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 reported last week by the online publication Rusbase based on an exchange with B2B-Export’s founder Ekaterina Dyachenko.
“We have a common geographic focus and equally love emerging markets,” she said, adding she was interested in Fokuo’s expertise rather than in his money.
The fresh funding will help B2B-Export develop export activities in China, Indonesia and 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.”
