Zuvy, a Nigerian invoice financing company, has bagged a substantial $4.5 million in a debt and equity funding round, to support the digital shift of Small Medium Enterprises (SMEs) in Africa
The firm, known for its innovative approach to managing invoice software, has drawn global investors keen on supporting its mission.
The funding, which attracted a host of international investors, was led by TLG Capital, with other contributors including Dunbar Capital, Next Chymia Consulting HK, Advent International’s Chairman David Mussafer, and Khalil Osman from Vicus Ventures.
CEO, Zuvy, Angel Onuoha, in a press statement, said: “Given the digital shift we foresee in SMEs over the next few years, Zuvy intends to become the go-to liquidity provider for these evolving businesses.”
Onuoha averred that, Zuvy’s core objective is to streamline the vendor-buyer relationship within the sphere of small and medium-sized enterprises (SMEs). Recognised for its pioneering solutions, Zuvy has risen as a provider of liquidity to burgeoning businesses, not just in Nigeria but further afield, he added.
The CEO disclosed that the company intends to use the fresh funding to continue its mission of supporting the digital shift of SMEs. “By offering effective financial solutions and software tools, Zuvy aims to resolve challenges relating to administrative burdens and cash flow management often encountered by Nigerian entrepreneurs,” he explained.
Since its launch in late 2021, Zuvy has expanded its service offering beyond being an invoice financing platform. Today, it provides free software tools that facilitate procurement and vendor management for larger enterprises.
