Nigerian investment platform Chaka, which aims to digital investments for businesses across Africa, has raised $1.5m in pre-seed funding round led by Breyer Capital.
The round was also joined by Golden Palm Investments, Seedstars, 4DX Ventures, Musha Ventures and Future Africa.
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Chaka partners with asset managers, financial technology firms, and regulators to facilitate digital investment for individuals and businesses.
The company said the fresh capital infusion will enable it to focus on its strategy to build a roster of partners and expand its footprint to other markets within West Africa.
It also plans to hire top talent and integrate more advanced functionalities into its investment and wealth management solutions with the new capital.
Chaka said in a statement: “This is a significant milestone for us at Chaka and we could not have come this far without our users, partners, early investors, and a talented, achieving team of Chaka Champions.”
Breyer Capital CEO Jim Breyer said: “We are proud to align ourselves with a company that is levelling the investment playing field for Nigerians and Africans at large.
“We’re confident in the value Chaka provides through its digital tools, and we look forward to playing our part in supporting Tosin, Bo, Olaolu and the Chaka team.”
In May last year, SimCorp, a provider of investment management solutions, established on the ground presence in South Africa.
The move was aimed at offering modular front-to-back solutions and managed services to local asset managers, state pension funds, and sovereign wealth funds in the country.
In 2018, Egyptian investment bank EFG Hermes agreed to acquire Nigerian brokerage and research firm Primera Africa.
