Tappi, a Kenyan startup that provides a chat tool that generates a webpage automatically, received US$1.5 million in an oversubscribed pre-seed round of funding.
With participation from Digital Currency Group, SOSV, Resilience17, growX ventures, Orbit Startups, and Reflect Ventures, the funding round was led by Mercy Corps Ventures and Chui Ventures. Angel investors and advisors from the financial sector, as well as global tech organizations like Zendesk, Google, and Salesforce, participated in the funding round.
Kenfield Griffith and Louis Majanja founded tappi so small and medium-sized enterprise (SME) owners could use their mobile money or airtime to market their businesses on Google Ads, Facebook Ads, and Instagram Ads. After they add their own “look and feel” to the app, it’s a three-step process.
Tappi has engaged more than 150,000 users and amassed verified ratings for more than $3 million in consumer transactions since its inception.
“We are grateful to be supported by great investors who share our vision and the mission to address the untapped potential within Africa’s informal SME markets, particularly in overlooked service industries such as food services, fashion, agriculture, and health and beauty. We are eager to empower SMEs across Africa by providing them with a trusted identity online to find customers. The current investment will support our mission to make inroads with our customers through direct sales and partnerships across the continent,” said Griffith.
By bolstering direct sales with a dedicated sales staff and capitalizing on a remarkable 90% retention rate, tappi plans to use this new funding to increase its focus on its existing markets.
In addition to expanding its current engagement with MTN Nigeria—which has shown a 19 percent month-on-month growth in business ad and business data bundle subscriptions—the startup will also form strategic alliances. Acquisition of talent and overall brand building will also be priorities for future investments.
The funding will also go towards digitizing the company’s operations and establishing online trust for small and medium-sized enterprises (SMEs) in Africa.
Read more on Tech Gist Africa:
BasiGo, a Kenyan e-bus startup, has raised $5 million in debt funding
Amini, a climate tech startup based in Kenya, has raised $4 million in seed funding
Kotani, a Kenyan crypto payment startup, has closed a $2 million pre-seed funding round.
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