This archive report was first published on 18 December 2019.
December 18, 2019 - Mpost, a Kenyan startup behind the patented innovation Mpost, has secured $1.9 million (KSh193 million) in its first round of Series A funding. The company, which provides postal services through mobile phones, plans to use the finances to develop its platform further and expand its services.
The recent funding round attracted investors from around the globe, including venture capitalists and high-network individuals. This is a significant milestone for the 4-year-old company, which has already raised an undisclosed amount in its pre-series A funding.
According to Cofounder Abdulaziz Omar, the support of investors will enable the company to accelerate the development of its product functionalities and create value-added service offerings. 'With the support of our investors, we are accelerating the development of our product functionalities. Mpost will also create other value-added service offerings,' Omar said.
The company is looking to expand across East Africa and the rest of Sub-Saharan Africa. Mpost has already partnered with Posta and Telco giant Safaricom in Kenya, allowing users to send packages to virtual postal addresses. The partnership has reached over 40,000 users, and the company aims to reach more people with the new funding.
