Grace Ashiru
Tugende is a Ugandan technological-enabled asset financial firm that offers digital services and asset financing to small businesses. The company recently announced that it has successfully raised capital for a pre-Series B investment round, which Partech Africa, an existing shareholder, led.
Participants included previous investors such as Mobility 54, Enza, and Global Partnerships and powerful new partners such as the global financial inclusion fund and Women’s World Banking Capital Partners II
Tugende will be able to maintain its growth pace, broaden its offering to new and repeat consumers and continue the roll-out of digital-first goods, repeat consumers, as well as their communities with the help of this additional equity funding.
The investment, structured in the first quarter of 2022, will further boost the company’s shareholder base and balance sheet in preparation for a forthcoming Series B financing.
Tugende successfully raised $9.9 million previously through its Series A fundraising round between the end of 2020 and the beginning of 2021.
