$2 M seed funding raised by Kenyan B2B retail distribution startup Duhqa
In order to expand its service offerings throughout Kenya and East Africa, the Kenyan company Duhqa, a B2B platform for retail distribution of consumer products in FMCG, cold chain, and medicines, has closed a US $2 million seed round.
Duhqa is a B2B retail-tech platform that was founded in 2021 by Victor Maina, Davis Angwenyi, and Dudu Moilwa. It enables unregistered African retailers to source and pay for merchandise online, receive quick delivery, and obtain short-term finance.
The firm joined Techstars as part of the October 2021 batch after operating for the most of the previous year in stealth mode. It secured a US $2 million seed round after earning US $150,000 in pre-seed capital the previous year. CrossFund, Roselake Ventures, and Mo Angels were among the existing investors in the round, which also included Techstars and strategic angels.
With the money from this round of fundraising, Duhqa wants to expand its merchant network and provide additional digital solutions to its expanding markets. The business presently has a staff of 40 and operates on an asset-light strategy, but it plans to treble that number before the end of the year. It intends to expand throughout Kenya and the greater region of East Africa.
“Our goal is to address the gaps in African distribution logistics with the best in logistics, e-commerce, financing and data insights which are needed to build a better, leaner African distribution sector. The significant demand for our solution, an improved way for companies to distribute their goods and services to mass markets in Africa has caught on. We are thrilled to get a boost from returning and new investors at this crucial time. This will enable us to continue making it easier for retailers to trade by connecting them to manufacturers and giving them the resources to be efficient,” Maina said.
Co-founder of CrossFund Ben Caldarelli expressed his pride in his investment in Duhqa.
“Victor and team have shown that they understand the market, its pain points, and how to best deliver daily necessities to the local communities that need them most. We look forward to supporting Duhqa in scaling their logistics capabilities so that they can widen their impact and continue improving the quality of life of everyday people,” he said.
