Egyptian VC firm Acasia Ventures backed Kenya's Tappi in $1.5m round
TLDR
- Acasia Ventures, Egyptian VC firm, joins $1.5M pre-seed funding for Kenyan digital commerce startup Tappi, led by Mercy Corps Ventures and Chui Ventures.
- Tappi, founded by CEO Kenfield Griffith and Louis Majanja in 2022, operates a SaaS platform digitizing MSMEs in Africa for lead generation and marketing.
- With current operations in Kenya and Nigeria, Tappi has onboarded over 10,000 SMEs through strategic partnerships with major mobile operators like MTN.
Acasia Ventures, an Egyptian venture capital firm, participated in a $1.5 million pre-seed funding round for Kenyan digital commerce startup Tappi, which was announced in December. The funding round was led by Mercy Corps Ventures and Chui Ventures and included contributions from international VC firms and angel investors, as well as advisors from Google and Salesforce.
Tappi, founded in 2022 by CEO Kenfield Griffith and co-founder Louis Majanja, operates as a SaaS platform aimed at digitizing millions of micro, small, and medium-sized enterprises (MSMEs) across Africa by providing solutions for lead generation and marketing.
Currently active in Kenya and Nigeria, Tappi has successfully onboarded over 10,000 SMEs onto its platform through a combination of on-ground strategies and partnerships with major mobile operators like MTN in Nigeria.
Key Takeaways
Merchant acquisition is emerging as a pivotal focus for digital payment and other digital service providers across Africa. Small and Medium-sized Enterprises (SMEs) play a crucial role in the African economy, contributing approximately 50% to the continent's GDP and employing over 80% of the workforce. Despite their significance, SMEs face numerous challenges, including the need to digitize their operations to capitalize on the advantages of the digital age. Recognizing the vast untapped potential in this market, technology startups are keenly pursuing opportunities to provide services that empower small business owners to integrate digital tools into their daily operations. Bujeti stands out as one such provider, offering a comprehensive suite of services to facilitate the digital transformation of SMEs.
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