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ANKA Secures $5M Pre-Series A Extension to Accelerate E-Commerce Growth in Africa

New Investments

ANKA Secures $5M Pre-Series A Extension to Accelerate E-Commerce Growth in Africa

ANKA, an Ivorian SaaS e-commerce platform for African businesses, has raised $5 million in a pre-Series A extension round led by the International Finance Corporation (IFC) with participation from Proparco and Bpifrance.

This brings the company’s total investment to date to $13.5 million.

ANKA provides a comprehensive e-commerce solution for African businesses, including website design and development, payment processing, and shipping.

The platform also offers a variety of features to help businesses grow their online sales, such as marketing tools and analytics.

ANKA plans to use the new funding to strengthen its product development and expand its services.

The investment in ANKA is a sign of the growing interest in African e-commerce.

E-commerce sales in Africa are expected to reach $30 billion by 2025, according to Statista.

ANKA is well-positioned to capitalize on this growth with its comprehensive e-commerce solution and focus on African businesses.

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“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

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Turaco Acquires MicroEnsure Ghana to Boost Affordable Insurance Coverage in Africa

Key Developments

Turaco Acquires MicroEnsure Ghana to Boost Affordable Insurance Coverage in Africa

Turaco, Africa’s tech-enabled affordable insurance company, has acquired MicroEnsure Ghana from MIC Global.
 

Under the deal, MicroEnsure will rebrand as Turaco Ghana and retain the expertise of the existing team and leadership.

The acquisition is part of Turaco’s plan to expand its reach and deepen the penetration of affordable insurance across Africa.

MicroEnsure Ghana is a leading microinsurance provider in Ghana with a strong track record of providing innovative and affordable insurance products to low-income earners and small businesses.

The acquisition is expected to benefit both Turaco and MicroEnsure Ghana’s customers. Turaco will leverage MicroEnsure Ghana’s expertise and distribution network to reach more customers and offer a more comprehensive range of products.

MicroEnsure Ghana’s customers will benefit from Turaco’s tech-driven platform, improving the efficiency and convenience of their insurance experience.

MicroEnsure Ghana is Turaco’s second acquisition in the past year, having acquired Kenyan microinsurance provider Maisha Microfinance Bank in 2022. The acquisi

Leading investors, including AfricInvest, Partech, and LeapFrog Investments, back Turaco. The company has raised over $50 million in funding to support its growth and expansion plans.

The acquisition of MicroEnsure Ghana is expected to have a positive impact on the insurance industry in Ghana and across Africa.

Turaco’s tech-driven platform and focus on innovation will help to make insurance more accessible and affordable for low-income earners and small businesses.

The acquisition will also help to deepen the penetration of insurance in Africa.

Insurance penetration in Africa is currently very low, at around 3%.

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iProcure: The Kenyan Startup Leveraging Tech to Revolutionize the Agricultural Supply Chain in Africa

StartUp Spotlight

iProcure: The Kenyan Startup Leveraging Tech to Revolutionize the Agricultural Supply Chain in Africa

Smallholder farmers in rural Africa face a number of challenges in accessing the agricultural inputs they need, including high prices, limited access, and a lack of information.
 

This inefficiency and opacity in the agricultural input supply chain can have a significant impact on farmers’ incomes and productivity.

However, in Kenya, iProcure, an agritech startup, has emerged as a beacon of hope and empowerment for farmers and a disruptor that is revolutionizing the agricultural supply chain like never before.

Who is iProcure?

iProcure is a Nairobi-based startup that is working to optimize the agricultural input supply chain in rural Africa.

Founded in 2013, iProcure has developed its distribution infrastructure, connecting major agricultural input suppliers directly to local agro-dealers via its proprietary distribution technology system.

Recognized as one of Kenya’s pioneers of digital agriculture, iProcure leverages technology to bridge the gap between farmers and essential agricultural inputs.

What Do They Do?

iProcure’s core mission revolves around providing farmers with access to quality agricultural inputs, including seeds, fertilizers, pesticides, and more, through a seamless digital platform.

Here’s how they accomplish this:

Digital Ordering Platform: iProcure has developed a user-friendly mobile and web application that allows farmers to order agricultural inputs directly from the comfort of their homes. This eliminates the need for farmers to travel long distances to access these crucial supplies.

Network of Retailers: iProcure collaborates with a vast network of retailers strategically located across rural areas. These retailers serve as collection points, ensuring that farmers can easily pick up their orders.

Quality Assurance: Ensuring the quality of agricultural inputs is a top priority for iProcure. They partner with reputable suppliers and provide farmers access to certified products, improving crop yields and quality.

Credit Solutions: To further support smallholder farmers, iProcure offers credit solutions, enabling farmers to access inputs even when they lack immediate funds. This innovative approach fosters financial inclusion in the agricultural sector.

Their Mission:

iProcure’s mission is crystal clear: to empower smallholder farmers with the tools, knowledge, and resources they need to increase their agricultural productivity and improve their livelihoods.

They believe that by making high-quality agricultural inputs accessible and affordable, they can contribute to food security and economic growth in rural communities.

What They Have Achieved:

  • Raising over $20 million in funding from investors such as Safaricom, IFC, and Rabobank.
  • Expanding its operations to Kenya, Tanzania, and Rwanda.
  • Building a network of over 10,000 agro-dealers.
  • Supplying over 1 million smallholder farmers with agricultural inputs.

Impact:

iProcure’s work is having a significant impact on the agricultural sector in Africa.

By optimizing the supply chain, iProcure is helping to reduce the cost of agricultural inputs and make them more accessible to smallholder farmers.

This is leading to increased agricultural productivity and incomes for farmers.

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