March 31

Uganda’s Tugende Closes $3.6 Million Series A Extension to Meet the Demand for Its Asset Finance Products

By Tage Kene-Okafor

Ugandan technology-enabled asset finance company Tugende today announced that it has closed $3.6 million in a Series A extension round.

The investment, which, according to the company, was agreed on and structured in 2020, follows the $6.3 million raised in November 2020 and led by Toyota Tsusho investment fund Mobility 54. This brings Tugende’s total Series A financing to $9.9 million.

San Francisco and Paris-based VC firm, Partech led the round. Enza Capital participated, alongside some unnamed angel investors.

Michael Wilkerson founded Tugende in 2012. The company uses asset finance, technology and a customer support model to help micro, small and medium-sized enterprises own income-generating assets.

Photo courtesy of Echoing Green Fellows & Programs.

Source: TechCrunch (link opens in a new window)

Finance, Technology
MSMEs, transportation