Morocco’s Waystocap raises $3M in seed funding
According to Techcrunch, Moroccan startup Waystocap has raised $3 million to expand its reach in Africa.
The platform is a marketplace for businesses to sell and buy in Africa. They were launched in 2015 and plan to become the Alibaba of Africa. The recent fundraising came just after their graduation from the Y Combinator accelerator program.
The investment comes from Y Combinator, Battery Ventures, Soma Capital, Palm Drive Capital, Amino Capital, Endure Capital, Story Ventures, Lynett Capital, Neon Capital, 4DX LLC, Michael Seibel, Jude Gomila & Pascal Levy Garboua.
The founder and CEO of Waystocap, Niama El Bassunie, says the market for cross-border trading is huge in Africa, and represents at least $720 billion. She used to work in consulting in a London based firm when she experienced as a self entrepreneur in Conakry, Guinea, the need to do something for the African continent.
The marketplace which is more for retailers and wholesalers than average consumers offers security with the insurance company Coface and has processed in 2017, $3.1 million transactions mainly in food, textile, and industrial tools. They have offices in Casablanca and Los Angeles.