Nairobi, Kenya, SEPTEMBER 24, 2024 — Renew Capital has invested in Chpter, an AI-powered conversational commerce platform that enables businesses to sell more on social media platforms such as WhatsApp and Instagram.
Founded in 2022, Chpter enables faster and simpler social commerce through automated conversations, marketing and aggregated payments. This helps businesses to increase sales and manage customer interactions more efficiently. With this new funding, Chpter will speed up product development, expand its presence in sub-Saharan Africa and boost its sales and marketing.
“At Chpter, we’re dedicated to transforming the way businesses interact with their customers on social media,” said Tesh Mbaabu, Co-Founder and CEO of Chpter. “We look forward to working with Renew Capital to accelerate our growth and further our mission of empowering businesses to elevate their social commerce strategies and take advantage of social media.”
Chpter’s platform is already in use in Kenya and South Africa, serving industries such as retail, financial services and education. The company plans to expand into new markets, including Nigeria, Ghana, Egypt and Morocco.
“As one of the investors in the consortium, Renew Capital is proud to support Chpter’s innovative approach to social commerce,” said Esther Mwikali, Senior Investment Manager at Renew Capital. “Chpter’s technology solves key problems for African businesses, like shopping cart abandonment and scattered customer interactions. Chpter is ready to drive growth and change the social commerce landscape by making engagement on platforms like WhatsApp and Instagram more effective.”
Renew Capital is committed to backing growth-oriented founders who possess a blend of skill, grit and passion. Entrepreneurs seeking financing for asset-light, tech-enabled businesses should check out the Renew Venture Lab and apply.
Support provided to Renew Capital portfolio companies is generously supported by Global Affairs Canada.
About Renew Capital
Renew Capital, a pan-African early-stage investment firm, sees untapped potential on the smaller side of African capital markets. Renew Capital invests in startups led by growth oriented founders and builds vibrant private sectors across Africa. For more information on Renew Capital visit www.renewcapital.com