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In Brief: Russian marketplace B2B-Export secures $4M from top African businessman

In Brief: Russian marketplace B2B-Export secures $4M from top African businessman

Isaac Kwaku Fokuo with Rwanda's President Paul Kagame.

B2B-Export, an online platform that helps Russian industrial companies sell their products abroad, has received $4 million from African businessman Isaac Kwaku Fokuo, Jr., in exchange for a 5% stake.

The news was first reported last week by the online publication Rusbase based on an exchange with B2B-Export’s founder Ekaterina Dyachenko.

The fresh funding will help B2B-Export develop export activities in China, Indonesia and the Philippines. The company also plans to develop fintech products for foreign players to purchase Russian production on credit.

Launched in 2014 – a year that saw the ruble lose around half of its value – B2B-Export supports an online marketplace, an online publication, a professional community (ExportClub) as well as a series of events dedicated to trade with Africa,  Asia and Latin America.

As of Feb. 22, the marketplace hosts 1,307 suppliers and 332 buyers with transactions averaging $25,938.

Ghanaian-born Fokuo, 39, is the founder of Botho Limited, a Nairobi-based investment advisory company, and the Sino Africa Center of Excellence Foundation (SACE). He also advises governments, investors and businesses of all sizes “on the nuances of emerging growth markets.”

Source: East-West Digital News