Kenyan start-up Xetova is using technology to make information on market opportunities available to traders.
The company is building a trust network of large, medium and small enterprises that will be able to draw insights and foresights on market opportunities and risks, according to CEO Bramuel Mwalo.
The network is based on data from Xetova's insights service, which businesses use to interpret data on supply chains, spend, revenue, and general management performance.
Mwalo's interest in African trade was sparked by research that showed entrepreneurs have a high chance of success if they gain access to large procurement deals and less fragmented distribution channels.
The company claims to have booked $2.45 million in revenues by December last year, and facilitated trade finance to the tune of $7 million. Xetova is looking to grow its clientele base from the current 60 large enterprises to 300 in the next 18 months.
The firm is targeting to sign up 10 major distributors in Africa, to increase access to over 10 countries from the current seven and to facilitate $20 million in trade finance. Xetova, which raised $4 million in an equity-debt seed round last year led by South Africa’s TRT Investments, is also launching a fellowship program for potential investors.
Besides serving enterprises, Xetova counts government agencies among its clients, with whom it is working to improve efficiency in healthcare. For such entities it provides insights on consumption, distribution, procurement spending, supplier and payment performance.