CONGO- Congo-based Delivery platform Noki Noki announced it has secured US$3 million to expand its operations in its initial funding round as e-commerce continues to expand in Africa.
According to the announcement, Uma Ventures a venture capital firm based in Hong Kong, led the initial investment round.
Noki Noki revealed it plans to use the funds to expand into Kinshasa in the Democratic Republic of Congo (DRC), which would place the company in direct competition with Wiikko the largest delivery platform in the country.
Since its inception in 2021, Noki Noki has established operations in Senegal (Dakar), Ivory Coast (Abidjan) and Gabon (Libreville). The company operates three main business units- Noki Food for food delivery services, Noki Drive for supermarket delivery services and Noki Pay an online payment system for its delivery system.
The company served over 10,000 customers and recorded US$167 million in transactions in the past year alone.
The investment reflects the confidence investors have of the African e-commerce market, especially those specializing in the FMCG and grocery sector. The funding underscores the growing investments in Congo-Brazzaville start ups. According to Daba Finance, a market analytics firm, Congolese start ups raised $62 million from venture capital firms in 2023.
The company has lauded the move, reiterating the funding round is a testament to the company’s growth potential in Central Africa and beyond.
Jonathan Yanghat, Noki Noki’s CEO and co-founder, said, “We started the journey with a few motorcycles and a clear ambition: to revolutionize delivery and e-commerce on the continent. This funding brings us closer to our goal of becoming a reference in last-mile delivery in Africa.”
Uma Ventures also expressed confidence in the company, highlighting Noki Noki’s knowledge of the sector and potential to become market leaders.
Vinay Vaswani, Ume venture’s founder said, “Jonathan Yanghat and his team have demonstrated a keen understanding of the sector’s needs and an ability to thrive as market leaders. Their vision coincides with our strategy of building tech-enabled infrastructure, which is why we are proud to accompany them in their growth.”
The funding underscores the growth and potential of ecommerce in Central Africa, projected to grow at a compounded annual growth rate (CAGR) of 8.45% between 2024 to 2030.
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