A Senegalese startup called ProXalys has secured a funding round of $500,000 to expand its services. The funding will be used to improve the company’s data and AI teams and to establish a presence in Dakar and Tunis. ProXalys offers a retail-lending and B2B eCommerce platform called ProBoutik, which helps informal retailers digitize their businesses and manage their finances. The platform currently has over 100 customers and aims to improve the value chain in the agricultural sector. ProXalys contributes to the informal trade landscape in Africa, which consists of over 60 million micro-businesses.
The funding round was led by 216 Capital, with participation from Haskè Ventures and Digital Africa through the FUZE program. In 2022, ProXalys raised $150,000 in pre-seed funding from Haskè Ventures to expand across Senegal and the West African region. The company also participated in the CATAPULT: Inclusion Africa program and was shortlisted for the Meltwater Entrepreneurial School of Technology Africa Challenge.
The partnership between ProXalys and 216 Capital is based on a shared belief in the importance of digital transformation and financial inclusion for long-term economic growth. Senegal’s informal economy is estimated to be 37.7% of its GDP at purchasing power parity (PPP) levels.