{"id":584312,"date":"2023-03-29T00:00:00","date_gmt":"2023-03-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/acasia-ventures-invests-in-nigerian-delivery-startup\/"},"modified":"2023-03-29T00:00:00","modified_gmt":"2023-03-29T00:00:00","slug":"acasia-ventures-invests-in-nigerian-delivery-startup","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/29\/acasia-ventures-invests-in-nigerian-delivery-startup\/","title":{"rendered":"Acasia Ventures invests in Nigerian delivery startup"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Local VC outfit <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/acasia.ventures\/\" style=\"\">Acasia Ventures<\/a><\/span><span style=\"font-weight:700\"> has invested in Nigerian last-mile delivery <\/span><span style=\"font-weight:700\">platform <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/fezdelivery.co\/\" style=\"\">Fez Delivery<\/a><\/span><span> through its latest seed round<\/span><span>, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/3\/Acasia%20Ventures-Fez-Press-Release_600.pdf\" style=\"\">a press release (pdf)<\/a><\/span><span>. The company raised USD 1 mn in seed investment in a round led by Nigeria\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.venturesplatform.com\/\" style=\"\">Ventures Platform<\/a><\/span><span>. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/voltron.africa\/\" style=\"\">Voltron Capital<\/a><\/span><span> and several angel investors also participated in the round. Acasia \u2014 the VC arm of the local investment group <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/198be3dc-db2f-4806-8272-faabfa78e5cf\" style=\"\">formerly known as Cairo Angels<\/a><\/span><span> \u2014 didn\u2019t disclose how much it invested in the company.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This is Acasia\u2019s second commitment this month:<\/span><span style=\"\"> The firm <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6246ee8d-de33-4a07-8bfe-e642d08e21bf\" style=\"\">invested an undisclosed amount<\/a><\/span><span style=\"font-weight:400;\">in Dubai-based digital banking platform Credable earlier this month, participating in its USD 2.5 mn seed round. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">About Fez: <\/span><span style=\"\">Founded in 2020, Fez Delivery offers individuals and businesses last-mile delivery <\/span><span>services across Nigeria. The company has grown its customer base to 11k individuals, SMEs and corporations, and has fulfilled more than 500k orders since its founding. In 2022, it completed 200k trips and grew its revenue 20% on a monthly basis, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.africa-newsroom.com\/press\/fez-delivery-a-techstarsbacked-logistics-startup-announces-seed-raise-of-1-million-led-by-ventures-platform?lang=en\" style=\"\">a statement<\/a><\/span><span>.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Where\u2019s the money going? <\/span><span style=\"\">The company will use the funding raised to continue to grow <\/span><span>locally and expand into new African markets \u2014 Ghana, Kenya, and South Africa \u2014 in the last quarter of the year, co-founder and CEO Seun Alley said. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is Acasia\u2019s second investment this month<\/p>\n","protected":false},"author":1,"featured_media":584313,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[6801,72,6883,95,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-acasia-ventures","tag-enterpriseam","tag-fez-delivery","tag-startup-watch","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"cbf4f1ec-5a2a-4a5b-9273-2d055efd69a9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/598.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Acasia Ventures invests in Nigerian delivery startup Fez Delivery","related_issue":[584293],"teaser":"This is Acasia\u2019s second investment this month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.225464bf-adec-403d-b2a9-e1cdb9b7579d.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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