Zuvy, an invoice finance startup based in Nigeria, has successfully raised 4.5 million in funding, which includes a combination of debt and equity.
TLG Capital and a large number of additional investors provided the funding, along with Dunbar Capital, Next Chymia Consulting HK, David Mussafer, chairman of Advent International, Khalil Osman from Vicus Ventures, and many others.
In addition to finance, Zuvy provides free invoicing and purchase order management software that helps big organizations optimize their procurement procedures. It was founded in 2021 by Harvard College alumnus Angel Onuoha and Ahmad Shehu, who is CTO and a former senior developer at Mono.
“Millions of small businesses on the African continent are hindered by their capital being tied up in receivables. Our primary goal is to empower these businesses with the liquidity that they need, when they need it. This flexibility ensures that these SMEs can better manage cash flow, expand their customer base, and take on new contracts.” according to Angel Onuoha, CEO and co-founder of Zuvy.
Zuvy will use the funds to increase its reach and satisfy the rising demand from Nigerian vendors.
Read more on Tech Gist Africa:
Eze, a Nigerian electronics marketplace, has closed a $3.7 million seed funding round
Termii, a Nigerian communications startup, has secured a $3.65 million funding round
Haul247, a Nigerian logistics tech startup, has received $3 million in seed funding