Prospa raises $3.8M pre-seed fund to offer Software services to Nigerian micro-businesses

Prospa raises $3.8M pre-seed fund to offer Software services to Nigerian micro-businesses


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A Nigerian startup offering software and financial services to entrepreneurs and micro- businesses, Prospa, yesterday announced raising a pre-seed fund worth $3.8M. Participants in the pre-seed funding were Venture funds, Global Founders Capital, and Liquid 2 Ventures as well as leading entrepreneurs such as CEO of Mercury- Immad Akhund, RAMP’s Karim Atiyeh, Ankur Nagpal of Teachable, Todd Goldberg and Rahul Vohra’s Angel Investment Fund and executives from Square, Facebook, and Nubank. This investment is a record breaking sum of pre-seed investment in Nigeria and subSaharan Africa. Only Egypt’s Telda has raised a higher amount within that category.

With the capital, Prospa plans to further accelerate customer acquisition, scale its team with a focus on product and engineering and develop its product offerings.

Prospa At A Glance.

Founded by Kioma Ugo, Frederik Obagi, and Rodney Jackson Cole, Prospa pays key focus to freelancers and entrepreneurs acting as the operating system for their businesses. The platform has access to business accounts numbers and other features offered by Prospa.

After launching in October 2019, Prospa already has thousands of users who pay a monthly subscription fee and is growing its users base by 35% month-over-month. Since the founding of Prospa, users have sent 360,000 invoices and logged 20,000 unique inventory monthly on the platform.

The platform’s pricing is dependent on a business’ turnover. A business with turnover of #100,000 ($200) or less are not liable to subscribe while registered business with over #100,000 ($200) are liable to fees between #3000 (~$6) and #5000 (~$10) monthly.

According to Frederick Obasi, he said “At Prospa, we believe that successful sma; business can foster prosperity for Nigerians everywhere. Our goal is to power every Nigerian entrepreneur so that they achieve scale. This is an opportune moment: we’re seeing huge demand for our service.”

“The Prospa team has developed a stellar product serving the needs of Nigeria’s entrepreneurs. Entrepreneurs are the backbone of the Nigerian economy and I am excited to support them through this investment in Prospa,” Immad Akhund, Mercury Founder/CEO.

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