Ghana’s Jetstream secures $13 million for market expansion and platform development

Jetstream, a Ghana’s e-logistics startup, announced that it has raised $13 million in equity and debt pre-Series A financing to expand its market and continue to develop its technology platform.

The debt was secured from fintech lender and private equity firm Cauris and French development institution Proparco, through its bridge fund and the equity raise from Octerra, Wuri Ventures, Seed9, The MBA Fund, ASCVC and existing investors, Alitheia IDF and Golden Palm.

This new fund raise follows $3 million raised in 2021.

Launched in 2018 by by Miishe Addy and Solomon Torgbor, Jetstream Africa is powered by a network of freight carriers, customs agents and ground transporters that combine technology and on-the-ground know-how to move shipments, of any size, between global markets and the African continent. The company acts as a vertical broker between the fragmented and often-hidden segments of cross-border supply chains in Africa. From instant pricing, to cargo tracking and customs regulation transparency, Jetstream makes the process visible.

Jetstream Africa is currently operational in 29 countries, 12 in Africa. It has a suite of solutions including JetLogistics, Jet Finance and JetVision. JetLogistics provides door-to-door shipping for bulk cargoes while JetFinance provides quick finance for shipments. JetVision provides real-time updates on a customer’s shipment.

JetFinance, the company’s trade finance product, has grown from 0 in mid-2021 to about $9 million in total loans disbursed so far. Jetstream ambition is to increase the amount fivefold by the end of 2023. CEO Miishe Addy says that the comapny has scaled from disbursing one loan per month to up to 50 loans per month after switching its business model, thus becoming EBITDA positive.

Jetstream says it has processed $42 million so far; revenue has increased by 48% and active customers by 102% within the past year.

According to Tokunboh Ishmael, co-founder and principal partner at Alitheia IDF in a statement, “This round of funding supports Jetstream’s expansion to new markets which capitalizes on trade policies like AfCFTA, enabling richer inter-continental trade which is needed to support inclusive economic development and unleashes the continent’s full potential. Alitheia IDF is proud to work with this visionary company in ushering in a bold new future for Africa.”