Pastel, a Nigeria-based SaaS startup, providing apps to digitize the retail sector including bookkeeping and sales tracking processes, has raised $5.5 million in its seed funding round led by TLcom Capital, a pan-African investment firm.
- The fund will be used to scale its product offerings, and add more productivity and finance management features and tools for group savings, loans and payments for small businesses.
- Pastel supports African businesses with tools for efficient business management via its products such as Sabi, a digital bookkeeping app that enables small businesses to monitor their transactions and customers, get 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.
- The US-headquartered startup makes revenue by charging interest and small fees on its loans.
- Global Founders Capital (GFC), Golden Palm Investments, DFS Labs, Ulu Ventures, Plug and Play, and Soma Cap invested in the round.