CDcare secures investment to enhance smartphone accessibility in Africa through an innovative savings model tailored to local consumer preferences.

Information on the Target

CDcare is an innovative startup founded in 2021 that focuses on providing affordable smartphones to consumers in Africa. With a mission to enhance accessibility to digital devices, the company has successfully shipped items valued at over $10 million, tapping into a vital need in the rapidly evolving African digital marketplace. Led by passionate founders Tobi Odukoya and Deji Farohun, CDcare has developed a business model that aligns with local consumer behaviors and preferences, addressing both affordability and payment flexibility.

Recognizing the challenges posed by conventional financing methods, CDcare has created a unique savings model that allows customers to acquire quality devices through a progressive payment structure. This approach not only makes smartphones more accessible but also fosters a sense of community and responsibility among users. The company's near-perfect repayment rate and consistent revenue growth underscore its potential for impactful growth in the region.

Industry Overview in Africa

Africa is experiencing a demographic boom, with approximately 100,000 births daily, resulting in a burgeoning talent pool equipped with smartphones. Currently, there are around 450 million smartphones on the continent, and this number continues to grow. However, man