Bamba, a software firm that serves micro-merchants in Africa, has secured $3.2 million in seed funding.
This will help the company scale its App and build out its team.
The round was led by several partners, including Jigsaw Venture Capital, 468 Capital, Prestige Ventures, Mato Petric, Thomas Stafford, Laurin Hainy and Leonard Stiegeler-high profile angel investors.
Founded by Bastian Gotter, Bamba focuses on simple tools for merchants that enable management of stocks, receipt of payments, access to cash advances against future cash flow and the making of payments.
Bamba App Suite Offerings
The software firm intends to use this new capital to spruce its mobile product offering, expand its engineering team and open up across sub-Saharan African countries with high mobile money penetration.
The firm uses its App to digitize and improve the payments experience and access to credit for micro-merchants.
According to Bastian Gotter, Founder & CEO of the firm, entrepreneurship is essential to prosperity, so the firm is making running a small business more accessible by building mobile-first small business software for Africa.
This investment allows Bamba to scale the platform and the team and access insights from high calibre investment partners.
Ludwig Ensthaler, Partner, 468 Capital, said the firm is thrilled to invest and support the team and vision at Bamba.
“We feel that the investment opportunities in enterprise software focused on small businesses in Africa are significant and remain largely untapped. We believe that Bamba is well placed with a great product and a solid founder to build a category-defining company,” said Ensthaler.
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