In a groundbreaking development, pan-African startup ProXalys Inc has secured $500,000 in a funding round led by venture capital firm 216 Capital. ProXalys Inc specializes in the digitalization of the informal sector, with a focus on facilitating the migration of informal businesses to formal channels. The startup, based in the United States and Senegal, has expanded its operations to Tunisia, aiming to revolutionize operational methods for informal businesses through its latest product, "ProBoutiK."
ProBoutiK: Transforming Informal Businesses
ProXalys Inc's ProBoutiK seeks to transform the operational landscape for informal businesses. The application offers a suite of features, including invoicing tracking, financing offers, and a supply marketplace. ProBoutiK is poised to enhance the capabilities of informal entrepreneurs, enabling them to streamline operations, meet working capital needs, and transition into formal channels.
Funding Round Details
The $500,000 funding round comprises contributions from three funds, with 216 Capital leading the way with a $300,000 investment. Haskè Ventures and Digital Africa, through the FUZE program, have also played a pivotal role in supporting ProXalys Inc's mission. The funding injection will propel the Go-To-Market strategy for ProBoutiK and bolster the DATA & AI teams in Tunisia and Senegal.
Digital Transformation for Financial Inclusion
Informal Sector Dynamics
Africa's informal trade encompasses over 60 million micro-businesses, with a staggering funding requirement exceeding $400 billion. ProBoutiK addresses the challenges faced by these businesses, such as unregistered status, by providing a unified platform with multifunctional wallet capabilities.
Financial Inclusion Impact
Hassen Arfaoui, Principal Investment Manager at 216 Capital, emphasizes the significance of ProBoutiK's contribution to digitalization and financial inclusion in Africa's informal retail sector. The collaboration reflects a shared belief in the necessity of financial inclusion and digital transformation to drive sustainable economic development in the region.
Future Plans and Impact
ProXalys Inc plans to utilize the funding to accelerate the Go-To-Market strategy for ProBoutiK. The startup envisions establishing a strong presence in both sub-Saharan Africa (from Dakar) and the North African region (from Tunis), reinforcing its commitment to driving digital transformation across the continent.
Building a Better Future
216 Capital reaffirms its commitment to building a better future for Africa by making a real and lasting impact. The venture capital firm aims to stimulate economic growth and foster positive change in communities affected by this value creation.
Founders' Vision and Expertise
Thierno Sakho - Visionary Entrepreneur
Founded in 2022 by Senegalese entrepreneur Thierno Sakho, ProXalys Inc has emerged as a testament to Sakho's expertise in banking, finance, and microfinance. Leveraging his extensive experience, Sakho developed an omnichannel payment solution aimed at centralizing digital payments, transforming informal businesses into formal enterprises.
216 Capital - Driving Innovation
Founded in Tunis in 2021, 216 Capital is a seed and pre-seed venture capital firm specializing in technology companies. With a focus on investing in determined and creative entrepreneurs building disruptive businesses, 216 Capital plays a crucial role in driving innovation across the African continent.
ProXalys Inc's funding success represents a significant stride in the journey toward empowering Africa's informal sector through digital innovation. ProBoutiK's transformative capabilities and the strategic backing from 216 Capital position the startup as a catalyst for positive change in the evolving landscape of African entrepreneurship.