in 2018. The VC invests from pre-seed up to series A stage, focusing more on mobility, Fintech & E-commerce/New Retail sectors. The VC also targets both French & English-speaking Africa. 

‘‘Do not confuse us with an investment fund: our approach is different. We invest early and stay close to our founders through the turbulent first years. Naturally, we do not want to be forced into selling our shares once things start getting better and want to keep an ability to adapt our exit strategies and timelines to the reality of our portfolio companies,’’ the VC notes. 

A Look At What Afrikrea Does

Founded in 2016, Afrikrea is a marketplace for all things African-made, from fashion, art and handicraft to beauty and fabrics. Its community of over 5,000 designers have so far made US$5 million worth of sales across 101 countries.

The startup is also looking to reach the US market soon. 

“Our turnover has increased threefold this year,” Moulaye Taboure added. 

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.
He could be contacted at udohrapulu@gmail.com