Kenya’s Bamba, a mobile-first enterprise software for micro-merchants in Africa, has secured US$3.2m in seed funding to scale its app and build out its team.
Founded in 2022 by serial entrepreneur and investor Bastian Gotter, Bamba provides a mobile application allowing small businesses to easily manage their customers and stock levels, get paid, payout, and takeout cash advances against their future cash flow.
The startup’s US$3.2 million seed round was led by VC firm 468 Capital, 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.
“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,” said Gotter.
Ludwig Ensthaler, partner at 468 Capital, said he was 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,” he said.