The African tech ecosystem has witnessed an impressive new trend in recent times where African founders are backing and financing fellow founders, especially in their pre-seed and seed funding stages. This is a key indicator of maturity in the continent’s tech ecosystem.
On Wednesday, Payhippo, a financial technology firm that offers capital to small businesses in Nigeria, closed US$3 million in a seed funding round led by a number of African tech founders.
The round was led by Chipper Cash co-founders Ham Serunjogi and Maijid Moujaled; Flutterwave founder Olugbenga “GB” Agboola, Chapel Hill Denham CEO Bolaji Balogun; and Metis Capital Partners founder Hakeem Belo-Osagie.
The round also drew participation from Angel investors from Paystack, Brex, and Tala. TEN13, VentureSouq, and Prodigio Capital were the only institutional ventures that contributed to this round.
This investment comes barely 5 months after the startup completed a US$1 million institutional pre-seed raise. This does not include the undisclosed capital raised beforehand from friends and family. The firm’s total fundraised now stands at US$4 million.
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