Jetstream Africa, a tech logistics company in Ghana has raised US$13 million in a combination of debt and equity financing to help it expand in Africa.
The startup raised a US$3 million seed round in 2021 and has now progressed to Series A with a US$13 million investment. New investors include French development institution Proparco through the Digital Africa Bridge Fund, ASC VC, Octerra, Cauris, Senegal’s Wuri Ventures, Seed9, The MBA Fund, W Fund and family offices. Existing investors Alitheia IDF and Golden Palm also participated in the round.
The funds will be used to support Jetstream’s expansion into new countries and the continued development of its technology platform, which vertically aggregates the fragmented financing and logistics vendors that support trade across the continent’s 54 countries.
“With this funding round, we are excited to use our technology to reflect our customers’ data back to them in the form of business insights, so they can trade more profitably,” said co-founder and CEO Miishe Addy.
“The population of Africa is bigger than its production capacity. That’s created a US$50+ billion trade gap. At Jetstream we aim to help regional companies grow their supply chains faster, and close that gap themselves.”
Tokunboh Ishmael, co-founder and principal partner at Alitheia IDF, said her firm was proud to work with Jetstream to user in a bold new future for Africa.
“This round of funding supports Jetstream’s expansion to new markets which capitalizes on trade policies like AfCFTA, enabling richer inter-continental trade which is needed to support inclusive economic development and unleash the continent’s full potential,” she said.
Babacar Seck, senior investment officer for venture capital at Proparco, said Jetstream had demonstrated its ability to build innovative solutions to boost Africa’s trade competitiveness, helping solve one of the continent’s major challenges.
“As a long-term investor in Africa’s development, we support Jetstream’s mission and look forward to supporting its growth across the continent,” he said.
Story credit: Disrupt Africa