This strategic move aims to boost trade and provide sustainable transport solutions in the Global South.

The agreement includes the deployment of OX Delivers’ all-electric truck fleet, along with access to its proprietary technology platform and vehicle maintenance services.

The franchise partner, OX East Africa, will build on the company’s existing success in Rwanda and expand operations to neighboring countries, including Uganda, Kenya, Tanzania, and Burundi.

Simon Davis, Co-Founder and CEO of OX Delivers, highlighted the importance of the partnership in scaling their business.

“This deal represents a significant milestone for OX Delivers and acknowledges the remarkable progress we’ve achieved with our electric trucks and services in Rwanda. It will enable us to explore new markets, introduce payment apps, and enhance the overall customer experience.”

Davis emphasized the broader mission of fostering economic growth by providing affordable and reliable transport services that empower local businesses to thrive.

Colin Tebbett, the newly appointed CEO of OX East Africa, will lead the franchise’s operations.

Tebbett reflected on the success of OX Delivers in Rwanda, where the company has supported over 5,000 customers, many of whom are smallholder farmers and traders.

“Our service has allowed customers to increase their sales fivefold, demonstrating the transformative impact of efficient, reliable transport. The franchise will expand this model to neighboring countries, creating a self-reinforcing cycle of economic and social growth,” Tebbett said.

Since its pilot launch in Rwanda in 2021, OX Delivers has experienced robust demand, generating over $920,000 in revenue from January to October 2024.

Customers have transitioned from inefficient methods like bicycles and buses to the OX service, which allows them to book space on trucks for faster, safer delivery of goods to markets.

The OX electric truck, originally conceptualized by Sir Torquil Norman and Professor Gordon Murray, has been redesigned by OX’s engineering team for maximum efficiency and affordability.

With operating costs 10 times lower than traditional alternatives, the trucks are tailored for the “as-a-service” business model.

This marks Renew Capital’s first investment in Tunisia.

Founded in 2021 and licensed by the Central Bank of Tunisia, Konnect provides businesses with a suite of digital payment tools, including seamless payment links, e-commerce plugins, and a robust API.

Its services aim to enhance the efficiency, security, and accessibility of online financial transactions, catering to businesses of all sizes.

The newly secured funding, the amount of which remains undisclosed, will enable Konnect to scale its operations and broaden its reach across North Africa.

The startup’s growth strategy includes key partnerships, such as a strategic collaboration with Visa, aimed at advancing the adoption of secure and efficient digital payment services in the region.

Amin Ben Abderrahman, the founder of Konnect, emphasized the company’s mission to revolutionize digital payments.

“We’ve built Konnect to make digital payments more accessible, secure, and user-friendly,” he said.

“Our platform supports both individuals and businesses, allowing them to manage their payments with ease. We’re excited to continue expanding across North Africa and providing innovative financial services that cater to the needs of underserved communities,” he added.

Renew Capital expressed strong support for Konnect’s vision and potential. 

Karim Ben Fadhel, the investment ecosystem development manager at Renew Capital, highlighted the startup’s role in fostering financial inclusion.

“Their platform not only simplifies financial transactions but also opens doors for greater financial inclusion,” he said.

“We’re proud to support Amin and his team as they lead the way in expanding access to secure and scalable payment solutions.”

This milestone, announced during the 2024 Africa Investment Forum in Rabat, highlights the growing commitment to fostering innovation, financial inclusion, and job creation across the continent.

Key investors in the fund include the African Development Bank (AfDB), EIB Global, supported by the European Union through the ACP Trust Fund, and Boost Africa.

The fund is targeting $80 million in total commitments, of which $50 million has already been secured.

Its focus areas include climate tech, financial inclusion, and digital innovation, to create over 10,000 formal jobs and address financing gaps in Africa’s underserved startup ecosystem.

Seedstars Africa Ventures I provides funding of up to $2 million for seed and Series A rounds, with follow-on investments of up to $5 million.

Earlier this year, the African Development Bank contributed $10.5 million to the fund, aiming to support high-growth startups and create nearly 9,000 jobs, half earmarked for women.

The fund is already delivering results, deploying $10 million into five innovative startups across sectors such as cleantech and financial inclusion.

These startups collectively serve over 60 million people in eight African countries, including:

• Beacon Power Services (Nigeria): A cleantech company improving electricity access for millions.
• Poa! Internet (Kenya): Providing affordable broadband to over 60,000 households.
• Xeno (Uganda): Offering sustainable financial products for savings.
• Bizao (Côte d’Ivoire, Senegal, France): Delivering payment aggregation solutions.
• Shamba Pride (Kenya): Empowering farmers through nearly 300 franchised shops offering tools, insights, and training.

Through these ventures, the fund has connected 60,000 households to the internet, supported 50,000 farmers, and empowered 30,000 individuals with financial services.

The fund is led by Maxime Bouan, Tamim El Zein, and Bruce Nsereko Lule, who bring 45 years of combined investment experience.

Seedstars Africa Ventures I is also committed to gender equity, aligning its portfolio with the 2X Challenge criteria to empower women entrepreneurs and professionals.