Empowering SMEs in the Digital Commerce Ecosystem
In a groundbreaking move, tappi, an end-to-end digital commerce SaaS solution designed for small and medium-sized businesses (SMEs), has successfully raised $1.5M in an oversubscribed Pre-Seed funding round. This pivotal round was led by Mercy Corps Ventures and Chui Ventures, with participation from influential names like Digital Currency Group, SOSV, Resilience17, growX ventures, Orbit Startups, Reflect Ventures, as well as contributions from angel investors and advisors from global tech giants such as Google, Salesforce, and Zendesk.
Mission to Boost Visibility and Trust in Digital Commerce
Founded in 2022 by Kenfield Griffith and Louis Majanja, tappi is on a mission to digitize Africa's $20 billion SME market through advanced software solutions. With a focus on empowering SMEs to gain visibility and build trust in the digital commerce ecosystem, the funding will propel tappi to expand its footprint across Africa.
Innovative Approach to Digital Commerce
Tappi's innovative approach involves providing SMEs with Software-as-a-Service (SaaS) and enterprise-grade tools at an affordable starting price of $2/month. The platform integrates with some of Africa's largest mobile network operators and financial institutions, extending its reach to over 100 million SMEs. AI is seamlessly embedded in operations in Kenya and Nigeria, offering an intuitive chat experience for online business profile creation.
Key Pillars of tappi's Digital Commerce Stack
Tappi's end-to-end digital commerce stack revolves around three pivotal elements: Payments, Messaging, and AI. Designed to be the SEO backbone for SMEs across Africa, the platform aims to increase revenue by enhancing visibility, consolidating payments with verified reviews to establish online trust, and facilitating payment for online ads with mobile airtime.
Verified Reviews and Consumer Engagement
Since its inception, tappi has successfully captured verified reviews on $3 million consumer transactions, engaging with over 150,000 consumers. The platform's commitment to fostering trust and transparency in online transactions positions it as a catalyst for economic growth for SMEs.
Doubling Down on Markets and Strategic Partnerships
With the new funding, tappi plans to strengthen its presence in existing markets by building a robust sales force, leveraging its impressive 90% retention rate. The company also aims to forge strategic partnerships, building on existing collaborations like the one with MTN Nigeria, which has already seen a remarkable 19% month-over-month growth in business ads and business data bundle subscriptions. Additionally, the investment will be directed towards talent acquisition and overall brand building.
Strategic Focus on SMEs in Africa
Kenfield Griffith, tappi CEO, expressed gratitude for the support from investors, highlighting the company's vision to address the untapped potential within Africa's informal SME markets. The investment aligns with tappi's commitment to empowering SMEs in overlooked service industries such as food services, fashion, agriculture, and health and beauty.
Reaffirmation of Belief in Inclusivity and Financial Resilience
Hetal Patel, Director of Investments at Mercy Corps Ventures, emphasized the significance of this investment in Mercy Corps Ventures' belief in tappi. The strategic alignment with the purpose of inclusivity and developing financial resilience among SMEs in Africa underscores the broader impact of tappi's mission.
Leveraging Technology for SME Success
Lynda Saint-Nwafor, Chief Enterprise Business Officer, MTN Nigeria, commended tappi's alignment with MTN's commitment to fueling the growth of over 40 million MSMEs in their markets through tech-driven solutions. The partnership between tappi and MTN, exemplified by MTN Thryve, is empowering SMEs to connect with customers and expand their reach through platforms like Facebook and Instagram Ads using MTN data bundles and airtime.
