Kenyan fintech startup Zagace has been quietly elevating a US$16.7 million seed spherical since 2016 because it plans to broaden the world over.
Based by Mubarak Muyika in Kenya in 2013, Zagace supplies software program packages composed of accounting, bookkeeping, payroll, gross sales, advertising, stock administration and storage.
Focusing on micro-businesses with 10 workers or much less, Zagace’s core product – the Zagace Internet Platform – has grown into an software retailer with distribution of merchandise primarily by way of product APIs, a digital distribution platform and a improvement platform.
As of December 2019 the startup had over 1.5 million account subscriptions for its totally different merchandise from 20,000 small enterprise prospects in over 30 nations. In 2016, Zagace started a capital increase to satisfy the prices of buyer acquisition, which it just lately closed out at US$16.7 million.
Buyers within the startup embody the Tim Draper-backed DraperDarkFlow, BlackRock Capital, Dubai’s UHT Investments of Dubai, and the San Francisco-based P Administration 415 Inc, in addition to a bunch of different minority shareholders. Virtually half of the funding was secured earlier this yr.
Toro Orero, then of DDF, cited Zagace as one of many VC agency’s portfolio firms in an interview with Disrupt Africa again in 2016, however apart from that the startup’s funding has largely gone below the radar.
Nonetheless, Disrupt Africa estimates that solely 11 African fintech firms, and solely two from Kenya, have raised greater than Zagace over the interval in query. The startup is now working to scale its platform to extra markets in Africa, the Center East, Europe and the US (US), by ramping up entry to its software providing by way of product APIs and associated integrations.