Senegalese startup ProXalys secures $500,000 to scale its services

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January 30, 2024
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2 min read
Money pouring on someone's hand like rain. Used to depict a naira float, following the country's announcement
  • ProXalys, a Senegalese startup, has raised a $500,000 funding round to expand its market and strengthen its main product, ProBoutik, an invoice-lending management tool. 
  • The newly raised $500,000 funding round is in three parts, with 216 Capital leading with $300,000. Haskè Ventures and Digital Africa participated through the FUZE programme.  
  • With this new funding, the company plans to improve its data and AI teams in Tunisia and Senegal and build a strong presence in Dakar and Tunis.

Founded in 2021 by Thierno Sakho, ProXalys manages and captures customers' finances. Aiming to digitise informal retailers, the retail-lending and B2B eCommerce platform is an online marketplace for agricultural products that provides merchants with options for deferred payments as well as assured payments.

It helps informal distributors take orders, manage administration, and cover supply chain logistics. It also offers a procurement service for everyday products.

ProXalys boasts over 100 customers and is also considering improving the value chain in the agricultural sector. 

The platform believes digitisation is essential for the informal sector and intends to help informal traders go digital in their distribution and management to compete. 

ProXalys contributes to the over 60 million micro-businesses making up the informal trade landscape in Africa. Senegal's informal economy is estimated to be 37.7%, or approximately $40 billion, at GDP purchasing power parity (PPP) levels.

For 216 Capital, the partnership is about a shared conviction that digital transformation and financial inclusion are essential for promoting long-term, sustainable economic growth in the area.

In 2022, ProXalys raised $150,000 in pre-seed to expand across the country and the West African region, strengthen its technology, and build its physical infrastructure from Haskè Ventures, a Dakar-based startup venture builder. 

In October of the same year, ProXalys became a participant in the CATAPULT: Inclusion Africa programme, which provides mentoring, coaching, and peer-to-peer learning to selected fintech startups.

The Senegalese company was also shortlisted as one of 36 African startups for the 2022 Meltwater Entrepreneurial School of Technology (MEST) Africa Challenge, with the winner receiving $50,000 in equity funding.

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