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DEAL: Kenyan startup, Bamba raises $3.2 million

Bamba, a mobile-first enterprise software for micro-merchants in Africa, has secured $3.2million in seed funding to scale its app and build out its team.

Venture capital firm 468 Capital led the round with participation from Presight Ventures, Jigsaw VC, and high-profile angels Mato Peric, Leonard Stiegeler, Laurin Hainy and Thomas Stafford.

The company is currently in stealth mode and will use the new capital to build out its mobile product offer, scale its engineering team and expand its user base across 12 sub-Saharan African countries with high mobile money penetration.

What they are saying

  • Commenting on the raise, Bastian Gotter, Founder & CEO, Bamba said: “We truly believe entrepreneurship is essential to prosperity, so we make running a small business easier by building mobile-first small business software for Africa. This investment allows us to scale the platform, the team and gives us access to insights from our high calibre of investment partners.”
  • Ludwig Ensthaler, Partner, 468 Capital, commented: “We are 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.”
  • Fabian Hansen, Investor, Presight Ventures added: “We appreciate entrepreneurs that build novel solutions that push boundaries and are thrilled to support Bamba’s potential impact across the small businesses ecosystem in Africa.”
  • Dan Jones, Partner, Jigsaw VC, commented: “Bamba sits at the intersection between cash and mobile money, between payments and credit. We believe there is a significant opportunity in this space and are keen to explore it with Bastian.”

Bamba, founded in 2022 by serial entrepreneur and investor, Bastian Gotter, is a mobile application focusing on simple tools for merchants to manage their customers, record stocks, receive payments, make payments, and access cash advances against their future cash flow.

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