Billbox, a Nigerian integrated billing-to-payment platform has successfully closed a $1.6 million pre-seed funding round.
A statement from the company revealed that the funds will be utilised to tackle the critical cash flow challenges faced by SMEs across Africa.
Renowned investors participated in the round. They include
- Norrsken Accelerator
- Kaleo Ventures,
- Founders Factory Africa – FFA (now 54 Collective),
- P2Vest, and
- Afrinovation Ventures.
Commenting on the funding, Alex Bakir, General Partner at Norrsken Accelerator, said the company was excited to invest in Billboxx because it is tackling a critical pain point for SME growth in Africa – managing cash flow.
“We’re proud to support Justus, AZ, and the team, and see huge potential in financial solutions Billboxx is developing,” Bakir added.
Bongani Sithole, Chief Executive Officer at 54 Collective (formerly Founders Factory Africa), highlighted market size as one of his reasons for investing.
“We invested in the Company due to the large market size of the opportunity, impressive early traction gained from strong early partnerships with notable large corporates and startups, as well as the solid tech product the team has developed.” he said.
Co-founder Obaoye in his statement
pointed out that cash flow difficulties are the leading cause of business failures in Africa while reiterating their resolve to empower African SMEs .
Billboxx
Billboxx integrated is aimed at ensuring timely payments for businesses across Africa.
The billing-to-payment platform streamlines billing processes, reduces inefficiencies from manual invoicing, and mitigates the impact of deferred payments.
Billboxx empowers businesses to achieve consistent cash flow and focus on growth by providing ;
- automated billing and invoicing
- secure payment facilitation, and
- tailored cash flow financing
Co-founders Justus Obaoye and Abdulazeez Ogunjobi bring extensive entrepreneurial experience to Billboxx from their leadership experience in large corporations and scale-ups such as Schlumberger, Bolt, and OLX
Billboxx has facilitated over four million dollars in invoice payments through its MVP launched in May 2023.
