Nigerian fintech, Billboxx, raises $1.6 million Pre-seed funding to empower African SMEs  

Billbox, an built-in billing-to-payment platform aimed toward guaranteeing well timed funds for companies throughout Africa, has efficiently closed a $1.6 million pre-seed funding spherical.

The funding spherical noticed participation from famend buyers together with Norrsken Accelerator, Kaleo Ventures, Founders Manufacturing facility Africa – FFA (now 54 Collective), P2Vest, and Afrinovation Ventures.

In line with a press release from the corporate, this vital monetary backing will allow Billboxx to deal with the crucial money circulate challenges confronted by SMEs throughout Africa.

Why they invested  

Commenting on the funding, Alex Bakir, Common Companion at Norrsken Accelerator, mentioned the corporate was excited to put money into Billboxx as a result of it’s tackling a crucial ache level for SME development in Africa – managing money circulate.

“The workforce has skilled first-hand the challenges related to invoices and funds and is dedicated to constructing options that merely work for small companies throughout the continent. “We’re proud to assist Justus, AZ, and the workforce, and see enormous potential in monetary options Billboxx is growing,” Bakir mentioned.

Additionally commenting, Bongani Sithole, Chief Government Officer at 54 Collective (previously Founders Manufacturing facility Africa), a co-investor within the Pre-seed, mentioned the corporate is enthusiastic in regards to the progressive work the Billboxx workforce is constructing.

“These 3x founders with profitable exits underneath their belts are leveraging their management and enterprise expertise to deal with an enormous ache level for SMEs throughout Africa.  

“We invested within the Firm as a result of massive market measurement of the chance, spectacular early traction gained from robust early partnerships with notable massive corporates and startups, in addition to the stable tech product the workforce has developed. We’re delighted to again Justus and Abdulazeez as they proceed to scale Billboxx,” he mentioned.

The founders 

Co-founders Justus Obaoye and Abdulazeez Ogunjobi carry in depth entrepreneurial expertise to Billboxx.

• They beforehand co-founded two startups: Charistouch (Carido), efficiently acquired by Cars45, and Fixit45, a spin-off from Cars45.
• Their management expertise in massive companies and scale-ups equivalent to Schlumberger, Bolt, and OLX add to their strategic perception and entrepreneurial prowess.
• Reiterating their resolve to empower African SMEs, co-founder Obaoye famous that money circulate difficulties are the main reason for enterprise failures in Africa, with delayed bill funds being a serious contributor.

Extra Insights 

Guide invoicing and deferred funds usually end in delayed funds, stifling many SMEs.

• Billboxx’s built-in billing-to-payment platform streamlines billing processes reduces inefficiencies from handbook invoicing, and mitigates the influence of deferred funds.
• By offering automated billing and invoicing, safe cost facilitation, and tailor-made money circulate financing, Billboxx empowers companies to attain constant money circulate and deal with development.
• Based in early 2023, Billboxx mentioned it has facilitated over 4 million {dollars} in bill funds by its MVP launched in Might 2023.