Egypt-Based Acasia Ventures Invests in Kenyan E-Commerce Enabler Tappi
Acasia Venture’s investment came as part of a $1.5 million seed round for the Software as a Service platform for MSMEs.
Egyptian venture capital firm Acasia Ventures has joined a $1.5 million pre-seed funding round for Kenyan e-commerce enabler Tappi, alongside Mercy Corps Ventures, Chui Ventures, and a group of angel investors. Tappi is a Software as a Service (SaaS) platform that allows micro, small and medium-sized enterprises (MSMEs) to expand their digital presence through solutions for lead generation in marketing.
Formerly known as Cairo Angels, Acasia Ventures is an early-stage venture capital firm founded in 2011 by Aly El Shalakany, with a special focus on purpose-driven startups in Africa. In this case, Tappi is the recipient of the venture firm’s attention and funding, with the investment used to expand its sales force and business team, and solidify its brand.
“MSMEs serve as the foundation of the African economy, but they remain underserved due to the lack of data, complex customer relationship management tools, and intricate payment systems,” Aly El Shalakany, Managing Partner at Acasia Ventures, tells StartupScene. “Tappi has gained substantial momentum since it launched just over a year ago, because they offer a compelling digital solution to the critical challenges of MSMEs across the continent.”
Since its foundation, Tappi has already onboarded 10,000 MSMEs across Kenya and Nigeria through its on-ground strategy and partnerships with major mobile operators, such as MTN in Nigeria. MSMEs make up ninety percent of all business in Africa, and account for sixty percent of employment across the continent, hence the increasing interest in facilitating their operation and growth by startups from within the continent as well as outside Africa.
