ILLA, a FMCG delivery logistics marketplace has successfully raised a $500,000.00 seed fund with participation from Averroes VC, AUC Angels and a consortium of local and regional strategic angel investors with follow-on funding from Flat6Labs Cairo.
ILLA launched officially in March 2019, through Flat6Labs Cairo accelerator, where they got great business support enabling them to truly take off, after running their operations in beta mode for 8 months, getting robust feedback from their pilot clients who remained on their portfolio ever since and continue to grow alongside other household name clients.
ILLA caters to the big corporates and SMEs alike, with full-fledged transportation and logistics solutions tackling major pain points unique to the FMCG industry. While innovating around logistics is challenging, it’s even more so within an ever-growing industry, and that’s why ILLA is uniquely poised to capture considerable market share both locally and regionally for their exclusive focus and innovation around this industry. The Outcome of such focus is that they operate within 24 Governorates across Egypt, delivering 7 million cases so far and spanning more that 3 million Kilometers.
The new investment round will enable ILLA to further capitalize on its position as a leader in FMCG Delivery Logistics industry in Egypt, where delivery logistics is being constantly disrupted with new technology and market dynamics. ILLA is striving to maintain its leadership positioning as the delivery logistics arm to FMCG companies as well as SMEs while enriching the customer journey and deepening relationships within the value chain. Tech transformation is a key area of focus for ILLA, which enables its clients to manage their existing and outsourced fleets seamlessly and provide them with elaborate analytics and market insights, to make better decisions and deliver superior quality to their customers. The funding will also drive further local expansion and exploration of regional markets to operate in next.
Mahmoud El- Zomor CEO & Co-founder, comes from a family deeply rooted in the distribution industry, whereas he held several positions in multinational FMCG corporates like CocaCola and Clorox, he then sought to innovate around traditional logistics with technology disruption and began the journey of ILLA with his three childhood friends who span a diverse range of experiences across the FMCG Industry as well. With Alaa Jarkas, Commercial Director & Co-Founder who used to work as an Account sales manager at juhayna as well as past experiences in overseas in saudi arabia as an operation officer in oil and gas service company, and Ahmed Sakr, COO & Co-Founder, used to work as an account manager at Coca-Cola Egypt, and as a financial advisor in the foreign exchange market before that and lastly the one in charge of the tech innovation that’s at the very core of ILLA, Hossam Saraya CTO & Co-Founder, a software engineer with over a decade of experience, who has been leading multinational software teams to deliver scalable, usable, highly available and data driven software products.
Here’s what the investors had to say about the team and the company.
“We at Averroes are always on the quest of backing up exceptional startups and we have established this earlier in the logistics technology domain. We believe in ILLA’s vision in providing high quality customized distribution solutions and in the value of its offering in serving FMCGs in an innovative and effective manner. ILLA’s exceptional team of diversified backgrounds are surely capable and well equipped in becoming a key player in the future of the logistics technology industry.” Dr. Ahmed Alsharif, Founding Partner and CEO, Averroes Ventures.
“The ailing logistics and delivery sector is at a turning point, with Illa well-positioned due to their solid team, unique market know-how, and the strength of their solution. We are really pleased to support their growth and be a part of this round.” – Mariam Kamel, AUC Angels.
“ILLA joined FLat6Labs Cairo Spring 2019 Accelerator Program. As early stage investors, Flat6Labs primarily invests in people, ILLA’s founding team demonstrated from day one that they are an A team. Their dedication, extensive experience in the logistics & Multinational FMCG industries and more importantly their insightful vision were assuring signs of great success ahead.FLat6Labs is reinforcing its belief in ILLA and the team by joining a second round of investment in the company, in order for ILLA to continue to grow their business operations, to serve new markets/segments and introduce new technologically-enabled solutions.
Flat6Labs Cairo is confident in ILLA’s future plans and their ability to fulfil them. We wish the team continued success, says Marie-Therese Fam, Managing Partner of Flat6Labs Cairo.”
ILLA may only be beginning the journey but in such short period of time they managed to gain the trust and support of major local companies and multinational household names, the likes of CocaCola, P&G, Nestle and Pepsico while also empowering big local ones alike, and the road ahead continues to be ever so promising for the company.
Bloom joins Visa’s Fintech Fast Tack Programme
Bloom, the Y Combinator-backed digital banking app has become the first Sudanese company to join Visa’s selective Fintech Fast Tack Programme. Following its graduation as the first Sudanese company in the Silicon Valley accelerator’s history; Bloom has recently launched its waitlist, which saw more than 100,000 users sign up for access to the app. During just two months of operations, Bloom has onboarded more than 20,000 members – which is a significant milestone.
Sudan is one of the ten most populous countries in Africa with tremendous economic potential; and the Sudanese government has recently put the modernisation of the financial system at the heart of its agenda since most of its people are underbanked – 60% of the population are under the age of 24 – a youthful demographic that is increasingly tech-savvy. Digitisation can bridge the gap in bringing banking services to consumers as payment apps and mobile wallets have far greater reach than traditional banks. Hence, Bloom is uniquely positioned to unlock this opportunity in Sudan and the wider East Africa region.
Michael Seibel, Managing Partner at Y Combinator commented: “We are excited by our investment in Bloom, and we value the diverse, yet complementary skillsets of its experienced founding team. Their passion and understanding of the financial challenges faced by consumers in Sudan and the wider East Africa region positions them uniquely for success.”
Visa’s Fintech Fast Track Programme allows companies like Bloom to receive incentives – reduced costs, faster onboarding, marketing support, in addition to dedicated hands-on support to launch Visa’s swathe of products. Admission to Visa’s Fintech Fast Track Programme, the investment in Bloom by Visa, will see the fintech issue millions of Visa cards over the period, democratising access to international cards in Sudan.
Visa Country General Manager for Sudan and Libya, Ahmed Mohey said, “We are thrilled to have Bloom at Visa’s Fintech Fast Tack Programme. The suite of Visa’s products and services will provide customers with a secure, fast, and easy-to-use way to make online payments backed by the latest in security technology. Visa is taking the lead as a first mover in digital payments in Sudan. We are committed to being a part of Sudan’s economic transformation by bringing our global expertise and capabilities to its government and private-sector partners. Together with Bloom, we will continue to drive acceptance of digital payments while finding opportunities to launch new products and services to Sudanese customers and merchants.”
Merghani Mahgoub, Managing Director of Bloom states, “Being admitted to Visa’s Fintech Fast Track Programme is a compelling statement of intent from Visa and Bloom to drive adoption of Visa cards in Sudan, and the wider East Africa region. We have been deeply impressed by the Visa team and are excited to work with Visa in bringing our members state-of-the-art financial services, in a digital-first way.”
Future Females Launches Brand New Platform
Future Females is excited to announce the launch of their brand new platform! The Future Females platform is the first community-based learning experience for women who want to invest in themselves and their future dream business. It is a learning platform for females who know their businesses will only grow as fast as they do.
“Think of community-driven courses, events, discussions, and incubation to help female entrepreneurs build their future business and life, all in one place.” Future Females co-founder Lauren Dallas explains.
“We wanted to build the exact product that my co-founder Cerina and I wished we had when we started Future Females almost five years ago.”
The women-focused company has come a long way since inception in 2017. They now host events in over 40 cities worldwide, have 100 000 community members and have seen over 5000 women graduate from their online Business School.
So far more than 4000 women and men have signed up to the waitlist and are hoping to be amongst the first to test the new platform. Co-founder Lauren Dallas also explained that the most engaged women on the waitlist will become founding members of the new venture. Founding members will contribute fundamentally to the development and design of this new way of online learning.
The five key benefits of e-learning built for women
Because the platform is all about community, there are five key customer benefits:
- No More Overwhelm! This new platform offers one course per business strategy (instead of hundreds of options which only makes things more confusing). No more second-guessing what the right next move is, or how to do it.
- Speed of results We know that time is a scarce asset for any business owner. This platform will allow entrepreneurs to structure their business strategy, helping them get the results they need in their business – far quicker than going it alone.
- The Tribe We pride ourselves in being an interactive community who truly understands the journey – all the ups and downs, the fears and, of course, the wins.
- Clarity: Clarity of direction in any business is essential. This platform will give entrepreneurs the exact courses and content they need to create a clear, effective path for business growth.
- The “I CAN DO IT” energy! Future Females is built fundamentally around this concept. Anyone CAN absolutely do it with the right support, resources, and guidance. The world is your oyster, and your dream business is ready and waiting for you to make it a reality.
The key product features of the platform are courses, events, challenges, groups and the ‘Future Females Fund’. Members can contribute and be eligible to receive money, mentorship and incubation through the Future Females Fund.
Learning from the best
The e-learning platform for female entrepreneurs will launch in early September this year. It will feature courses from renowned and achieved entrepreneurs, business owners and influencers. Some South African creators offering courses on the new platform include influencer Babalwa Mcaciso, creative Mike Sharman and tech-entrepreneur Arlene Mulder.
Malawi receives US$14.2M drought recovery insurance payout
In a ceremony presided over by His Excellency, the President of the Republic of Malawi, Dr Lazarus McCarthy Chakwera, the Chairperson and Deputy Chairperson of the African Risk Capacity Group, in the presence of Representatives of Partners organisations (Ambassador of Germany to Malawi), and of the UN system (WFP and UNDP country directors), delivered a symbolic US$14.2 million insurance payout cheque to the Malawi Government.
“I assured Malawians that we have enough food for everyone and even those few whose crops had not done well would be provided for. My confidence came from the fact that we had taken this insurance policy to support Malawians in time of need. And I want to thank the ARC Group for honouring the agreed payout,” said His Excellency, Dr Lazarus McCarthy Chakwera, President of the Republic of Malawi.
The Government of Malawi had a drought insurance policy, supported by the African Development Bank through its Africa Disaster Risk Financing (ADRiFi) Programme Multi-Donor Trust Fund. Many regions of Malawi, particularly the Central and Southern regions, are experiencing severe food insecurity caused by drought-related events like erratic rainfall and crop failure.
The Governments of the United Kingdom, through the Foreign, Commonwealth and Development Office, and Switzerland, through the Swiss Agency for Development and Corporation contributed to the ADRiFi trust fund. The Government of Germany, through KFW Development Bank/Federal Ministry for Economic Cooperation and Development, as well as the International Fund for Agricultural Development subsidized Malawi’s insurance policy premiums.
During the 2020/21 season, the country experienced an unprecedented dry start to the production season, leading to higher rates of sowing failure in significant parts of the Southern and the Central Regions as modelled by Africa RiskView, the African Risk Capacity Group’s (ARC) risk modelling and early warning tool. This, combined with mid-season erratic rainfall conditions in most parts of the country resulted in a modelled number of people affected estimated at about 6.4 million, the second-highest number of affected people, since 2001.
“ARC’s drought insurance mechanism is an innovative pan-African tool that provides our member states with the funds needed to better plan, prepare and respond to climate-related disasters,” said ARC Group Board Chairperson, Dr. Anthony Mothae Maruping. “The payout to the Government of Malawi will not only release pressure on public finances but it will also bring nutritional and financial support to those that have been affected by the droughts caused by an increasingly variable and changing climate,” he added.
“Malawi is a signatory of the ARC Treaty and a key partner in the region. We have no doubt that the funds disbursed will support the country in scaling up its response to the drought-induced challenges,” said United Nations Assistant Secretary-General and ARC Group Director General, Ibrahima Cheikh Diong.
“ARC’s drought insurance product ensures the swift release of funds when they are needed most, allowing them to be channelled effectively to respond to a crisis. The most vulnerable in the country, who are facing severe hunger, will now have access to food relief,” declared Lesley Ndlovu, CEO of ARC Limited, the insurance affiliate of the ARC Group.