Partech Africa leads Tugende’s Series A extension round

Partech Africa has led a group of investors backing an extension of Tugende’s Series A round which closed late last year having raised a total of $6.3 million from a group of new and existing investors led by Mobility 54, a venture investment vehicle set up by Toyota Tshusho, a subsidiary of Japanese engineering giant Toyota Group. The tech-enabled asset financing startup has scooped another $3.6 million from Paris-based Partech’s $140 million African fund, Enza Capital, and several unnamed angel investors. As part of the deal, Tidjane Deme, who co-leads the activities of the Africa fund, is joining Tugende’s board of directors. None of the transaction’s other terms are being disclosed.

Tugende provides its customers with financing packages that allow them to lease and eventually own income-generating equipment. To date, over 35,000 clients have used the company’s financing products to invest in a motorcycle, of whom some 13,000 have already achieved full ownership of their financed asset. The company was started in 2012 targeting its solutions at Uganda’s “boda” (or motorcycle taxi) drivers in the country’s capital city, Kampala.

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