Kenyan construction startup ManPro has secured US$200,000 in funding to drive customer acquisition and augment its service offering.
ManPro is an end-to-end software as a service ERP solution for the construction industry, enabling accountability, accuracy and transparency in property and infrastructure projects.
The US$200,000 funding, which will be used to drive its customer acquisition strategy and add additional products to its suite, comes from the ViKtoria Business Angels Network (VBAN) and Pangea. It comes in two tranches, with an initial US$20,000 accessible immediately and the balance pegged on performance.
“Our key challenge at the point of raising angel capital was that we had bootstrapped for about a year and managed to build an MVP. However, we were almost exhausting our resources yet we still needed to close some major gaps relating to product-market fit. The angel investment we got will give us enough bandwidth to close these gaps and get us ready for scaling,” said Linus Wahome, founder and chief executive officer (CEO) of ManPro.
Over and above the funding, the angel investors will also facilitate growth by unlocking business opportunities that the company could take advantage of.
“Unlike investments firms that typically invest huge sums and are very aggressive with their expected returns, angel investors are able to provide smaller amount that startups require as seed capital and take a more long-term view with the startup. Angel investors are also able to bear higher risks that typically characterise early-stage startups,” said Wahome.
“But more importantly, angel investors often bring a ton of experience and industry specific expertise and have a deep understanding of what it takes to bring success to a starting business. Angel investors provide ongoing mentorship and guidance to the founding team which is critical for success.”
VBAN manager Jason Musyoka said it was important to have more confidence in local founders and recognise that they are up to the task of building successful enterprises with global reach.
“Angel capital is adequately suited to offer the initial support structure that’s requisite to most nascent businesses. The world over, this has been the script that has led to a thriving entrepreneurial economy,” he said.