Ugandan Startup Tugende Receives Additional USD 3.6 Mn In Equity Funding

Ugandan fintech startup, Tugende, has received additional USD 3.6 Mn in a fresh equity round led by Partech. Other investors include Enza Capital and regionally-based angel investors. This equity funding is an extension of Tugende’s Series A announced in September 2020, and led by Toyota Tsusho’s Mobility 54. This brings the total Series A funding to USD 9.9 Mn.

Launched in 2012, Tugende provides a lease-to-own financing model to motorcycle taxi riders, helping them own income-generating assets. Its core asset finance packages include medical and life insurance, training, safety equipment and affordable asset financing for SMEs. This new round of finance will be deployed to keep up with the company’s word of mouth demand and support closure of new debt capital to fuel its portfolio growth in Uganda and Kenya.