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.
News
Why kirana stores are central to India’s digital opportunity [e27]
Small corner stores is an integral part of India’s local communities; with the right digital tools, they can be an important driver of growth.
Global VC Flourish launches Madica, an Africa-focused program to back pre-seed stage startups [TechCrunch]
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.
Flourish Ventures Launches Africa-Focused Pre-Seed Investment Platform Madica
New investment program targets up to 30 underrepresented entrepreneurs in underserved sectors and geographies across Africa
MaxAB, an Egyptian B2B e-commerce platform for food and grocery supplies, nabs $40M [TechCrunch]
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.
Flourish Venture sees opportunities in embedded finance fintech platforms for kirana stores [The Economic Times]
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.