Tech in Africa
Jetstream, a Ghana-based technology-enabled logistics startup on cross-border trade has raised $3M in a round that saw participation from investors such as Alitheia IDF, 4DX Ventures, Golden Palm Investments, Asia Pacific Land, Lightspeed Venture Partners, MSA Capital, and Breyer Labs. Jetstream will channel the funds into building the infrastructure for digitized trade corridors across Africa.
Jetstream was founded in 2018 by Solomon Torgbor and Miishe Addy. The idea was to enable African businesses to control their cross-border supply chains by integrating logistics providers in the private sector who are operating in Africa’s ports by bringing them online.
TechCrunch reports that Jetsream kicked off its operations in 2019 as a Less-Than-Container-Load aggregation service. They later added trade finance to help customers unable to fill large purchase orders. The startup charges for the freight (per-kg/container fee), clearance (flat fee), and financial services (commission). In a past interview with CNN Inside Africa, Miishe attributed her success to “hard work and curiosity.”
Jetstream is looking to capitalize on the AfCFTA’s potential. According to a recent World Bank report, the tariff-free zone will boost regional income by 7% ($450 bn). Africa’s exports are expected to grow by $560 billion- with the bulk in manufacturing. Jetstream Africa is looking to capitalize on this by simplifying global logistics.
Source: TechCrunch
