New post Need visibility? Apply for a FREE post for your Startup.  Apply Here


Ghanaian-based Logistics Startup – Jetstream – Raises US$3m in Seed Funding

2 Mins read

Ghanaian-based logistics company, Jetstream, has closed a US$3m seed funding round.

The seed funding round was led by both local and international investors like: Alitheia IDF, Golden Palm Investments, 4DX Ventures, Lightspeed Venture Partners, Asia Pacific Land, Breyer Labs, and MSA Capital.

The start-up, which was co-founded in 2018 by Miishe Addy and Solomon Torgbor, aims to eliminate the problem private businesses encounter at ports and borders around Africa.

The start-up is also working to help businesses in Africa with controlling cross-border supply, without the hassles that come with the lack of coordination, slow speed, and cost of running business at African ports.

The logistics company started operations in Ghana with a Less Than Container Load (LCL) aggregation service, which allowed agricultural exporters to group their shipments into shared sea freight containers.

The company later added trade finance for customers who found it difficult to fill large purchase order.

Prior to starting Jetstream, co-founder, Solomon Torgbor had worked with DEMCO, Saudi Arabian logistics company, Maersk’s freight forwarding subsidiary.

During his time with DEMCO, Torgbor saw cargoes sitting at container terminals for weeks, without moving forward in the supply chain.

Torgbor noticed that the delays were due to errors and incorrect paperwork at customs, importers, exporters not having working capital to pay their logistics bills, and poor coordination on the ground.

He also noticed that cargos at the export section were sometimes too small to ship, resulting in high cost to cover sea freight.

According to TechCrunch, Torgbor had a conversation with Addy, who was then teaching business at Meltwater Entrepreneurial School of Technology (MEST) – Pan-African incubator and entrepreneur training program – about the problems he observed while working with DAMCO.

Read also: Cairo-based Trucking Start-up – Trella – Raises US$42m in Series A Round

Addy got an idea on how to solve the problem using technology.

Miishe Addy, Co-founder, Jetstream

As he was talking, a light bulb went off and I thought: ‘these are exactly the types of problems that technology solves.’ We discussed and tried lots of different solutions for about a year and discovered that cargo aggregation generated strong traction almost immediately,” Addy said.

Speaking on the changes Jetstream has had to make along the way, CEO, Miishe Addy said:

We are different from a more siloed freight management system because we are leveraging financing to integrate the customs brokers, freight forwarders, shipping lines, airlines, and container terminals all onto the Jetstream platform so that shipments can be managed and tracked every step of the way. We are bringing many of the local providers online for the first time,” Addy said of the changes Jetstream has had to make along the way.

632 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Related posts

WhatsApp Rolls Out Companion Mode to iOS Users, Enabling Multi-Device Connectivity

2 Mins read
WhatsApp, the popular messaging platform, has commenced the rollout of Companion Mode for iOS users, bringing multi-device connectivity to the platform. The…

Twitter Tests "Community Notes for Media" Feature to Address Misleading AI-generated Content

2 Mins read
As the prevalence of AI-generated images and videos grows on social media platforms like Twitter, the need to combat misleading and manipulated…
ArticleBig StoryNews

WhatsApp Begins Beta Testing Screen Sharing Feature for Video Calls

2 Mins read
WhatsApp, one of the leading messaging apps, is set to revolutionize communication with its latest update. The platform is rolling out a…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply