Pastel, a Nigeria-based SaaS startup, providing apps to digitize the retail sector including bookkeeping and sales tracking processes, raised $5.5 million in its seed funding.
The round was led by TLcom Capital, a pan-African investment firm, with participation from GFC, Golden palm, DFS labs, Ulu Ventures, Plug and Play, and Soma Cap.
The fund will be used to scale its product offerings and add more productivity and financial management features and tools for group savings, loans, and payments for small businesses.
Company: Infinity Labs, Ltd.
Round: Seed Round
Funding Month: Aug 2022
Lead Investors: TLcom Capital
Additional Investors: GFC, Golden palm, DFS labs, Ulu Ventures, Plug and Play, and Soma Cap
Company Website: https://pastel.africa/
Software Category: Digital Financial Solutions
About the Company: Pastel is a provider of digital financial solutions for businesses, with the purpose of guiding them to financial accountability and success, one app at a time. The company offers speedy receipt, bookkeeping, and pastel finance, and it uses artificial intelligence or data science to create digital solutions that help businesses become financially accountable and operate efficiently. Pastel provides tools for efficient business administration to African businesses through its products, such as Sabi, a digital bookkeeping program that allows small businesses to monitor their transactions and clients, obtain insights on cash flow, issue receipts, and manage their debtors. It also offers Quick Receipt, an app that provides businesses with simple invoicing and receipt tools with over 60,000 active users, and Pastel Financing, an app that enables group savings to finance businesses. Pastel’s mission is to build digital tools to unlock the potential of small businesses in developing countries.