The Egyptian software-as-a-service (SaaS) startup, Zeew, raises a six-figure seed funding round from Estonia based angel investors.
Zeew began offering on-demand delivery technology built on top of ethereum blockchain by 2018. It in the same year, entered the food delivery business, delivering food from nearby restaurants to its users. Today, the startup provides on-demand delivery technology to many companies worldwide, including food, grocery and pharmacy delivery.
They help many startups, small & big companies across various industries to better manage and control their products, incoming orders, sales and couriers.
According to Mohamed Ghaith, the founder of Zeew,
“The pandemic has changed consumer behaviour and removed the barrier to using technology in getting day-to-day essentials, we see growth in grocery, pharmacy as well as food delivery. Now it became the new norm to order everything from an app.”
Zeew hopes to develop its team and expand its marketing efforts, as it aims to use this latest round of funding to add more features and tailor its product offering to suit the needs of each market it is currently operating in.
OKO: Insurtech Startup Raises US$1.2M to bring Innovative Insurance to Smallholder Farmers Across Africa
Insurtech start-up, OKO, that provides inclusive agricultural insurance to secure farmers’ income across Africa, has closed a seed investment of $1.2 million. The round was led by Newfund and ResiliAnce. Mercy Corps Venture, Techstars, ImpactAssets and RaSa also participated in the round.
The startup which currently operates in Mali and Uganda uses satellite data and mobile payments to create automated insurance products for farmers whose fields are affected adversely by weather events — primarily droughts and floods. With the new funding, OKO aims to strengthen its presence in Mali and Uganda and expand its offerings to more African markets, starting with Ivory Coast.
According to the founder of OKO, Simon Schwall, in a press statement said,
Simon also said they were using technology to solve this issue and secure the income of those farmers.
The company already has approximately 7,000 paying customers in Mali and compensated more than 1,000 farmers last year, who were affected by floods. OKO’s customers typically grow maize, cotton, sesame or millet. It also works with agro-industries to help them with their sustainability goals and secure their relationships with suppliers. Successful pilots were completed with ABInBev and Touton in Uganda.
This convinced Augustin Sayer, partner at Newfund, to support OKO:
“We believe recent advancement in iOT and data availability will lead to the rise of parametric insurance in Africa for the benefit of the local populations. Simon and his team have built solid bases in Mali from which OKO can now expand in new countries and offer new insurance products.”
OKO takes pride in being the most inclusive crop insurance available. All farmers need to connect to OKO is a phone (no smartphone required): they can dial a short code to obtain more information and pay through mobile money services. To achieve this level of accessibility, the company partners with mobile operators.
OKO, for Aisha Touré, the CEO of Orange Money in Mali, has taken full benefit of the Orange Money platform to provide a service that is both innovative and inclusive.
Daniel Block from Mercy Corps Ventures added,
“While other micro-insurance for farmers exist, we were impressed by OKO’s ability to partner with a pan-African operator like Orange and establish a direct consumer link, which allows for an exciting opportunity to drive deeper user engagement and expand to a suite of insurance products for rural farmers in the future.”
The service offered by OKO is supported by regulators and has won both the Fintech Showcase Award by the Alliance for Financial Inclusion, representing financial regulators of emerging countries, and the SME award from ITU, the telecommunication governing body.
When asked about the next challenges for OKO, Simon Schwall’s answer is clear:
“We need to find more partners who can bring our product to farmers, be it NGOs, agro-industrial players, mobile operators or governmental programmes. We proved that our solution is working and answers a strong need. Now we need to scale”
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