Bumpa Raises $4 Million to Facilitate Production, Profitability for SMEs
The fund will fast-track Bumpa’s goal to build the future of commerce for African sellers.
Other investors who participated in the round were Plug & Play Ventures — through their commerce fund, SHL Capital — Sahil Lavingia, CEO of Gumroad, Magic Fund, Jedar Capital, DFS Labs, FirstCheck Africa Angel Program, E62 Ventures, Club14, and Fast Forward Ventures.
Social Commerce Startup Bumpa Raises $4 Million
In a time when venture funding has seen a steady decline in Africa, Bumpa has garnered the interest of investors and partners on its audacious move to enable business growth for one million SMEs across Africa for its next growth phase.
Luci Fonesca, Principal at Base10 Partners, who led this round of investment had this to say about investing in Bumpa at this time in the VC market, “Bumpa is building a mission that we love and were excited to get behind, enabling e-commerce and reducing friction for millions of SMBs,” said Luci Fonseca, Principal at Base10 Partners. “The more we spent time with Kelvin and Teejay, the more we saw that they are very special founders and have a powerful mission to build the defining e-commerce platform in Nigeria and across Africa.”
Building the Bumpa Dream
Initially named SalesCabal, Bumpa, was started in February 2021 by co-founders, Kelvin Umechukwu and Adetunji Opayele, to provide affordable and stable websites to SMEs in Nigeria.
According to a Statista report, Nigeria houses 41 million MSMEs that contribute 50% of Nigeria’s GDP. However, despite these numbers, business owners across the country deal with daily issues like a lack of trust, payments, technology, marketing, and others.
While Salecabal solved the problem of giving SMEs an affordable way to start selling online, the team would discover that the e-commerce space had more significant problems and equally held more promise than they thought.