Kenya's own retail tech-based company Cartnshop has raised $400,000 in funding. Established in 2018 by Joe Wambugu, the startup provides solutions for small and medium-sized businesses, like helping them attract enquiries from targeted audiences, which most often would become new customers.
Kenya is the fastest-growing retail market in Africa, and startups like Cartnshop push to maintain the country's position as market leaders. After releasing engines one and two (versions of its operating system), which have proven successful, the startup recorded 50 merchants onboard version 1.0 and 300 merchants on version 2.0. The latest funding would enhance plans to commercialize its product which would mean an affordable and accessible experience for merchants setting up online stores. Cartnshop will offer SMEs the opportunity to generate more sales through a broader range of marketing.
For Cartnshop, the startup could be looking to become a continental asset as the success of version 3.0 could promote integrating Kenya businesses with customers in other countries in the African continent beyond Kenya borders.
Kenya in focus:
Population: 53.77 million in 2020 as compared to 52.57 million in 2019
GDP: $98.84 billion compared to $95.5 billion in 2019
GDP per capita: $1,838 in 2020 compared to $1,816 in 2019