Participated · Seed · Apr 2021

Numida is a Kampala, Uganda-based fintech that provides unsecured working capital loans to African micro- and small businesses using proprietary credit models and tech-enabled underwriting. Customers apply via the Numida app in minutes and can receive capital within a day instead of borrowing from informal lenders or family. Since 2021 the company has provided $20m in working capital to 27,000 businesses in East Africa. Numida intends to reinforce its Ugandan presence and launch in two new African markets while growing its active client base to 40,000 businesses. The company plans to double its team to about 200 people across credit operations, data, product development, and growth over the next 18 months. Led by CEO Mina Shahid, Numida will use the new funding to support these expansion and hiring plans. Numida began as a bookkeeping pilot in 2016 and pivoted in 2017 to focus on lending to semi-formal micro and small businesses in East Africa. The company uses a proprietary credit score and risk-based pricing to offer unsecured working-capital loans of up to $3,500 that can be disbursed in under two hours. Numida says it has provided more than $2 million in unsecured credit to roughly 3,000 businesses and currently disburses around $250,000 per month, reporting strong collections, repayment rates and client retention. Its underwriting model was built off 15,000 loans and the company iterated for months before scaling; since October 2019 it has grown lending volumes by 6x. Numida focuses on business fundamentals and cash-flow data rather than broad social or mobile data to underwrite borrowers. With the new funding it plans to expand aggressively in Uganda, pilot in a West African market (preferably Ghana), and introduce additional services such as payments, micro-insurance and deposits.

Participated · Series B · Feb 2018

Jibu operates a franchise network that enables local entrepreneurs to deliver safe drinking water and related services in emerging-market communities. The company scaled from two franchises in two countries in 2015 to more than 200 businesses in Kenya, Uganda and Rwanda. It has adapted a licensing model in Zimbabwe to partner with a local investor-entrepreneur with plans to grow to more than 90 franchises there, and is piloting the model in Tanzania. Jibu is led by co-founders Randy Welsch (Co-Founder and President) and Galen Welsch (Co-Founder and Chief Executive Officer). The company will use the Series B proceeds to accelerate a planned launch of 1,000 drinking water franchises in at least a dozen new countries by 2022. After the $7M Series B, Jibu has raised more than $10M in total.

Participated · Equity · Feb 2015

Tugende provides lease-to-own and hire-purchase financing, primarily for motorcycle taxi (boda boda) riders, bundling vehicles with training, insurance, safety equipment and hands-on support from first use to ownership. The company has expanded financing to boat engines, cars, retail equipment and refrigerators, and is piloting e-mobility assets. Tugende has built digital capabilities including full digital payments, an interoperable payment gateway (2017) and an in-house credit score launched in 2019. It serves more than 43,000 clients across Kenya and Uganda, with 16,000 clients having achieved full ownership of at least one asset, and employs over 520 people across 20 branches in Uganda and four in Kenya. Historically net income positive for most years through 2019, Tugende relies on steady debt capital (having raised more than $20M from debt partners) and is using equity to strengthen its balance sheet and accelerate meeting strong word-of-mouth demand. The company aims to scale into new geographies and asset products while fine-tuning its technology and operational model. Tugende is a fintech startup based in Uganda. The article identifies the company only as a fintech firm and does not detail its specific products or services. Tugende has completed a $6.3M Series A financing. The funding round was led by Mobility 54, the Toyota Tsusho‑backed investment fund. The article does not provide operating metrics, valuation, or details on use of proceeds. No future plans or additional financial information were reported in the article. Tugende operates a lease-to-own financing model that helps motorcycle taxi drivers (boda boda operators) acquire motorcycles within roughly 18 months. The company describes itself as a for-profit social enterprise focused on high-risk borrowers who lack access to mainstream financing. In 2014 Tugende grew 300% to over 700 active customers, showing rapid early traction. The company is Ugandan-based and estimates a local addressable market of approximately 400,000 people who rely on motorcycles for income. CEO Michael Wilkerson has framed the business as both an economic enabler and a job-creation engine in a region with high youth unemployment. Financially, Tugende recently closed a US$780,000 funding round following an earlier US$300,000 round in December 2013.

Participated · Equity · Mar 2014

Zola Electric develops integrated renewable energy hardware and software, including the Infinity system that powers homes and offices and the Vision SaaS platform that provides data, analytics and control. The company began in 2011 offering solar-home solutions in Tanzania and has since expanded product lines to address off-grid, on-grid, rural, urban, residential and commercial needs. Zola positions Infinity as a primary power solution that integrates with grids, solar and batteries while digitally controlling and storing energy. The firm reports more than 1.5 million users and over 300,000 homes and businesses across multiple African countries and additional presence in the U.S., Brazil, Pakistan and the Philippines. Management says the new capital will be used for product development (next-generation digital renewable energy) and commercial expansion to fill out its "energy ladder." The company aims to expand further into Northern Africa, Asia and South America while continuing to build out on-the-ground personnel, developers, integrators and distributors. ZOLA Electric (formerly Off Grid Electric) designs and delivers solar, battery and power-electronics systems that can be purchased over time using PAYGo micro-finance and mobile money. The company powers more than 180,000 homes and businesses across Tanzania, Rwanda, Côte d’Ivoire and Ghana. Its product offering is positioned to replace kerosene and enable lighting, small-business power, connectivity and expanded work and study opportunities. ZOLA has a roster of strategic and capital partners including Tesla, Total, EDF, DBL Partners, Helios Investment Partners and GE Ventures. The company is pursuing continued expansion across Africa and is using new financing to scale customer additions and product development. ZOLA has received industry recognition such as the UN Momentum for Change Award and the Zayed Future Energy Prize. Off Grid Electric develops rooftop solar and battery systems and leases pay-as-you-go home solar kits in Africa. Its leased systems include solar panels, batteries, lights, mobile phone chargers and televisions, with customers able to make payments via mobile phones. The company powers more than 150,000 homes and businesses across Tanzania, Rwanda and Ivory Coast and is expanding into Ghana as part of a partnership with Electricite de France SA. Off Grid’s model leverages declining panel prices to offer leasing options that compete with kerosene lamps and diesel generators. The company raised $55 million in a Series D round to support its expansion, and investors also include Tesla Inc., Total SA and DBL Partners. CEO Xavier Helgesen highlighted the cost advantage of solar electrons in explaining the company’s economics. Off Grid Electric is a Tanzania-headquartered company that develops and markets distributed solar home systems and batteries with a focus on African markets. Its products allow customers to power LED lights, mobile phone chargers and other small electronics. The article does not report revenue, user counts, or other operating metrics. It describes the company as a solar installer active in African markets. The piece focuses on the company's product offering and a recent financing, and does not detail future plans. No additional financial or operational details were provided in the article. Off Grid Electric delivers stand-alone solar systems to last-mile customers using mobile technology and an integrated approach to product design, distribution, sales, financing and service. The company offers basic systems that include LED lights, a radio, a USB charger and a TV, and larger systems that provide extra energy for charging multiple phones and powering appliances and televisions. It markets these systems at costs lower than traditional kerosene lighting. Leadership is led by CEO Xavier Helgesen, COO Erica Mackey and CTO Joshua Pierce. The company is based in San Francisco, Boulder and in Tanzania. Recent funding will be used to enter new African countries and to scale a partnership with the Tanzanian government to power 1 million homes by 2017.