Chaka Technologies has raised $1.5million in a pre-seed funding round led by Breyer Capital to boost digital investments for African businesses.
According to Chaka Technologies, this funding will serve as a catalyst to enable it power its mission of enabling borderless investments across Africa and deliver digital investments solutions for African businesses.
It will also be used towards the expansion of Fintech’s footprints in West Africa to reach more retail investors and attract more foreign players to African capital markets.
Speaking on the funding, co-founder and chief executive officer, Chaka Technologies, Tosin Osibodu, said: “This is indeed a significant milestone for us at Chaka. We see digital investments as an opportunity to boost economic transformation in Africa, and our goal is to use this funding to bring this vision to life.
“With this capital, we will focus on our goals to build a roster of formidable partners and accelerate our expansion to other markets within Africa. This investment also enables us to hire top talent and integrate more advanced functionalities into our investment and wealth management solutions for businesses.”
Chief executive officer of Breyer Capital, Jim Breyer, said: “We are proud to combine efforts with a company that is levelling the investment playing field for Nigerians (and Africans at large). We are confident in the value Chaka provides through its digital tools, and we look forward to playing our part in supporting Chaka’s team on their mission to drive borderless investments in Africa.”
This pre-seed round comes on the heels of the Chaka becoming the first start-up to acquire the new digital sub-broker licence issued by Nigeria’s Securities and Exchange Commission (SEC), in line with the regulator’s efforts to safeguard the investing public and accelerate innovation within the sector.
Since Chaka’s launch in 2019, the platform has levelled the barriers of entry for borderless investments in Nigeria by providing customers with compliant access to the capital market.