A seed round of $2 million was successfully raised by the Kenyan startup Duhqa, a B2B platform for the retail distribution of pharmaceuticals, cold chains and consumer goods in FMCG. The company plans to use this funding to expand its service offerings across the entirety of Kenya and East Africa.
The investment round was participated in by several existing investors, including Rose lake VenturesCrossFund and Mo Angels, as well as several other angel investors and current investors such as Techstars.
In 2021, Victor Maina and Dudu Moilwa laid the groundwork for what would later become Duhqa, a B2B retail-tech platform. It makes it possible for unregistered African shops to source goods online, pay for them digitally, receive them quickly, and short-term access financing through the platform.
We think that by utilizing the most advanced practices in logistics financing and data insights, we will be able to improve the efficiency of the African distribution industry and fill in the gaps that now exist. Our product, which gives companies a more effective way of marketing their wares and services to large numbers of potential clients in Africa, is in high demand since there is a significant unmet demand for it. We are ecstatic to have received support from previous and new investors at this crucial stage.
According to Maina, we would be able to make it easier for retailers to transact by connecting them with producers and giving them the resources they need to be successful.
Using the funds that it has raised, Duhqa plans to broaden its merchant network as well as equip it with an increased number of technological capabilities. It has expansion plans for Kenya and the larger East African area as a whole.
Even though the business only has forty employees right now, it wants to have more than three times as many by the end of the year.