Since its 2022 launch, the company — owned by Chinese conglomerate PDD Holdings — has rapidly expanded into 90+ markets, luring shoppers with $5 wireless earbuds, $10 sneakers, and $3 T-shirts.
Globally, develoPPP Ventures has allocated over $160 million across five continents in just one year, targeting businesses that drive inclusive economic growth.
The back-to-back funding rounds signal rising investor interest in Egypt’s fintech sector, particularly in startups digitising traditional financial practices.
The company aims to formalize Egypt’s highly fragmented used car market — estimated at $10 billion — by introducing standardized pricing, digital financing, and secure ownership transfers.
Black will work closely with Okoudjou, the executive team, and shareholders to steer Onafriq’s growth strategy, with a particular focus on expanding cross-border capabilities and forging global partnerships.
The company recorded impressive growth in 2024, adding over 1 million users who placed more than 15 million investment orders worth approximately EGP 170bn ($3.4bn).
We looked through our data and uncovered a jarring reality: in 2025, Nigerian VCs are eerily quiet—even after some announced headline-making fundraises. For local founders, this isn’t just a data point; it’s a big concern.
