MPost, which has developed a patented technology that enables users to transform their phone into a unique mobile postal address and mobile postal box, has raised undisclosed funding from South Africa Venture Capital firm HAVAÍC. The startup was founded in 2016 by CEO Abdulaziz (Aziz) Omar and CTO Twahir Mohamed.
“Mpost makes a real impact on people’s daily lives and as an investor, it’s rewarding when we can tie these two elements together. That being said, this is a great example of African problems producing global solutions — one of the cornerstones of our investment thesis at HAVAÍC,” HAVAÍC partner Rob Heath said in an earlier statement.
He explained that the deal was concluded in April and will help Mpost finalise partnerships and begin roll-outs in new territories until the startup closes its Series-A round.
“Series-A is currently progressing in a positive direction with both African and international VC’s looking to be in the round,” said Heath.
Omar, commenting in the same statement, said the startup is excited about the HAVAÍC investment and added that the VC firm will “undoubtedly bolster” Mpost’s growth and impact.
HAVAÍC said the Mpost — which is a Startupbootcamp AfriTech (SBC AfriTech) alumnus — was introduced to the VC firm through the collaborative partnership between SBC AfriTech and HAVAÍC.
As part of the deal, SBC AfriTech co-founder Zachariah George will join the Mpost board to represent the accelerator and HAVAÍC.
Mohamed said the partnership with HAVAÍC and SBC AfriTech will enable Mpost to enhance the efficiency and user experience of its product and to improve the long term benefits of its clients and stakeholders.
The startup has successfully rolled out its system in Kenya as part of a joint venture with Kenyan government’s postal services, Posta, and will soon launch in Uganda.
Mpost estimates that just in the Common Market for Eastern and Southern Africa (Comesa) region alone it is addressing a potential target market of between 150 to 200 million customers.
Mpost’s solution is registered with the African Regional Intellectual Property Organisation and also has an international patent.
In addition, the service has been ratified and recommended by the Universal Postal Union (Upu), a UN agency that coordinates postal policies and the worldwide postal system.
HAVAÍC hinted in its statement that Mpost — with its international patent and Upu approval will be looking to expand to other regions.
