Altech Ventures backs emerging e-commerce start-up Afrocart in seed funding at $2M valuation
Afrocart, an online marketplace for African products, has raised $200k from Altech Ventures.
Established in 2018, by two University of Toronto students Naafiu Mohammed and Stephen Ayeni in their dorm room. The partners were able to quickly scale the business to $100,000 annual revenue by 2019.
The goal of Afrocart is to connect buyers and sellers of Africa products around the world. Afrocart serves as a digital middleman, ensuring buyers get a choice in what they would like to buy, and sellers get a variety of customers to sell to.
As the population of Africans around the world become more dispersed, there will be a growing demand for African goods. There exists a supply chain issue where by customers can’t access these products, Afrocart fills this gap.
Canada has been a major market for Afrocart. As the population of Africa immigrant continues to surge. Statistics Canada estimates that the African Canadian population will double by 2031.
Afrocart benefits from the first movers’ advantage as they are the only company servicing this niche customer base.
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