{"id":342979,"date":"2017-06-07T16:38:55","date_gmt":"2017-06-07T08:38:55","guid":{"rendered":"http:\/\/techcrunch.com\/?p=1500614"},"modified":"2017-06-07T16:38:55","modified_gmt":"2017-06-07T08:38:55","slug":"african-trading-platform-waystocap-raises-3m-right-after-graduating-y-combinator","status":"publish","type":"post","link":"https:\/\/people.utm.my\/asmawisham\/african-trading-platform-waystocap-raises-3m-right-after-graduating-y-combinator\/","title":{"rendered":"African trading platform WaystoCap raises $3M right after graduating Y Combinator"},"content":{"rendered":"

Cross-border commerce platform WaystoCap<\/a>\u00a0has raised new funding to expand its reach in Africa, the startup confirmed to TechCrunch today.<\/p>\n

A recent graduate from the Y Combinator accelerator program in the U.S.<\/a>, WaystoCap is an online destination for buyers and sellers of business-to-business goods in Africa. Founded in Casablanca, Morocco, it aims to digitize the centuries old cross-bordering trading industry that exists in the continent and make it easier for those outside of Africa to get into the region.<\/p>\n

Today\u2019s fundraise is undisclosed, but a source close to the company told TechCrunch that it is between $2.5 million to $3 million in size.<\/p>\n

That\u2019s certainly a significant seed round for an Africa-based company, and the money is courtesy of a range of investors that include\u00a0Y Combinator, Battery Ventures, Soma Capital, Palm Drive Capital, Amino Capital, Endure Capital, Story Ventures, Lynett Capital, Neon Capital and 4DX LLC. In addition, Y Combinator partner Michael Seibel, Golden founder Jude Gomila, SixDoors CEO Pascal Levy Garboua were among the angel investors to take part.<\/p>\n

CEO Niama El Bassunie said WaystoCap plans to spend the money expanding to West Africa via an office in Benin, expanding its industry verticals \u2014 which currently stand at 12 \u2014 and developing a new platform to match buyers and sellers more efficiently.<\/p>\n

\"\"<\/p>\n

El Bassunie said the company picked Benin, the tiny country in West Africa<\/a>, as a strategic location because \u201clot of neighboring land-locked countries go through there,\u201d and that includes the lucrative Nigerian import industry.<\/p>\n

\u201cThe presence gives us local commerce guarantees and makes us\u00a0look a lot better on the ground,\u201d she explained in an interview.<\/p>\n

Benin is just the start and WaystoCap is eying an additional two to three more offices in West Africa, most probably starting with Nigeria, in addition to a base in London where finance trade partnerships are typically struck. Next year,\u00a0El Bassunie explained, the company will look to open a physical presence in East Africa to make a push in that region.<\/p>\n

Right now,\u00a0El Bassunie \u2014 who is one of four co-founders \u2014 said that the company has \u201cthousands\u201d of active buyers on its platform. She said WaytoCap processed $3.1 million of transactions in the first quarter of 2017, easily surpassing the $2.2 million it clocked for the whole of 2016. The company was cashflow positive prior to it decision to go after investment in order grow quickly, she added.<\/p>\n

The rapid growth the company has realized this year is down in a large part to its participation in YC, the WaystoCap CEO said.<\/p>\n

\u201cThey\u2019re an accelerator program that really allows you to accelerate,\u201d she said. \u201cYC helps\u00a0you to focus on your messaging and their help is invaluable.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Cross-border commerce platform WaystoCap\u00a0has raised new funding to expand its reach in Africa, the startup confirmed to TechCrunch today. A recent graduate from the Y Combinator accelerator program in the U.S., WaystoCap is an online destination for buyers and sellers of business-to-business goods in Africa. Founded in Casablanca, Morocco, it aims to digitize the centuries old… Read More<\/a><\/p>\n

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