Overview: Today, we’re going to talk about Wasoko (Sokowatch) We’ll explore the story across the following areas:

1. Africa’s and Kenya’s informal retail context 

2. Wasoko's early history

3. Wasoko's Product & monetization strategy 

4. Competitive positioning & potential exit options

5. Overall outlook.

This episode was recorded on June 11, 2023

Companies discussed: Wasoko (Sokowatch), Twiga Foods, TradeDepot, OmniBiz, Alerzo, mPharma, Nestle, Unilever, Multipro, Marketforce, Udaan & Flipkart

Business concepts discussed: Informal retail penetration, Agency banking adoption, B2B Operating systems, Informal markets, & last-mile distribution

Conversation highlights:

• (00:40) - Sokowatch background and why we’re talking about it

• (08:35) - African informal retail context

• (16:11) - Founder background and Founding story

• (29:55) - Fundraising and early growth

• (36:56) - Geographic expansion, growth and partnerships

• (45;12) - Team strategy

• (54:00) - Product strategy and monetization

• (1:10:00) - Competition and options for exit

• (1:23:13) - Bankole’s overall thoughts and outlook

• (1:33:05) - Olumide’s overall thoughts and outlook

• (1:43:30) - Recommendations and small wins

Olumide’s recommendations & small wins:

• Interested in investing in Africa Tech with Olumide: Read about Adamantium fund & contact me at olumide@afrobility.com. Founders looking for funding: If you're a B2B founder working on Education, Health, Finance or food, please contact me for funding at olumide@afrobility.com

• Checkout my FIREDOM book = FIRE (Financial Independence, Retire Early) + Freedom = personal finance and financial independence book. Website, Read: Substack Newsletter & Buy: Print, eBook or Audiobook)

• Recommendation: The Slight Edge. Amazing Personal Development book about a mental framework to apply daily actions to get what you want in life. I have read it about 6 times at this point.

• Recommendation: Temu.com. Started using it for shopping. It has some cool gamification ideas to nudge ecommerce purchases

• Small win: Hosted house party with friends. It was great to see everyone together

Bankole’s recommendations & small wins:

• Recommendation: Artificial Intelligence, a guide for Thinking Humans by Melanie Mitchell  & Would You Sell Your Extra Kidney - Dylan Walsh 

• Small win: won my physical activity mini-league

• Other content: FT fastest growing companies 2022 & Modularity Theory - Christensen Institute

  
  

Listeners: We’d love to hear from you. Email info@afrobility.com with feedback!

Founders & Operators: We'd love to hear about what you're working on, email us at info@afrobility.com

Investors: It would be great to link up with you. Contact us at info@afrobility.com

Join our insider mailing list where we get feedback on new episodes & find all episodes on Afrobility.com

Victor Alade is the founder of Raenest, an African payroll tech startup providing borderless payments for African startups. Raenest is also one of Ajim Capital’s portfolio companies.

In this episode, I spoke to Victor Alade about his journey as an entrepreneur and his experience as a startup founder solving one of the most critical issues on the continent.

“One of the core export of Africa is talent. The population of youth and the rate at which they are adopting technology is growing rapidly. Gone are the days when people only hire software developers from Africa. Today, people hire product managers, designers, and customer support.”

This explosion of talent growth in Africa has led to a high demand for African tech talent worldwide, which has led to the need to solve the problem of cross-border payments. Before becoming a VC, I was a founder. I also experienced this same issue of facilitating payment to my African tech hires, primarily because traditional payroll systems could take up to 10 business days.

Hence, when Raenest pitched its tech solution to Ajim Capital, we immediately saw its potential to transform how African tech talent gets paid globally.

And so far, investing in Raenest has proven to be a great decision.

This months #APSVibecheck Podcast episode features Peter Muhumuza, CTO of Ugandan telecommunications company, Roke Telkom.

In Uganda, home-grown Roke Telkom is one of the first tier three carrier-neutral data center at the forefront of cloud computing revolution, helping businesses to leverage the full potential of telecommunications backed by cloud and data services to drive growth and success. 

Their cloud and data services have been designed to help businesses achieve their goals by providing them with the infrastructure and tools they need to succeed.

Muhumuza has extensive experience within the telecommunications industry, working for the likes of Huawei, Orange Uganda, and MTN Uganda before joining Roke Telkom as its CTO in March 2021. The discussion took place at the Novacom Digital Transformation Strategy Summit Africa, held in Franschhoek, Western Cape, South Africa.

💡 Top 5 insights unpacked in the episode: 

• The challenge of accessing finance within the Ugandan telecommunications industry [01:45]
• Roke Telkom's customer acquisition strategy and business model driven by a keen understanding of their market [06:01]
• Peter's thoughts the Ugandan telecommunications ecosystem at large [10:08]
• How regulators can better assist the African telecommunications industry [12:33]
• Peter's breakdown of key competencies to acquire for a job role in the telecommunications industry [15:58]

CONNECT VIA SOCIAL MEDIA:

• Connect with Peter Muhumuza on Linkedin.
• Connect with Adam Wakefield on Linkedin.
• Connect with Hope Dithlakanyane on Twitter and Linkedin.

Tell us...

• What was your favourite quote or lesson from this episode?
• What topic would you like for us to feature on a future podcast?

Let us know via the hashtag: #AfricanPreseedPodcast

USEFUL RESOURCES:
ARTICLE: Cloud computing is driving business efficiency, competitiveness in the digital era by Kenneth Kazibwe, NilePost.

Episode 96 with Anthony William Catt, who is the founder and director of Ventures 54. A company on a mission to build and strengthen the international investment corridors between Africa’s tech, startup, and investor ecosystems and the rest of the world by mobilising capital and facilitating investment

Working with governments, DFIs, and other international funding agencies to provide technical assistance to founders and investors by establishing key networks, unlocking human and commercial resources, and creating access to global markets and investment opportunities.

What We Discuss With Anthony

• How did your personal interest in building connections between the UK and Africa, specifically in the fields of technology and startups, develop?
• Could you elaborate on the role of technical assistance funding in the African startup ecosystem and how Ventures 54 facilitates its deployment?
• Could you highlight the common trends and preferences you've observed among investors seeking to invest in the African tech scene?
• In your experience, how can the UK act as a springboard for African entrepreneurs seeking global exposure and growth?
• What advice would you offer to UK companies looking to explore opportunities and tap into talent within African markets?
• And much more...

Full show notes and resources can be found here: Unlocking Africa show notes

Did you miss my previous episode where I discuss Investing in Financial Inclusion by Unlocking the Potential of Fintech Startups in Egypt and Beyond with Rana Abdel Latif? Make sure to check it out!

Like this show? Please leave us a review here -- even one sentence helps!

Connect with Terser on LinkedIn at TerserAdamu, and Twitter @TerserAdamu

Connect with Anthony  on LinkedIn at Anthony William Catt, and Twitter @AnthonyWCatt

Ready to tap into the exciting opportunities of African markets? Uncover a wealth of invaluable tips to elevate your success to new heights! There's no need to delay – venture over to the ETK Group website today. Explore how we can empower and guide you in seamlessly entering and thriving across diverse African markets and sectors.

Connect with us at www.etkgroup.co.uk or reach out via email at info@etkgroup.co.uk