What is Tugende?
Founded in 2012 and headquartered in Kampala, Uganda, Tugende is a financial services company dedicated to empowering micro, small, and medium enterprises (MSMEs). The company leverages a model that combines asset finance, technology, and personalized customer support to enable MSMEs to acquire income-generating assets. This approach aims to foster economic growth and financial inclusion within the region.
How much funding has Tugende raised?
Tugende has raised a total of $37.7M across 4 funding rounds:
Private Equity
$780K
Series A
$9.9M
Debt
$17M
Other Financing Round
$10M
Private Equity (2015): $780K with participation from Segal Family Foundation and Echoing Green
Series A (2021): $9.9M led by Mobility 54, Partech International, and Enza Capital Management
Debt (2022): $17M supported by Nordic Microfinance Initiative, Goldfinch, Symbiotics, and Lendahand
Other Financing Round (2022): $10M featuring Women's World Banking and Partech
Key Investors in Tugende
Women's World Banking
Women's World Banking is a global non-profit focused on providing financial tools and resources to low-income women, working with financial institutions to meet their specific needs.
Partech
Partech is a company specializing in developing core technologies for innovative products, with a history dating back to 1964.
Nordic Microfinance Initiative
Nordic Microfinance Initiative (NMI) invests in and supports institutions that provide financial inclusion to impoverished individuals in developing nations, aiming for job creation and wealth generation.
What's next for Tugende?
The substantial enterprise-level capital infusion signifies a critical growth phase for Tugende. This strategic backing is expected to fuel the expansion of its asset finance programs, enhance its technological infrastructure, and potentially broaden its geographical reach. The company's focus on supporting MSMEs aligns with broader economic development goals, suggesting a trajectory aimed at scaling its impact and solidifying its position as a key player in the African fintech and asset financing landscape.
See full Tugende company page
