Moroccan trading platform WaystoCap raised new funding which is going to be used to expand its reach within Africa. The fundraise hasn’t been disclosed yet, but some sources mentioned to TechCrunch that it’s between $2.5 million to $3 million.
WaystoCap, a recent graduate from the Y Combinator accelerator program in the U.S., is an online destination for buyers and sellers of business-to-business goods in Africa. It’s been founded in Casablanca, Morocco where it aims to digitize centuries old cross-border trading and make it easier for traders outside Africa to get into the region.
Niama El Bassunie, CEO of WaystoCap mentioned that they’re planning on using the money to expand to West Africa via an office in Benin. El Bassunie explains their choice in choosing Benin: “Lots of neighbouring land-locked countries go through there,” and that includes the lucrative Nigerian import industry. The presence gives us local commerce guarantees and makes us look a lot better on the ground,” she explained in an interview.”
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