Uganda Asset Finance firm, Tugende, announced that it has closed $3.6 million in a Series A extension round led by San Francisco and Paris-based VC firm, Partech, with Enza Capital and some unnamed angel investors participating.
This follows the completion of a USD $6.3M Series A investment round last year, led by Toyota Tsusho investment fund Mobility 54. This brings Tugende’s total Series A financing to $9.9 million.
The new investment is to provide supply for growing demand. Also, the investment will support the closure of new debt capital to fuel Tugende’s strong portfolio growth in Uganda and Kenya.
Based in Kampala, Uganda and launched in 2012 by CEO Michael Wilkerson, Tugende uses asset finance, technology, and a high touch customer support model to help micro, small and medium enterprises (MSMEs) own income generating assets.
Tugende is building a long-term ecosystem for Micro, Small, and Medium-sized Enterprises (MSMEs) to grow economically.
Its client’s journey entails:
- Starting with lease-to-own financing for income-generating assets
- Growing with value-added services like training and insurance
- Expanding future opportunities by creating a digital profile for successful clients and opening new doors
Tugende currently has more than 43,000 clients across Kenya and Uganda, with 16,000 of them having achieved full ownership of at least one asset.
