Ayodeji Ayenuwa
Tappi, a startup specializing in digitizing small and medium-sized businesses (SMEs) across Africa, has successfully raised $1.5 million in a recent pre-seed funding round.
Mercy Corps Ventures and Chui Ventures led the funding round, with participation from key investors such as Digital Currency Group and SOSV.
Founded in 2022 by Kenfield Griffith and Louis Majanja, Tappi has emerged as an end-to-end digital commerce solution tailored to meet the unique needs of SMEs.
The platform’s approach involves offering affordable Software as a Service (SaaS) tools, with subscription plans starting as low as $2 per month.
Tappi’s operational footprint spans Kenya and Nigeria, strategically integrating with major mobile network operators and financial institutions, thus extending its reach to over 100 million SMEs.
Kenfield Griffith, CEO of Tappi, expressed appreciation for the investor support, highlighting the mission to empower often overlooked SMEs in Africa’s informal markets.
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He stated, “We are grateful to be supported by great investors who share our vision and mission to address the untapped potential within Africa’s informal SME markets, particularly in overlooked service industries such as food services, fashion, agriculture, health, and beauty.”
The funding infusion is set to drive Tappi’s expansion strategy, focusing on fortifying its sales force, forging strategic partnerships, and enhancing overall brand presence.
Notably, the startup aims to leverage its existing relationship with MTN Nigeria, eyeing further growth in business ads and data bundle subscriptions.
Tappi’s operational model revolves around AI-powered solutions, streamlining the online business profile creation process through intuitive chat experiences.
The platform’s comprehensive digital commerce stack includes crucial elements such as payments, messaging, and AI, with the ultimate goal of becoming a vital SEO backbone for SMEs, enhancing visibility and trust.
Speaking on the impact of Tappi’s technology, Lynda Saint-Nwafor, Chief Enterprise Business Officer at MTN Nigeria, emphasized, “Partnering with Tappi, we’ve launched MTN Thryve, empowering SMEs to connect with current customers and find new customers via Facebook and Instagram Ads using MTN data bundles and airtime.”
Despite Tappi not yet achieving profitability, Griffith is optimistic about the startup’s trajectory, citing a diverse subscription base ranging from $2 to $100. He highlighted substantial growth in the $2–$19 subscription range.
SOURCE: TechEconomy
Techrectory with Agency Report.
