Nigerian Startup Pastel Raises USD 5.5 Mn Seed Round

Pastel, a Nigerian bookkeeping and digital platform for merchants is announcing a seed raise of USD 5.5 Mn led by pan-African venture capital firm TLcom Capital. Other VC firms such as Global Founders Capital (GFC), Golden Palm Investments, DFS Labs, Ulu Ventures, Plug and Play, and Soma Cap also participated in the seed round.

The company’s flagship product, Sabi, is a digital bookkeeping app that allows small businesses to monitor and manage their transactions and customers, get insights into their cashflows, issue receipts, and effectively manage customers who owe them.