Ghana’s premier online shop, Ahonya.com has completed a seed funding round with Rio Partners and Savannah Fund.
The round was led by Rio, a Dubai-based investment firm which focuses on seed, early and growth stage investment opportunities in technology, media and telecommunications. Also participating in the round were existing investors, Nairobi-based Savannah Fund, who have provided follow-on funding after Ahonya’s success in the inaugural Savannah Fund Accelerator program last year.
Rio is led by Percy Grundy, formerly CEO of Tigo Ghana and Commercial Director for Africa at Millicom.
According to Mr. Grundy, “We are thrilled to announce that we are now in a long term partnership with the leading e-commerce business in Ghana. We believe the combination of Rio’s hands-on approach to investment, expertise in West Africa and financial support, will allow Ahonya to successfully scale its operations in Ghana”.
“Ahonya was a standout startup in our first accelerator class last year” says MbwanaAlliy, Managing Partner at Savannah Fund. ”We are proud to see them raise their post-accelerator seed round and look forward to being part of their continued growth.”
Ahonya was launched over a year and a half ago by Gerard Yitamkey, Philip Adzanoukpe and Addo Kufuor Mensah at their hostel room in the University of Cape Coast in Ghana. Since then, Ahonya has grown and now provides an unmatched online shopping experience in Ghana. With over 100,000 products, ranging from tablets and laptops, to designer dresses and handbags,
Gerard Yitamkey, Co-founder and CEO of Ahonya says the round will help them hire additional talent and scale Ahonya’s growth. “The new funds will allow us to bring in additional talent and continue pushing towards our mission of transforming retail in Ghana. We are excited to partner with Rio and are delighted to have Mr. Grundy to join our board to deepen the wealth of experience and knowledge available to Ahonya.”
Ahonya.com offers a wide range of brand new electronics to the Ghanaian market. It has partnered with suppliers all over the world to provide genuine products at reasonable prices. With many fake electronic products in the Ghanaian market, it is very difficult to identify fake from genuine. Ahonya eliminates this hassle for consumers by providing original products sourced from certified suppliers.