Nigerian fintech, Billboxx, raises $1.6 million Pre-seed funding to empower African SMEs  

The investment round saw participation from renowned investors including Norrsken Accelerator, Kaleo Ventures, Founders Factory Africa – FFA (now 54 Collective), P2Vest, and Afrinovation Ventures.

According to a statement from the company, this significant financial backing will enable Billboxx to tackle the critical cash flow challenges faced by SMEs across Africa.

Commenting on the funding, Alex Bakir, General Partner at Norrsken Accelerator, said the company was excited to invest in Billboxx because it is tackling a critical pain point for SME growth in Africa – managing cash flow.

“The team has experienced first-hand the challenges associated with invoices and payments and is committed to building solutions that simply work for small businesses across the continent. “We’re proud to support Justus, AZ, and the team, and see huge potential in financial solutions Billboxx is developing,” Bakir said.

Also commenting, Bongani Sithole, Chief Executive Officer at 54 Collective (formerly Founders Factory Africa), a co-investor in the Pre-seed, said the company is enthusiastic about the innovative work the Billboxx team is building.

“These 3x founders with successful exits under their belts are leveraging their leadership and business experience to tackle a massive pain point for SMEs across Africa.  

“We invested in the Company due to the large market size of the opportunity, impressive early traction gained from strong early partnerships with notable large corporates and startups, as well as the solid tech product the team has developed. We’re delighted to back Justus and Abdulazeez as they continue to scale Billboxx,” he said.

Co-founders Justus Obaoye and Abdulazeez Ogunjobi bring extensive entrepreneurial experience to Billboxx.

Manual invoicing and deferred payments often result in delayed payments, stifling many SMEs.