In a significant move towards advancing the digital transformation of micro, small, and medium-sized enterprises (MSMEs) across Africa, Egypt-based venture capital firm Acasia Ventures has participated in a $1.5 million pre-Seed funding round for Kenyan e-commerce enabler, tappi. The funding round, led by Mercy Corps Ventures and Chui Ventures, also saw support from international VC firms, angel investors, and advisors from tech giants Google and Salesforce.
Founded in 2022 by CEO Kenfield Griffith and co-founder Louis Majanja, tappi is a Software as a Service (SaaS) platform designed to empower MSMEs by helping them establish a robust digital presence. The platform addresses the challenges faced by these businesses in customer acquisition, retention, and overall growth.
With approximately 90% of businesses in Africa falling into the MSME category, tappi’s mission is to facilitate their digital journey through solutions for lead generation and marketing. Businesses signing up on tappi gain the ability to create personalized landing pages, conduct online lead generation, manage marketing campaigns, and stimulate sales growth. Additionally, the platform allows for digital payments and enables businesses to settle online marketing expenses by recharging their mobile phone credit.
Despite its relatively recent launch just over a year ago, tappi has expanded its footprint in Kenya and Nigeria, successfully onboarding over 10,000 SMEs through strategic partnerships with major mobile operators like MTN in Nigeria.
Kenfield Griffith, who holds a PhD in Design and Computation from MIT, and Louis Majanja, a former software developer at UC Berkeley, identified the common challenges faced by MSMEs and founded tappi to provide affordable and efficient solutions. Griffith emphasizes the importance of organized data and simplified online presence management for empowering businesses to grow at a manageable scale.
“We’re truly excited to have Acasia Ventures on-board, and are looking forward to working together to empower Africa’s SMEs to unlock their full potential,” Griffith expressed.
Aly El Shalakany, Managing Partner at Acasia Ventures, acknowledges the pivotal role of MSMEs in the African economy and recognizes tappi’s momentum in addressing critical challenges. El Shalakany highlights the lack of data, complex customer relationship management tools, and intricate payment systems as hurdles faced by MSMEs and expresses confidence in tappi’s ability to pave the way for stronger businesses in Africa.
With the fresh injection of funds, tappi aims to expand its sales force, establish strategic partnerships with operators across the continent, grow its team, and solidify its brand. The collaboration between Acasia Ventures and tappi marks a significant step towards fostering the growth of purpose-driven startups in Africa, aligning with Acasia Ventures’ commitment to supporting impactful ventures on the continent.