Twende secures 60,000 Euros from Catalytic Africa
Abidjan, October 3 2023
Twende, an innovative startup founded less than a year ago (November 2022), is already making waves in the transportation industry in Abidjan. The Women-led startup based in Cote d’Ivoire is thrilled to announce the successful acquisition of €60,000 in matching funds from Catalytic Africa to further propel its innovative journey.
Twende, led by the dynamic team of Pietro Rancati and Maguelone Biau, brings a fresh approach to solving the nightmare of mass commuting in African megacities. With extensive experience in tech and logistics across Africa, including stints at companies such as Glovo, Jumia, Moïa, and Split, the founders are well-equipped to tackle this critical issue.
At its core, Twende is a revolutionary solution that efficiently matches the demand and supply for easy employee commutes. Leveraging existing assets and cutting-edge algorithms, Twende constructs optimized routes to serve regular commuters during their work-home commutes, reducing travel time and enhancing the overall commuting experience.
Maguelone Biau, CEO of Twende, expressed her excitement about this milestone: "We are thrilled to be backed by ABAN’s accredited angel network, Côte d'Ivoire Business Angel Network (CIBAN). Since day one, CIBAN has been supporting us, not only by investing in Twende for our pre-seed round but also with valuable operational support. In addition, CIBAN has been instrumental in unlocking Catalytic Africa matching funds for our venture."
Twende's journey begins in Abidjan, where it aims to transform the daily commute experience for thousands of employees. However, the start-up has grand aspirations beyond its home city. Once it achieves Product Market Fit (PMF), Twende plans to expand its footprint to other countries, particularly in Francophone Africa, where the need for efficient commuting solutions is equally pressing.
“ABAN is on a mission to make angel investing easier in Africa. That is why we keep developing new instruments, lowering barriers to entry, and supporting more investors to become actively involved in angel investing in the continent. On the other hand, we support member groups and networks towards an investment target of $100 Million in at least 500 startups to create over 10,000 jobs annually. Contrary to what people imagine, securing the Catalytic Africa matching fund is not just about the money but a validation of the startup’s vision and an endorsement of its potential. Through our efforts to develop and provide the support infrastructure to maximize the impact of Angel investors in Africa, Catalytic Africa has witnessed countless startups' potential to disrupt industries, change lives, and shape the future and Twende is no exception. Believing in that potential is what fuels our investments and drives innovation forward." Fadilah Tchoumba, CEO, Africa Business Angel Network (ABAN)
With its promising results and unwavering commitment to addressing one of Africa's most significant urban challenges, Twende is poised to make a lasting impact on the lives of commuters across the continent. Catalytic Africa matching funds serve as a testament to the start-up's potential and the strong support it has garnered from the African business angel community.
Catalytic Africa is a co-investment solution by ABAN in conjunction with AfriLabs that raises funds from various institutional partners to add to a pool. This pool serves as a co-investment fund to encourage investment in viable African startups from innovation hubs affiliated with AfriLabs. To date, € 1,177,509 has been invested by local angels in startups affiliated with AfriLabs’ hubs and Catalytic Africa has deployed €1,153,968 as qualified matching grants, leading to a cumulative amount of over € 2.3 Million invested in African startups across 12 countries.
About Twende
Twende is a women-led start-up based in Ivory Coast that aims to revolutionize mass commuting in African megacities. Founded in November 2022, Twende utilizes cutting-edge technology and algorithms to match demand and supply for employee commutes, optimizing routes for a seamless journey. With a commitment to improving the lives of commuters, Twende is on a mission to reshape the future of transportation in Africa. Visit https://www.twendeapp.io/ for more information.
About ABAN
African Business Angel Network (ABAN) is the largest pan-African organization of Angel investors in Africa. Established in 2015, ABAN represents the growing number of business angel groups in the African early-stage ecosystems’ future, providing vital human and financial capital to African startup companies creating jobs across the continent. Today, ABAN is a 68-member network in 35 African countries and the Diaspora representing over 1400 angel investors.
ABAN and Afrilabs spearhead the Catalytic Africa matching fund. To get your funding unlocked in 3 weeks, update your profile or register at https://catalytic-africa.com/ to kickstart your application process.
Please contact info@twendeapp.io for more information.
