Kippa, a Nigerian startup focused on improving small business, has secured a funding of $8.4 million in a seed round.
Investors such as Goodwater Capital, TEN13 VC, Rocketship VC, Saison Capital, Crestone VC, VentureSouq, Horizon Partners and Vibe Capital were part of the ‘oversubscribed’ round, as TechCrunch describes it.
In November 2021, the company had received a pre-seed funding of $3.2 million as well. Now, with a valuation of nearly $12 million, Kippa wants to focus on building products for clients to grow their business while growing its local team.
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Its main business is a bookkeeping software that helps clients move and manage finances. Kippa has an app (both available on iOS and Android devices) that improves sales tracking and expenses management while monitoring inventory better.
It faces fierce rivalry from competitors who are looking to eradicate the ancient art of doing bookkeeping manually and through physical ledgers. The argument for this emerging African industry being that inaccuracies could eventually lead to huge losses and kill a business.
TechCrunch says that the Nigerian digital bookkeeping industry alone is worth $200 billion and Kippa is looking to become the major player in the field.
Its services also include creating invoices and receipts for small businesses. CEO Ekezie-Joseph claimed that the startup already had more than 130,000 active clients ranging from small-scale traders in kiosks to high-end merchants. Kippa allegedly currently has the capacity to service 500,000 clients.
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