Jetstream, a Ghanaian elogistics platform for Africas B2B importers and exporters, takes in $13M equity, debt

News Summary

  • At the time of its seed round, Jetstream Africa had two business lines: one providing logistics services to cargo owners dealing with import and export and another distributing financing to freight forwarders.
  • Also, we don’t give the money to the cargo owners but to the nine vendors directly.”R: Miishe Addy (Jetstream Africa CEO)Jetstream has grown its trade finance product from the $1 million debt it secured in mid-2021 to about $9 million in total loans disbursed so far.
  • We simplified our business into just the import-export product line by working directly with them with a combination of trade financing and logistics.”Ghana’s Jetstream lands $3M to build the digital infrastructure for Africa’s trade corridorsJetstream’s new business model has shifted to that of a freight forwarder.
  • Fintech lender and private equity firm Cauris and French development institution Proparco, through its bridge fund, provided the debt financing while the equity investors include Octerra, Wuri Ventures, Seed9, The MBA Fund and ASCVC, a venture fund founded by executives of the supply chain visibility platform Project44.
  • “Although the cargo owners and freight forwarders have a lot of information asymmetry, the importer and exporter can put pressure on the freight forwarder to digitize the supply chain.
  • Jetstream says this new investment will allow it to expand into new countries — it’s currently in 29 (12 in Africa) countries — and continue to develop its technology platform, which vertically aggregates fragmented logistics and financing vendors in the world of African trade.
The market for crossborder logistics services is said to hit revenues of $32 billion by 2025, with several companies vying for market share in the evergrowing competitive industry. Ghanaian elogis [+5218 chars]