In many African countries, corner shops are woven into the fabric of local communities. Their role in the economy is often underestimated. Despite repeated predictions of their demise, the data is clear, corner stores are here to stay.
Access to funding and lack of support systems are some of the greatest challenges faced by startup founders in sub-Saharan Africa. And while venture capital and founder support programs within the continent are growing, a lot still remains to be done to meet the financing, technology and social capital needs of the especially marginalized groups like women founders.
Last year, MaxAB, the food and grocery B2B e-commerce and distribution platform serving a network of traditional retailers across Egypt and Morocco, raised its $55 million Series A in two tranches; the latter accompanied its acquisition of the Morocco-based and YC-backed WaystoCap.
Global venture capital firm Flourish Ventures is planning to invest in Fintech start-ups looking at increasing its exposure to fintechs focused on embedded finance in retail especially the kirana stores in India, besides fintechs focused on B2B infrastructure platforms and consumer personal finance.