Lynk, a Kenyan online platform that partners with Kenyan artisans to showcase and promote their products and services, has secured a Series A funding in a round led by Lateral Capital—a venture investor focused on early and growth stage opportunities in sub-Saharan Africa. They aim to use the undisclosed fund to expand to new markets and grow its B2B services.
Launched in 2016, Lynk is a digital platform that connects blue-collar workers in Kenya with customers who are in need of their services. The platform recently created a section where artisans leverage to promote their skills. However, the section hasn’t been able to excel much due to competitions like Facebook and Instagram.
See also: OPay Secures $50m Funding to Further Deepen Services in Nigeria
Lynks funding round was led by Lateral Capital with participation by Cornerstone Group. Rob Eloff, Managing Partner at Lateral Capital said, they are excited to journey on with Lynk as they expand beyond Kenya. He revealed that this recent investment will be their 9th portfolio addition in Kenya.
Rob also said the informal economy represents 80% of Kenya’s GDP and that Lynk’s founding team have deployed a technology solution to boost the informal economy through a platform that offers the services and products of informal workers seamlessly.
There are speculations that Lynks newly secured funding is larger than Lynk’s previous funding of $1.3 million seed round and $500,000 in grant money. The platform has created over 31,000 jobs and more than 100 construction projects.
More on TechGist Africa:
- WarnerMedia set to Roll Out New Streaming Service
- Mastercard deepens Payment Services, Acquires Transfast
- Celebrating Forbes African 30 Under 30 Tech Heroes Part 2
- Jaguza Tech Bags $27,500 Grant Prize for Agritech Innovation
- Healthcare Startup CarePay Receives $300k Grant, Plans Pan-African Expansion
Comments 1