Kenyan Leta has raised $5 million to help businesses move goods cheaper and faster across Africa. European VC firm Speedinvest led the seed funding round, which was supported by Google’s Africa Investment Fund and Equator, an Africa-focused climate tech fund. The new funding will be used to scale its solution and to double revenue in the coming months as it expands into more countries across Africa. How Leta’s Platform Work African businesses spend up to four times the global average to transport goods, driving up prices for essentials like food and medicine. The African Development Bank (AfDB) reports that logistics costs account for a staggering 75% of total product costs in Africa. Most of these businesses also have to rely on manual logistics, leading to delays. Through its AI-powered platform
Tag Archives: TechInvestment
Mar
UrbanGeekz founder and CEO Kunbi Tinuoye graced the stage at the inaugural Africa Gate to Growth Forum at the top-ranked university, UC Berkeley Haas School of Business. Tinuoye, a sought-after public speaker and leading voice in the global startup ecosystem, shared her perspective on a dynamic panel discussion on fundraising in Africa. She was joined by Salim Ben Hassim Soumbounou, a multinational business executive, among others. The ‘Unlocking Funding Opportunities for African Tech Companies’ panel offered invaluable insights into the challenges and opportunities faced by African startups. It examined a range of funding sources, including venture capital, crowdfunding, strategic partnerships, and debt financing. A key takeaway is the substantial impact of the African diaspora [whose remittances exceed $100 billion annually] as an untapped financial resource for developing startups on the continent. “We
Mistral AI, a Paris-based artificial intelligence startup, has secured €600mn in new funding, propelling its valuation to nearly €6bn. This significant investment comes just a year after the company’s launch, positioning Mistral AI as a strong contender against OpenAI, with backing from tech giants like Microsoft and Nvidia. The funding round, tripling the company’s valuation […]