Kenyan construction tech startup Jumba raises $4.5M in seed funding
Kenyan construction tech startup Jumba has raised $4.5M in a seed funding round to expand its one-stop marketplace for sourcing construction materials.
The B2B platform simplifies the supply chain process by enabling construction material retailers to restock and real estate developers to access the supplies they need for their projects. Since launching less than a year ago, Jumba has already secured clients in major regions across Kenya and claims to have recorded three times quarterly growth at the end of last year.
Jumba's rapid growth can be attributed to its unique offering of a centralized marketplace for retailers and developers, eliminating the headache of dealing with multiple suppliers.
The platform also offers short-term financing to retailers, backed by its bank partners, with plans underway to avail long-term credit to developers too. In addition to its web platform, Jumba's team of sales associates in different counties help with client sourcing, and the startup manages in-house logistics to create efficiencies in delivery.
Jumba is tapping into a growing construction industry in Kenya, with the country's infrastructure projects expected to sustain growth. The startup is focused on verticalization in construction, aiming to solve the problems in the sector and bridge the housing deficit in Kenya, which is currently at 80%.
With the funding secured, Jumba plans to scale its operations in Kenya and acquire more customers before exploring other markets.
The funding was led by LocalGlobe and included participation from Enza Capital, Seedstars International Ventures, Foundamental, and more.