Pastel, a Nigerian bookkeeping and digital platform for merchants, on Monday secured a $5.5M seed fund.
The seed round was led by pan-African venture capital firm TLcom Capital and included VC firms such as Global Founders Capital (GFC), Golden Palm Investments, DFS Labs, Ulu Ventures, Plug and Play, and Soma Cap
The new raiser was confirmed in a media release by Izunna Okonkwo, co-founder and chief growth officer (CGO) of Pastel.
The digital bookkeeping company, according to Izunna, is building digital tools to unlock the potential of small businesses in developing countries.
Okonkwo noted that VC firms such as Global Founders Capital (GFC), Golden Palm Investments, DFS Labs, Ulu Ventures, Plug and Play, and Soma Cap participated in the seed round.
Okonkwo cofounded the company with Abuzar Royesh and Olamide Oladeji.
Okonkwo while commenting on the raiser claimed Pastel was formerly Sabi Cash and said:
“Our thought process was as soon as we got traction, the next step was to capture some value.
“So we added features to the Sabi app and what we’re building now is a little bit more.”
Source: Ripples Nigeria
