Ghana's Jetstream Africa secures $13M to expand operations and improve technology
Ghanaian e-logistics startup, Jetstream Africa, has announced it has secured $13 million in equity and debt financing during its pre-Series A round.
This new investment will enable the company to expand its operations into new countries, and continue to develop its technology platform, which vertically aggregates fragmented logistics and financing vendors in the African trade market.
The market for cross-border logistics services is projected to reach $32 billion by 2025, with Jetstream Africa positioning itself as a formidable player in the competitive industry.
Since securing $1 million in debt financing in mid-2021, the company has disbursed a total of approximately $9 million in loans. The company aims to increase this figure fivefold by the end of the current year.
Furthermore, the company has scaled its operations, growing from disbursing one loan per month to as many as 50 loans per month, resulting in EBITDA positive and revenue growth of 48% with active customers increasing by 102% over the past year. The company's shipment comprises of 47% air freight, 44% ocean freight and 9% ground transport.
The new funding comes 18 months after Jetstream Africa announced a $3 million seed round and according to its CEO, Miishe Addy, the new investment will allow the company to expand its reach and continue to improve its service offerings which vertically aggregate various logistics and financing vendors.
