Why We Invested in Matta: Unlocking Africa's Potential in the Global Supply Chain
Pioneering the Future of Chemical Marketplaces
By: Brandon Harris, Principal at Ridgeline
Roughly a year ago, Mudiaga Mowoe captivated me with his poignant insights and the scale of his ambition as he proclaimed, "I'm going to build the baddest company Africa has ever seen." One year and two investments later, he appears to be well on his way to accomplishing his audacious goal, as his company Matta is transforming the continent's chemical supply chain with the chance to unlock economic prosperity in Africa.
Matta is a visionary digital marketplace for chemicals and materials, seamlessly connecting chemical producers with manufacturers in need while also providing essential third-party services for logistics and trade financing. We met Matta through our partner Tofino Capital, known for investing in startups out of emerging markets with a particular focus on the African continent. It was during the early stages of their first pre-seed round in August 2022 that we first encountered the founder, Mudiaga Mowoe, and the potential to shape a generational company became glaringly evident.
Matta recently raised a $5M seed round led by CRE Ventures with support from Ridgeline, Jangoo, FinTech Collective, Tofino Capital and more.
Empowering Africa's Autonomy: The Need for a Commodities Exchange
There is a shifting dynamic in our global supply chain. Africa is the only continent that does not have its own commodities exchange for people to buy, sell, and trade chemicals. What if Africa, with its remarkable size, could establish this essential infrastructure and assume full control over its resources? How would this autonomy transform the continent's economy, ensuring improved monitoring of demand and supply? This resonates strongly with our core objective at Ridgeline: ushering in the next-generation supply chain, one that empowers emerging markets, modernizes infrastructure, and seamlessly integrates more individuals into the global economy. Currently, ~85% of Africa's economy remains confined to the informal sector, the marketplace. Matta's tools bring the much-needed modernization to this informal realm, elevating the continent's status while preserving Africa’s agency.
Unleashing Africa's Potential: How Matta is Driving Operationalization and Modernization
”Every product originates from chemicals. They are foundational to everything we do!” Mudiaga Mowoe exclaimed as he articulated the massive opportunity he was chasing. Each product we create, no matter how commonplace or groundbreaking, originates from the foundations of chemicals. However, Africa, known for its abundant reservoirs of natural resources, has yet to fully harness, operationalize, and modernize these valuable assets. Mudiaga is now leading that charge, and I believe it will be a transformative journey that holds the potential to not only revolutionize Africa but also have far-reaching implications for emerging markets worldwide.
Venture-Backed Velocity: Matta's Unprecedented Growth and Product-Market Fit
What separates a startup from a small business is high-velocity growth, and Matta has it in spades. The company’s growth is impressive and their numbers indicate product market fit. This success is a testament to the focus and skill of Mudiaga and the team he’s built.
There is a Greek word called Meraki, which means a creator or artist is one with their art. Mudiaga's unwavering commitment to his vision resonates profoundly when he says, "I am one with this company. The company is me. I am the company." This deep connection fuels Matta's unparalleled drive.
“As we explore the future of electrification, which requires nickel, cobalt, and emerging materials requiring chemicals, products, and minerals sourced from regions like Nigeria, Ghana, and beyond, Matta emerges as the vital conduit. Not only does it ensure global accessibility to these crucial resources, but it also guarantees agency, so the African continent itself reaps the benefits.”
Matta's Impact on Africa and the Global Economy
Matta's potential to unlock substantial growth and value within Africa cannot be overstated. As we explore the future of electrification, which requires nickel, cobalt, and emerging materials requiring chemicals, products, and minerals sourced from regions like Nigeria, Ghana, and beyond, Matta emerges as the vital conduit. Not only does it ensure global accessibility to these crucial resources, but it also guarantees agency, so the African continent itself reaps the benefits. Our shared goal is to forge a more resilient global supply chain that fosters prosperity and economic self-determination.
Matta's pioneering approach to creating a digital marketplace for chemicals and materials has positioned them as a catalyst for Africa's enhanced role in the global supply chain. Their undeniable achievements and unwavering commitment pave the way for a new era of economic empowerment, transforming lives within Africa and beyond.
Learn more about Matta at matta.trade. For more news about Ridgeline and our portfolio companies, subscribe to our quarterly newsletter below!