Morocco’s WaystoCap Receives Global Recognition
In what was an auspicious occasion, WaystoCap, a Casablanca-based startup that is well on its way to carving a niche for itself in B2B ecommerce, was inducted into the elite class of Technology Pioneers cohort of 2018 by the World Economic Forum, amongst 61 other companies.
The annual event which is organized by the World Economic Forum has its sight on recognizing a number of newage companies who, through their recognizable efforts are poised to make significant impact on business and society as pioneers of technology having broken new grounds in the world of design, development and deployment of new technologies and innovation.
WaytoCap’s recognition comes deservingly, having made remarkable strides towards creating a conducive environment for African businesses to buy and sell products using its marketplace since its inception in 2014. Being the brainchild of a number of millenials and visionaries of the likes of Niama El Bassunie (founder and CEO), Anis Abdeddine, Mehdi Daoui, and Azziz Jaouhari Tissafi, the startup is geared towards empowering both small and large businesses in the area of sourcing verified and trusted suppliers and buyers of commodities that are essential to these businesses. The technology behind WaytoCap’s innovation is such that it not only connects parties on either side of purchase transactions but also facilitates these transactions with its platform which is a virtual marketplace that supports secure transactions.
Being one of the few startups from the North African region that participated in last year’s prestigious Y-Combinator’s acceleration program, it is quite fitting that the company is experiencing what could be thought of as steady growth having reportedly raised seed funding in the region of USD 3 Mn from YC, Battery Ventures, and Endure Capital, amongst others, in the aftermath of the acceleration program.
On the back of the recognition, WaystoCap is tipped to wax stronger as it will now take part in all the activities, events, and initiatives of the World Economic Forum over the next couple of years. Kenyan fintech duo, Carepay and BitPesa, are other indigenous startups that were also recipients of the recognition in the event which took place in Geneva, Switzerland. Worthy of mention are other startups such as Agrosmart, Fetch Robotics, and Hyperloop Transportation Technologies, who were also listed in the 2018 Technology Pioneers cohort.
Companies listed in this year’s Technology Pioneers cohort were subjected to considerable scrutiny by a selection committee that was made up of up to 60 academies, corporate executives, venture capitalists, and entrepreneurs. Prominent persons in this elite class included the founder of Way to Wellville; Esther Dyson, General Partner and Co-founder of Index Ventures: Neil Rimer, and Lee Sang-Yup, a distinguished professor and dean at Korea Advanced Institute of Science and Technology. Innovation, potential impact, and leadership were the guiding criteria in the selection process.
WaystoCap founder and CEO gave credence to notion to the idea that the Fourth Industrial Revolution might indeed be upon us and as such, the company is poised to take advantage of the market opportunity whilst facilitating the growth of other businesses. In her words, “the Fourth Industrial Revolution, a concept born from the World Economic Forum, is unfolding before our eyes. At WaystoCap, we are creating a trust market that allows African businesses to trade internationally.”
She further stated that the company intends to stay true to its vision of putting together an online marketplace using technology that is hinged on trust, verification, and security so as to help African SMEs trade trade globally, thus, triggering a revolution in business practices and exploring new opportunities that are yet untapped.
Still wondering how big a deal this is? Google, Twitter, Spotify, Kickstarter, Airbnb, and Wikimedia are just a few mentions of other companies that have been selected as Technology Pioneers in the past. Hence, WaystoCap could as well be on its way to becoming an admirable company.