tapian end-to-end SaaS digital commerce solution tailored for small and medium-sized businesses, has raised $1.5 million in an oversubscribed Pre-Seed round led by Mercy Corps Ventures and Chui Ventures.
With participation from Digital Currency Group, SOSV, Durability17, growX ventures, Orbit Startups and Reflect Venturesthe investment also had contributions from angel investors and advisors from global technology companies including Google, Salesforce, Zendesk, and the financial sector.
The seed funding will further tappi’s mission to empower SMEs to gain visibility and build trust in the digital commerce ecosystem as the company expands its footprint across Africa.
Record
Founded in 2022 by Canfield Griffith and Louis Majanja, tappi is digitizing Africa’s $20 billion media market through software sophistication. Offering SaaS and enterprise-grade tools to SMEs in Africa starting at $2/month, tappi integrates and partners with some of Africa’s largest mobile network operators and financial institutions, expanding its addressable market to over 100 million SMEs.
tappi integrates AI into its operations in Kenya and Nigeria, facilitating a seamless online business profile creation process through an intuitive chat experience. Payments, messaging and AI are all key to the company’s end-to-end digital commerce stack, which aims to be the backbone of SEO to drive revenue for SMEs across the continent. This is done by helping businesses gain visibility, integrating payments with verified reviews to build online trust, and paying for online ads with mobile airtime.
We are grateful to be backed by great investors who share our vision and mission to address the untapped potential in Africa’s informal SME markets, particularly in neglected service industries such as food services, fashion and agriculture, and health and beauty
Kenfield Griffith, CEO of tappi
Since its inception, tappi has received verified reviews of $3 million in consumer transactions and has interacted with over 150,000 consumers.
What happens next?
With this new funding, tappi will double its current purchases by building a strong sales force to drive direct sales, leveraging a strong 90% retention rate. tappi will also create strategic partnerships, building on its existing relationship with MTN Nigeria, which has seen 19% MoM growth in business ads and business data bundle subscriptions. Further investment will also focus on talent acquisition and overall brand building.
By The Numbers
In a recent 2023 Africa MSME Pulse Survey, 62% of respondents [majority from Kenya, Nigeria and South Africa] reported an increased reliance on technology and online tools.
Additionally, plan over 25%. to invest in e-commerce and website development, highlighting the significant opportunity in the digital commerce ecosystem. tappi is well positioned to meet this growing demand as it builds confidence and drives economic growth across Africa.
What they say
Speaking of round, Canfield GriffithCEO and co-founder of tappi said, “We are grateful to be backed by great investors who share our vision and mission to address the untapped potential in Africa’s informal SME markets, particularly in neglected service industries such as food services, fashion and agriculture, health and beauty. We look forward to empowering SMEs across Africa by providing them with a trusted online identity to find customers. The current investment will support our mission to make inroads with our customers through direct sales and partnerships across the continent.”
“There are ~44 million (M) SMEs in Africa, driving ~60% of employment and ~38% of GDP on the continent. However, these businesses, ~60%+ led by women, remain the most underserved and vulnerable to shocks, especially those accelerated by climate change. While some may have access to mobile wallets, payment platforms and online tools, few have a holistic package that allows them to create a verified digital presence, build performance records, track income and leverage it to grow incomes and resilience. Our investment confirms Mercy Corps Ventures’ belief in tappi and is very much in line with our purpose of inclusion and building financial resilience among SMEs in Africa“, he added Hetal Patel, Chief Investment Officer at Mercy Corps Ventures.
Lynda Saint-NwaforChief Enterprise Business Officer, MTN Nigeria, said, “At MTN, we are committed to powering the growth of over 40 million SMEs in our markets through technology-based solutions. We are working with tappi, we have started MTN Thrive, enabling SMEs to connect with current customers and find new customers through Facebook and Instagram ads using MTN data bundles and airtime. tappi’s technology aligns with our vision and we are excited to be part of SME success stories in our markets.”
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