Tugende Closes Pre-series B Funding Raising a Total $10 Million in Equity and Debt Transactions
By Oluwasegun Olukotun
Fintech platform for MSME credit and asset-financing in East Africa, Tugende has closed a pre-Series B equity funding from existing shareholders led by Partech and two new investors, including Women’s World Banking. Verdant Capital served as Tugende’s financial advisor and arranger with respect to its equity and debt capital raises.
The new investors add to the diversity of Tugende’s shareholding and complement the experience and skills that each contributes to Tugende’s growth. Along with a recent debt closing, the combined USD 10 million investment further strengthens Tugende’s balance sheet, allowing it to increase portfolio growth and address a significant credit demand amongst MSMEs, particularly after the strict lockdowns of 2020 and 2021.
Photo courtesy of Tugende.