An e-commerce startup is seeking to invest $10 million in Ghana’s tech space

Abu Mubarik Dec 24, 2020 at 09:00am

December 24, 2020 at 09:00 am | Tech & Innovation

Abu Mubarik

Abu Mubarik

December 24, 2020 at 09:00 am | Tech & Innovation

Vincent Djokoto, Managing Director of Seven Inc. Photo Credit: B&FT

Africa’s nascent tech space is fast attracting both foreign and local investment. Several African tech startups have successfully raised venture capital funding to expand their operations or improve upon the service they render. 

Africa’s preparedness to adopt technology has been lagging, according to a recent report on the continent’s readiness to adopt artificial intelligence. 

The report also found that African nations have less capacity concerning the size of the technology sector, the business environment and the existence of a skilled AI workforce. There is also limited preparation of appropriate regulatory and ethical frameworks, and governments themselves generally have low use of ICTs and low responsiveness to change. 

An e-commerce startup based in Ghana, Seven Inc, is seeking to revolutionize Africa’s tech space, particularly in Ghana, with huge capital investment. The Managing Director of the startup, Vincent Djokoto, says his outfit is looking at investing up to $10 million in Ghana’s tech industry.  

The startup plans to raise the money in partnership with another local and Ghana-based tech, design and logistics firm, Djokoto tells a business-focused newspaper in Ghana’s capital, Accra.

“Seven has recently entered quite an exciting phase as a startup,” he tells the Business and Financial Times newspaper. “We’ve partnered with a local tech firm and are confident of a fully-functioning life-changing app within the first quarter of 2021,” he further said, adding that: “We’re looking to pump 10 million dollars, over the next 5 years, into the business.”

A study of the economic impact of artificial intelligence on the world’s economy by 2030 by PwC found technology could increase the GDP of Africa, Oceania and other Asian markets by 5.6%, which is about $11.2 trillion.

Djokoto tells the B&FT that Seven Inc plans to launch an app that “gives consumers a clear idea of a variety of products available on Africa’s free market.”

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