Again! Africa becomes foreign investors’ destination as Kenya’s Sendy raises $20M

Kenyan logistics startup, Sendy, has announced raising the sum of $20M in Series B Funding round led by foreign investors, Atlantica Ventures and Toyota Tsusho Corporation.

The recent funding round has reiterate how Africa has become the new opportunity hub for investors.

The fund is expected to facilitate the upgrade of the startup in areas of tech, and see to the recruitment of staff to add to the startup portfolio.

It’s no doubt that capital has been a major challenge inhibiting the growth of many startups in Africa. With a changing narrative as more foreign investors commits their finance, Africa, hence, readily seems to be the next rated continent in the world.

In consonance with Mesh Alloys, CEO, Sendy, what most African-owned startups suffer is lack of funds to improve its customer and operational services. And, in solving this, adequate funds needed to be commissioned to meet this need.

Read also: SAHCO declares N530.2m profit

In the words of Mesh Alloys, “getting better operational efficiency is super key.” According to him, the management would therefore “invest…in engineering teams and data teams…and in deploying talent to improve the services that Sendy (as an organisation) gives customers.”

Beyond meeting organisational goals, Sendy, like other startups who have benefited from one funding round or another, can equally compete favourably in its market while eyeing expansion.

In Chinese’s Opay and numerous other American tech investments, we see a recent upbeat of trust and interest by foreign investors unlike before.

If this trend, where foreign investors keep picking interest in more African startups, then, Africa can only be on its way to recover from it not-too-profitting past. By introspection, it is only clear that Africa is rising by her embrace of tech.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now