Nigeria's Bumpa acquires Fyyne to expand into new markets
Toronto-based Fyyne, a provider of a beauty services marketplace and business management tools for independent beauticians, has been acquired by Nigerian e-commerce firm Bumpa. The financial details of the deal, which was finalized this summer, remain undisclosed.
This acquisition follows Fyyne's launch of its beauty tech platform and successful pre-seed funding round about a year and a half ago. Bumpa aims to leverage this strategic acquisition to support its expansion into new markets.
Bumpa is actively working on a Shopify-like e-commerce platform designed to assist African small business owners in initiating, overseeing, and expanding their enterprises through mobile devices. Concurrently, with the acquisition, Fyyne has introduced a revamped version of its app powered by Bumpa.
In the past year, Bumpa successfully raised $4 million in a seed funding round led by Base10 Partners, as stated in the press release. Notable participants in this funding round included Plug & Play Ventures, SHL Capital, Jedar Capital, Magic Fund, DFS Lab, FirstCheck Africa Angel Program, E62 Ventures, Club14, and Fast Forward Ventures. With the recent acquisition of Fyyne, founded by Jeffrey Fasegha alongside Al-Ameen Ogundiran and Olu Olubanjo, Bumpa aims to expand its global presence. To facilitate a seamless transition, a new CEO will take over from Fasegha, who will continue to serve as an advisor to support Bumpa's growth initiatives.