Uganda’s Tugende, a technology-enabled asset finance company that provides asset financing and digital services to small businesses has announced it has raised a pre-Series B investment round led by current shareholder Partech Africa.
Existing investors including Mobility 54, Enza and Global Partnerships participated, and were joined by strong new partners including global financial inclusion fund Women’s World Banking Capital Partners II (WWBCP II).
This additional equity capital will allow Tugende to sustain its growth momentum, continue the roll-out of digital-first products and to deepen its offering to new and repeat customers and their communities.
The investment, structured in Q1 2022, further improves the company’s balance sheet and stakeholder base in advance of an upcoming Series B round.
Previously, Tugende closed $9.9 million of Series A funding in late 2020 and early 2021.