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6 Tactics To Implement When Scaling Up Your Startup Business

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Having started my company in 2015 with a borrowed laptop from my father’s living room where I lived, I have watched Platinum Africa Solutions Limited grow from a little idea into a company that is creating more value in the African continent. Here are a few things I have learned in scaling up from the startup phase.

 

1. Maintain the old lifestyle.

Don’t buy a new car yet. Don’t rent a new office space yet. If you have been running remotely, keep running that way for some time. Keep running in the same space until there is really the need to get a new or bigger space. Renting a new space or buying a new car does not necessarily add more revenue to the business when you would be paying more bills. Scaling in most cases happens slowly, so if you begin scaling with more expenses, you would actually be scaling debt-fully.

2. Don’t hire more people yet.

When scaling, you are tempted to hire more people with the assumption that, more people would bring in more results, revenue, and profits. Truth is, that is not the case. Try to create more maximized results with the same number of people you are scaling with. It helps you notice the exact gaps you have in your team and the kind of expertise or people you need to add on to your team.

3. Be keen on your work culture.

As you grow, you need to pay attention to how you get work done. Scaling may come as a surprise and often you may not be very much prepared for the entire shift. More clients will be calling. New partners will be approaching. Everything will be happening so fast that you may be tempted to just focus on the figures and revenue. If you are going to be a solid organization, you need to build a solid work culture as you scale up.

Also Read Black Space App CEO, April Jefferson on entrepreneurship and connecting black travelers to their culture

4. Strengthen partnerships & collaborations.

Partnerships make you more credible and it is a great way to create more value for your customers or consumers. In this regard, be very intentional. Do not be so carried away by the big brands. Align your business with partners who share in, and respect your vision and mission as a company. Not every good company may be good for you as a partner.

5. Be picky.

You grow with clients, your process, team, partners, improved services and products, and even with your brand image. Be very careful about the kind of changes you make to your products and services. Be selective about the kind of clients you work for or sell to. Be selective about better work processes that create more value, save cost and are more effective. Above all, know that even when you think no one is watching, someone is actually watching. Your brand image is being built the most when you are least looking. At this stage, it is very important to know what you do not want!

6. Create more revenue streams.

Continually explore all the aspects of your business with the potential of making more money. Also, be on the lookout for ways to cut down on unnecessary or avoidable costs.

 

Credit: Derrick S. Vormawor

Investment

ReelFruit Secures $3 Million Series A Funding To Expand Production with New Factory

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ReelFruit CEO/Founder; Affiong Williams (Image: Supplied)

ReelFruit, a premium dried fruit company known for its high quality nutritious snacks, today announced a Series A investment of $3M. Alitheia IDF led the round and invested $2M while other investors included Samata Capital and Flying Doctor Healthcare Investment Company. The New Practice advised ReelFruit on the transaction. With the capital, ReelFruit will scale its dried fruit production, develop new products, and increase exports by 10 x to 15 MT in the first year.

Key to its expansion plans, ReelFruit will acquire a new factory in Ogun State to increase its monthly dried fruit production from 6 MT to 30 MT. The factory will hire over 200 people in its first year. With its greater supply of dried fruit, ReelFruit will continue to innovate new products for the local and international markets.

As part of its efforts to secure high quality raw materials, it plans to deepen its existing work with Nigerian fruit farmers. The company will form an agro-extension services program for 250 registered mango and pineapple producers. The program will boost fruit yields and help support a steady supply of high quality raw material for the factory.

To meet strong demand for its dried fruit snacks, ReelFruit will diversify its local and international sales channels. The company will launch an e-commerce channel for direct US sales by 4Q21. ReelFruit will also unlock more B2B opportunities including white-labelling and co-packing to support the national drive toward import substitution. Local buyers will be able to buy dried fruit locally thereby reducing dependence on imports. Reelfruit is already on track to double last year’s revenues by November 2021.

“This investment takes ReelFruit to the next level. We can meet increased demand for our products and tackle one of our biggest challenges – raw material supply. We’re thrilled that this will unleash a greater impact on our value chain by increasing farmer incomes and creating up to 300 decent jobs for Nigerians,” Affiong Williams, ReelFruit CEO/Founder.

“Alitheia IDF is proud to support ReelFruit’s ongoing efforts to boost food production in Nigeria and positively impact communities through deliberate partnerships with local farmers, distributors, and retailers. The investment will strengthen the company to unlock further growth, upskill farmers and improve economic outcomes for thousands of women who play a significant role in the production of ReelFruit’s products,” said Tokunboh Ishmael, Alitheia IDF co-founder.

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Press Release

Wärtsilä signs Concession Agreement to develop, operate and maintain major 120 MW power plant project in Gabon

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From left: Nicolas Mathon, Director, Project Development, Africa and Europe, Wärtsilä Energy and Managing Director, Orinko S.A and Akim Daouda, CEO of Sovereign Fund of the Gabonese Republic ©FGIS

Wärtsilä, the technology group and Gabon Power Company (GPC), the subsidiary of the Sovereign Fund of the Gabonese Republic (FGIS) dedicated to energy and water, have on 22 September 2021 signed a Concession Agreement with the Government of Gabon for the development, supply, construction, operation and maintenance of a 120 MW gas power plant. Wärtsilä, jointly leading the project development with GPC, will build the plant under a full Engineering, Procurement, and Construction (EPC) contract and will then operate and maintain the plant under a long-term 15-year Operation and Maintenance (O&M) agreement. The EPC contract and the O&M agreement will be signed in 2022 with Orinko S.A., the joint venture between Wärtsilä and GPC.

The plant will be located at the industrial site of Owendo, close to Libreville, the country’s capital. When commissioned, the plant will supply electricity to Société d’Energie et d’Eau du Gabon (SEEG), the Gabonese utility, under a 15-year Power Purchase Agreement. The project represents one of the largest of its kind in Sub-Sahara Africa and a sizeable energy infrastructure project for Gabon.

“There is currently a structural deficit between the supply capability and the demand for electricity, which is increasing year by year. This project will play an important role in bridging this deficit, and some 600,000 people will ultimately benefit from a more sustainable and economical electricity supply delivered to SEEG. The plant will replace rented generation assets by SEEG and bring significant benefits, in line with Gabon sustainability ambitions,” said Marcelin Massila Akendengue, General Director, Gabon Power Company.

“This is a major and very comprehensive project that will deliver sustainable energy at a competitive price. It highlights many of Wärtsilä’s strengths, including the efficiency and flexibility of our generating sets, our EPC capabilities, our project development skills with insight into the financing arrangements, and our lifecycle support through long-term O&M agreements,” said Nicolas Mathon, Director, Project Development, Africa and Europe, Wärtsilä Energy and Managing Director, Orinko S.A. “The project also emphasises the leadership role that Wärtsilä plays in moving the industry towards a decarbonised future by delivering solutions that enable a transition to renewable energy.”

The project is being developed under a Public Private Partnership framework, with the asset to transfer to the Gabonese authorities at the end of the concession agreement. It has the full support of the government of Gabon, with the Council of Ministers approval received in May 2021, and the Concession Agreement having received approvals by the country’s President, Prime Minister, and the relevant Ministries. When completed, the project will have a major impact on the Gabonese economy.

Wärtsilä’s installed base in West Africa comprises 440 plants with 946 engines producing 4928 MW in 34 countries. In Gabon, Wärtsilä has a long-term presence from projects delivered and contracted with SEEG and private energy intensive companies.

 

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Press Release

Chipper Cash launches with free P2P money transfers in South Africa

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Chipper Cash Executives: Wiza Jalakasi, Vice President: Global Developer Relations & Pardon Mujakachi, Vice President: Strategy & Partnerships, Africa (Image: Supplied)

Chipper, the fastest growing African fintech start-up that facilitates free peer-to-peer (P2P) money transfers and instant cross-border payments in Africa, officially launched Chipper Cash to offer domestic P2P money transfers in South Africa. Chipper Cash will enable South Africans to enjoy free unlimited instant domestic money transfers, invest in cryptocurrencies, and buy and send airtime and data to loved ones.

Chipper was founded in 2018 by Ham Serunjogi (CEO) and Maijid Moujaled (President) and it is headquartered in San Francisco, USA. As Chipper Cash is experiencing rapid user adoption, Chipper has opened offices in multiple countries such as Nigeria, Kenya, United Kingdom and South Africa. The Chipper Cash app was created to make money transfers easy and efficient for Africans at scale, to increase access to financial services for the underbanked and digitising daily payments to ease the reliance on cash. The app’s money transfer services are easy, secure and fast, which allows people to safely and freely move money domestically and across the continent. People can instantly purchase airtime and data from leading South African network providers to send to friends and family. In addition, Chipper Cash allows people to buy, sell and transfer Bitcoin, Ethereum and USD Coin all in one app.

Having raised $100 million in a Series C funding round in June 2021, and with over 4 million users globally, up to 80,000 transactions processed per day, Chipper Cash has experienced exponential growth since its first launch. The South African launch brings its African network to a total of seven African countries, which include Ghana, Kenya, Rwanda, Tanzania, Uganda and Nigeria.

“Domestic remittances are a lifeline for many families in South Africa. Over R157 billion moves between provinces every year, with people sending money to their families and friends. This is not only the result of the 7.7 million people who moved to other provinces for work, but it is the overall 24 million South Africans who send money to each other daily. Chipper Cash’s free, fast and easy domestic P2P service is now available to them all. We believe it gives South Africans the freedom to instantly send money anywhere in the country from their mobile phones,” said Pardon Mujakachi, Vice President: Strategy & Partnerships, Africa.

Chipper Cash’s speed, very low cost and user-friendliness, challenges the high fees, complicated processes, and slow transfer times of traditional money transfer. Its interface is intuitive, simple and makes sending money to friends and family as simple and instant as sending a text.

Upon downloading the app, new users will register a profile to get into the Chipper Cash ecosystem. The app’s services, however, are not accessible unless users are verified. This verification process is done through a simple and easy to follow, compliance process commonly referred to as the know-you-customer process, where users submit an identity document, such as an ID or a valid passport. After verification is complete, users can then connect their existing online bank account to their Chipper Cash profile and start transacting. All personal information and transaction data are stored under secure encryption to protect against any unauthorised access.

“We are very excited for South Africa to experience Chipper Cash and take advantage of the app’s features such as fast and safe P2P money transfers, buying discounted airtime and data, and investing in selected cryptocurrencies. Soon, we will be introducing additional features such as cross-border transfers across countries within our network. People living in South Africa will be able to send money easily and safely to their families and friends in other African countries. We believe that Chipper Cash will help formalise local and regional remittances that tend to be sent through informal channels, which can be expensive, unsafe and unreliable. Such a meaningful difference is true to the goals and vision of Chipper Cash’s founders,” concluded Mujakachi.

 

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