A group of venture capitalists led by industry specialists, including Century Oak Capital, invested an estimated US$750,000 seed capital into Chargel, an e-logistics firm based in Senegal.
Through this investment, the venture capitalists expressed confidence in the growth prospects of that firm specialized in networking freight companies with potential clients. They seem to have also trusted the management’s capacity to successfully carry out the project and position the firm as a leader in its sector.
The seed fund will allow Chargel, which is still in its infancy, to embark on the first stages of its development process. "We are super excited about the response we've received from shippers and carriers during the pilot phase, and are eager to embark on our mission to make couriering more efficient, reliable, and seamless in our region," said Moustapha Ndoye, Chargel co-founder and director.
Chargel is the second Senegal-based e-logistics firm to complete a round this year, after the US$4.5 million raised by PAPS in late January. Several investors took part in the operation. They included Proparco, Orange Group, and Enza Capital.
For venture capitalists, e-logistics is a profitable segment with considerable growth prospects because of the growing logistics demand of SMEs that need supply and the developing retail delivery segment.
Operator explores renewable energy partnership with Italy’s Ascot Energy Move aims to stabilize p...
A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...
First investor town hall since 2021 signals renewed engagement with markets Authorities hi...
Arise IIP plans to invest more than $3 billion in Kenya over five years The company wi...
Efforts to reinforce health systems are gaining pace across Africa, with this week’s developments fo...
Mauritanian Zeine Zeidane has been appointed director of the IMF’s Africa Department. A former prime minister and an IMF official for more than a decade,...
Africa’s sports economy could expand from $12bn to $30-35bn over the next decade Tourism contributes up to 8% of GDP across the continent,...
A two-year partnership will support women entrepreneurs with finance and training The initiative targets underserved and refugee-hosting...
Chevron has taken a final investment decision on the Aseng Gas Monetisation project. The project targets 550 billion cubic feet of gas with an...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...
RFI confirmed the end of “Couleurs Tropicales” following Claudy Siar’s departure after 31 years. The move follows a series of high-profile exits...