Acasia Ventures invests in Kenya’s Tappi
Egyptian VC firm Acasia Ventures joined a $1.5 million pre-seed funding round for Kenyan digital commerce startup Tappi.
Africa Private Equity News’ Connect messaging service is now free. Directly message other private equity professionals in our community.
Download the free Africa Private Equity News app: Android | iOS (or search for it in the app store)
Tap on the top-right icon to log in or register a free account
Tap on bottom-right Connect icon to start chatting
Egyptian venture capital firm Acasia Ventures joined a $1.5 million pre-seed funding round for Kenyan digital commerce startup Tappi. The round was led by Mercy Corps Ventures and Chui Ventures and joined by international VC firms and angel investors, as well as advisors from Google and Salesforce.
Founded in 2022 by CEO Kenfield Griffith and co-founder Louis Majanja, Tappi is a SaaS platform set to digitise the millions of micro, small and medium-sized enterprises (MSMEs) in Africa through solutions for lead generation for marketing.
On the platform, the millions of MSMEs constituting 90% of all businesses in Africa and accounting for 60% of employment across the continent can easily develop and maintain their own digital presence to acquire and retain customers. Once companies sign up on Tappi, they can create their own personalised landing page, discover and acquire new customers online, handle and manage lead generation, enhance marketing campaigns, and stimulate sales growth.
The company is currently present in Kenya and Nigeria and was able to onboard over 10,000 SMEs on the platform through its on-ground strategy and partnerships with major mobile operators, such as MTN in Nigeria.
“We know that there is a direct correlation between the growth of SMEs and the growth of the economy as a whole, and that is the needle we are trying to push in Africa,” Griffith explains. “Proper, organised data and simplified online presence management can empower these businesses and help them grow at a manageable scale.”
“MSMEs serve as the foundation of the African economy, but they remain underserved due to the lack of data, complex customer relationship management tools, and intricate payment systems,” managing partner at Acasia Ventures, Aly El Shalakany explains. “Tappi has gained substantial momentum since it launched just over a year ago, because they offer a compelling digital solution to the critical challenges of MSMEs across the continent. We are confident that Kenfield, Louis and their world-class team will be able to pave the way for building stronger businesses in Africa.”
* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.