Kenyan construction materials platform raises $4.5m seed funding
Kenyan construction tech startup Jumba has raised $4.5 million in seed funding led by LocalGlobe and featuring participation from Foundamental, Enza Capital, Seedstars International Ventures, Logos Ventures, SpeedInvest, First Check Africa and Alumni Angel Network.
The funds will be used to develop the company’s technology and extend its growth in East Africa and beyond.
Jumba has already launched a marketplace that creates efficiencies in the construction materials supply chain by offering digital transactions and transparent pricing for manufacturers, hardware stores and construction sites.
As part of the seed round, Jumba will partner with local banks to launch an embedded credit solution to provide financing to its marketplace customers. The investment will also be used to grow the team.