Ghanaian Fintech Startup Raises $450K Seed Round From London-Based Global Incubator

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Written by Peter Pedroncelli

Ghanaian fintech firm KudiGO, which has more than 1,000 businesses in Nigeria and Ghana on its platform, closed a $450,000 seed round led by Founders Factory Africa.

The company was one of six startups selected to join the first cohort of Founders Factory Africa‘s six month program, according to Ventureburn.

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The London-based incubator’s regional cohort earned the Ghanaian firm an initial investment of $40 000, which has been increased to a $450,000 funding round.

Three unnamed angel investors, one each from the U.S., Ghana and Nigeria, also participated in the investment, Medium reports.

Launched in 2018 by founders Bright Ahedor, Gideon Boateng and Kingsley Abrokwah, the tools available on the startup’s mobile app helps retailers to better manage their businesses.

The company provides an integrated, mobile-based retail, payments, accounting, and artificial intelligence-powered data analytics engine for the retail industry.

seed funding Ghanaian fintech
Ghanaian fintech firm KudiGO empowers retailers in Ghana and Nigeria. Photo – AP – Sunday Alamba

KudiGO is planning to use the funding to expand its customer base and finance the launch of new products.

The fintech firm is aiming to have 5,000 businesses on its platform by the end of 2019. It currently serves more than 1,000 retailers, TechAfrica reports.

Ghanaian fintech firm part of first cohort

The four other startups that took part in the first cohort of Founders Factory Africa’s accelerator program were Nigeria’s Schoolable and Eazyhire, LipaLater from Kenya, and Uganda’s Digest Africa, AppsAfrica revealed.

Each of the participating companies received the initial $40,000 investment from the accelerator, and will continue to enjoy its support.

The benefits of being part of the Founders Factory network include access to capital, talent and knowledge transfer through entrepreneurs, investors, and startups operating across Africa, Europe, the U.K., and the U.S., according to the accelerator.