Kampala, Uganda based startup Tugende has raised USD 3.6 Million on 31st of March, 2021 in a series A funding round led by Partech. The company has secured a total funding of USD 34.1 in funding over 8 rounds.
Investors: The acquisition of USD 3.6 Million funds took place in a series A funding round led by Partech along with Enza Capital and some unnamed angel investors.
What the funding is for: The freshly acquired funding would be utilised to meet the demands of the productive assets, it finances boat engines, cars, equipment. According to the sources, the organization is also planning to control finances for e- mobility.
Founder of the company: Michael Wilkerson
Founding year: 2013
About the company: Tugende is a privately held organization which creates opportunities through ownership by kick- starting financial independence for Uganda’s motorcycle taxi drivers. The company operates under financial services, transportation, logistics and web development. It helps motorcycle taxi drivers own their own motorcycle in eighteen months or less instead of renting indefinitely. It’s headquarter is based in Kampala, Uganda and has a work strength of 202 – 500 employees.
What the CEO has to say:
“With an average household of five people, this can really transform the lives of our clients and their families. Besides just increased daily profit, ownership of an asset is also wealth in itself.”
“Some clients sell the fully owned motorcycle and use that lump sum of capital to make other Investments while coming back to Tugende for a new lease, which is affordable from their daily cash flow.”
“Debt is Tugende’s fuel for growth. But good equity financing is like upgrading the engine, getting a top-notch mechanic and driving coach thrown in on top to help you handle the speed.” — Michael Wilkerson, CEO of the company.
What the investors have to say:
“Last year, in the middle of the pandemic, we decided to invest in Tugende. It combines technology and strong operations to aid millions of professionals to grow their businesses and drive economies forward. We will support Michael Wilkerson and his team to build up the tech platform, fine- tune the model and expand in new markets.” — Tidjane Deme, Partner at Partech.
“We are particularly enthused by the team’s innovative application of technology, which incorporates a range of social consideration to build a new type of credit score, and which will increase access to Capital across a range of African markets where entrepreneurs currently have a limited credit history or access to collateral.” — Mike Mompi, Partner at Enza Capital.
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