Led · Equity · May 2024

Seamfix is a global digital identity solutions provider based in Lagos, Nigeria. It offers identity management, data capture, and process automation solutions for large businesses and government agencies worldwide. The company leverages technology to simplify digital identity, enabling thousands of businesses to deliver better services to millions of end customers. Seamfix raised $4.5M from Alitheia IDF to accelerate growth and scale its technology infrastructure. The funds will be used to enhance data flow for continental trade and integration and to expand its digital ID and credential services into five new African countries. Led by CEO Chimezie Emewulu, the company says the investment validates its vision and will empower further innovation and reach.

Participated · Series A · Jan 2023

Jetstream Africa operates an e-logistics platform that vertically aggregates fragmented logistics and financing vendors to serve cargo owners in cross-border trade. The company underwrites short-term loans (15–90 days) backed by actual shipments, taking a security interest in cargo and disbursing funds directly to vendors across the supply chain. After pivoting to focus solely on import-export customers, Jetstream now functions as a freight forwarder offering end-to-end movement plus trade finance. The startup has disbursed about $9 million in total loans to date (up from a $1 million debt facility in 2021) and has scaled from one loan per month to up to 50 loans per month. It reports being EBITDA positive, with revenue growth of 48% and active customers up 102% year-over-year; shipments are 47% air, 44% ocean and 9% ground. The team of 44 plans to use the new capital to expand into additional countries (it currently operates in 29 markets, 12 in Africa) and continue developing its technology platform.

Led · Equity · Oct 2022

SweepSouth operates an online on-demand home cleaning platform that links clients with domestic workers and local tradespeople. The company was launched in 2014 by Aisha Pandor and Alen Ribic and is active in South Africa, Kenya, Nigeria and Egypt. Management says the business aims to scale further in South Africa and expand operations in Kenya, Nigeria and Egypt while developing a platform that empowers predominantly female domestic workers. The additional funding is intended to expand the South African workforce and infrastructure, launch new services in existing markets, and pursue greenfield growth and acquisitions across Africa and beyond. Investors and company statements emphasize improving the financial and social outcomes for domestic workers as a core goal. SweepSouth operates a marketplace that formalises informal domestic and maintenance work by matching clients with vetted service providers ("SweepStars") for cleaning, gardening, pool care, heavy lifting, repairs and commercial sanitation. The company has expanded its service set to include commercial sanitation in response to Covid-19, creating additional revenue channels and addressing sanitation gaps. SweepSouth reports thousands of SweepStars on its platform, 71% of whom were previously unemployed and 29% underemployed; 84% are primary household breadwinners. The platform offers services in South Africa’s four metros: Johannesburg, Pretoria, Durban and Cape Town. Co‑founded in 2014 by Aisha Pandor and Alen Ribic, the company emphasises dignified, flexible work and social impact while pursuing growth. Financially, SweepSouth previously raised over R60-million in 2019 and has now received a new venture capital investment from Futuregrowth. SweepSouth is an online platform that connects clients with domestic cleaners; it was founded in 2014 by Aisha Pandor and Alen Ribic in South Africa. The company offers on-demand cleaning bookings and has expanded operations across seven South African cities. SweepSouth reports it has tripled its customer base, bookings, and revenue this year and has created about 15,000 job opportunities for domestic workers. It partners with Simply to provide insurance for cleaners and with Caveat Legal to run ‘The Warrior Project’ offering legal help and advice to cleaners. The company is expanding into new verticals beyond domestic services and will use funds to grow SweepSouth Shop, an online platform for buying a range of growth products. SweepSouth also plans to launch SweepSouth Connect to offer plumbing, locksmiths, electrical, childcare and handyman services. SweepSouth is an online cleaning services platform founded in 2014 by Aisha Pandor and Alen Ribic that connects clients with domestic cleaners. The company positions itself as an emerging-market focused platform aiming to expand into other home services and grow beyond South Africa. Co-founder Aisha Pandor said the partnership with Naspers Foundry will help achieve that vision and create meaningful employment opportunities. In October the startup closed a funding round valued at over R60-million, which included a R30-million investment from Naspers Foundry. Previously SweepSouth raised R10-million in 2016 and an undisclosed Series A in 2017 led by Smollan with participation from Draper Darker Flow, Identity Development Fund Managers, CRE venture capital and DJ Black Coffee. The articles do not report revenue or user metrics. SweepSouth is a Cape Town–based on-demand cleaning service that matches customers with cleaners through a tech-enabled platform. The company has positioned itself as a leading tech startup in South Africa’s on-demand services space and has been described as the “Uber of cleaning services.” SweepSouth plans to expand its rapidly growing national footprint and to modernise the cleaning-services industry while creating jobs. The startup has created thousands of job opportunities in recent months, logged over 100,000 hours of cleaning, and grown to employ 10 internal staff with plans to hire more. Financially, SweepSouth has attracted external capital, including seed funding and participation in the 500 Startups accelerator, and most recently secured a new R10-million investment. Co-founder Alen Ribic said the company’s overall valuation is at “very high multiples.”

Led · Series A · Sep 2021

ReelFruit produces premium dried fruit snacks and focuses on sourcing high-quality raw materials through collaborations with local farmers. The company plans to purchase a new plant in Ogun State to boost monthly dried fruit output from 6 MT to 30 MT and will employ around 200 people in the plant’s first year. ReelFruit intends to expand its collaboration with Nigerian fruit farmers and create an agro-extension services program for 250 registered mango and pineapple farmers to secure consistent raw-material supply. The firm plans to grow exports by tenfold to 15 MT in the first year and broaden local and international sales channels, including B2B white-labeling and co-packing. By Q4 2021 ReelFruit plans to launch an e-commerce platform for direct US sales and expects to have doubled sales by November 2021.

Participated · Seed · Jun 2021

Jetstream builds digital infrastructure that aggregates private-sector logistics providers at African ports and borders to enable businesses to manage and track cross-border shipments. The company began operations in Ghana in March 2019 with a Less Than Container Load (LCL) aggregation service and added trade finance in November 2019. Jetstream white-labels internally built systems to manage shipments and financing and integrates customs brokers, freight forwarders, shipping lines, airlines, and container terminals on a single platform. Its revenue model charges per-container or per-kilogram freight fees, flat customs clearance fees, and commissions on financing and insurance. The startup reported logistics service revenue growth of 512% from March 2020 to March 2021, generated seven-figure revenue, and says it grows more than 100% year on year. Jetstream has operations in Nigeria and agents in South Africa, China, the U.S., the U.K., and Europe and aims to have a presence at ports and borders comprising 80% of Africa’s total global trade by 2028.