Tugende has completed a pre-Series B equity funding round with current shareholders led by Partech and two new investors, including Women’s World Banking.
Tugende is a digital platform that offers credit and asset financing to micro, small, and medium-sized businesses in East Africa. According to reports, Verdant Capital helped Tugende raise money by acting as a financial advisor and an arranger for both equity and debt offerings.
The new investors broaden the scope of Tugende’s shareholder base and bring complementary expertise and experience to the table, both of which will facilitate the company’s continued expansion.
Tugende’s balance sheet has been further strengthened by a combined USD 10 million investment, which, along with a recent debt closing, further strengthens the balance sheet. This lets Tugende grow its portfolio and meet a big need for credit among small and medium-sized businesses, especially after the strict lockdowns of 2020 and 2021.
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Tugende has helped over 55,000 people in Uganda and Kenya
Tugende is a lender that is supported by digital technology and specializes in credit rating and asset financing. More than 55,000 customers have been helped in the countries of Uganda and Kenya to create credit profiles and acquire assets that generate income. This has enabled them to access more opportunities as their enterprises have grown. More than 900 employees work hard to make sure that Tugende remains the best place to get credit for micro, small, and medium-sized businesses (MSMEs) and to keep the company’s portfolio quality and cost of risk at the top of the market.
“We’re excited to join Tugende’s journey,” stated CJ Juhasz, Chief Investment Officer of Women’s World Banking Asset Management (“WAM”). “WAM” stands for Women’s World Banking Asset Management. Tugende is a market leader when it comes to addressing underprivileged individuals and businesses to de-risk their access to financial services so that they may expand and create new jobs.
Women’s World Banking is committed to the economic empowerment of individuals, and as part of this mission, we are particularly interested in investing in areas where mobility and finance intersect. In these areas, the potential for economic empowerment of individuals, particularly women, is amplified.
The leadership of Tugende is visionary, cares profoundly about the organization’s mission, and possesses the experience necessary to carry out the organization’s ambitious plans. We’re looking forward to working with Tugende as it tries to support more women in its business ecosystem and makes it easier for people all over Africa to get money.
WAM makes investments in forward-thinking, inclusive financial companies in emerging nations. These companies are then guided by WAM to capture the large market share of financially underserved women and the substantial talent pool of women working in and leading these organizations.
The Women’s Alliance for Microfinance (WAM) initial fund was a trailblazer in the field of gender-focused impact investing in inclusive financial service providers. In WWBCP II, the gender-focused investment approach is expanded to include innovative financial service providers. There is also a specialized technical assistance center to help portfolio companies achieve their strategic goals, including those owned by women.
Tugende’s co-founder and current CEO, Michael Wilkerson, has the following to say about the company’s commitment to innovation and partnerships: “Tugende is committed to removing barriers for people and businesses so that they can build better futures.” With partners like WWB, Tugende will be able to use the extra knowledge to reach its Gender Action Plan goals and get more women entrepreneurs involved in its ecosystem.
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About Tugende
Tugende is a social company in Uganda that was formally created in 2012 and operated for profit. They enable micro, small, and medium-sized enterprises (MSMEs) in the informal sector to drastically boost their economic trajectory by utilizing asset finance, technology, and a concept that is centered on the client.
They serve approximately 52,000 customers in Uganda and Kenya with the help of more than 800 full-time employees, and we are rapidly expanding while also introducing new ideas.