Matta, a digital marketplace for chemicals and materials in Africa, has secured additional funding from Oui Capital and DFS Lab, a leading FinTech incubator focused on Sub-Saharan Africa and Southeast Asia. This investment fuels Matta’s mission to reshape Africa’s economic landscape by streamlining the continent’s fragmented chemical supply chain.
Africa’s unique lack of a commodities exchange presents a significant hurdle for its manufacturing sector. Recognizing this untapped potential, investors were drawn to Matta’s ability to empower emerging markets and modernize Africa’s infrastructure. The platform tackles the continent’s substantial informal sector, facilitating its formalization and growth. Ultimately, Matta fosters economic autonomy and prosperity within Africa by ensuring global accessibility to essential resources while strengthening Africa’s agency in the global trade landscape.
Mudiaga Mowoe, CEO of Matta, has over a decade of experience in the chemical industry, beginning with Ferro in South Africa before moving to Nigeria to head the company’s sales and administration. Observing the challenges in sourcing chemicals and raw materials in Nigeria, Mowoe realized the lack of transparency in the supply chain. This insight, coupled with the increasing demand for a streamlined process, led him to develop the concept of Matta during the COVID-19 pandemic. Launched in 2022, Matta is a platform that allows users to find, purchase, and have chemicals delivered to their doorsteps, complete with integrated logistics and financing options.
Matta’s B2B marketplace streamlines the traditional methods that have long dominated the continent’s manufacturing industry, creating a more efficient and transparent ecosystem. The startup’s viability is underscored by its successful $5 million seed round in 2023, led by CRE Venture Capital.
Matta goes beyond simply connecting buyers and sellers. It aggregates demand and supply, manages transactions seamlessly through its online platform (www.matta.trade), and streamlines the supply chain for chemicals, raw materials, ingredients, and commodities. This holistic approach directly supports Africa’s industrialization efforts.
The company’s CEO recognizes that fostering intra-African trade is key to unlocking the continent’s economic potential. Matta aspires to be a one-stop shop for everyone within the chemical supply chain ecosystem, encompassing manufacturers, suppliers, importers, logistics providers, financiers, and regulatory bodies. By offering marketplace trading, logistics support, and operational solutions, Matta empowers both suppliers and buyers, continuously innovating to address the market’s fragmentation.
With a presence beyond Nigeria in markets like Cote Ivoire, Senegal, and Mauritius, Matta plans to expand to South Africa and Eastern Africa by the end of 2024. The company remains committed to earning stakeholder trust while leveraging technology to create trade solutions that drive economic growth across Africa. By facilitating the development of Africa’s raw materials and fostering intra-African trade, Matta is poised to make a lasting impact on the continent’s manufacturing sector.