Kenyan B2B construction technology platform Jumba has raised $1 million in pre-seed funding. The funding round was led by Enza Capital and saw the participation of Seedstars International Ventures, Future Africa, Chandaria Capital, First Check Africa, and Logos Ventures. Some angel investors also participated in the funding round.
Jumba plans to use the funding it received to scale its platform and technology and to also expand its reach across Kenya. The startup was launched in April and has charged itself with the task of bridging the gap existing in the construction space by providing an online platform that enables construction material retailers to buy and restock without challenges.
Jumba was founded this year by CEO Kagure Wamunyu and Miano Njoka who is the company’s CTO. “We have started to expand our products according to regional demands and the needs of hardware stores. The idea is to make Jumba the source of all construction materials in Kenya and, when we eventually grow, beyond its borders,” CEO Kagure Wamunyu said.
According to CEO Kagure Wamunyu, the idea for Jumba was inspired by her personal experiences while she worked as a real estate entrepreneur. She explained that she faced difficulties in the purchasing and restocking of building supplies, and the problem of fluctuating prices among other challenges posed quite a huge problem. She imagined the number of other people in the construction business facing these same challenges.
Kagure Wamunyu is a trained civil engineer but she’s had experience working with startups. She helped Uber to unveil its services in Kenya and was also on the team that pushed Kobo360’s presence in Kenya. CTO Miano Njoka is a software engineer.
While Jumba is working to connect manufacturers with retailers, its CEO said that the startup is also considering small hardware stores with insufficient storage. Jumba will instead be connecting them with manufacturers within their region so that they can easily access all their needs. “We will partner with different retailers in different neighborhoods who then can support the smaller ones, as opposed to working with a warehouse model. We will be supplying these big players and the smaller hardware stores will be picking their stock from these locations,” Jumba’s CEO said.
The startup’s CEO also mentioned that the startup is considering offering buy-now-pay-later services. “BNPL can be used to help them stock more, and it is a product that will be introduced but it will be built on the back of the reseller’s order history,” she said.
“Africa’s populations are rapidly growing and increasingly urbanizing, and the construction industry is a core economic engine supporting sustainable growth Across Africa. In a $10 trillion industry yet to be reshaped by technology, we are thrilled to be backing Kagure and the exceptional team-building Jumba,” Enza Capital’s managing partner Mike Mompi said.
Source: TechBooky Business