Senegal Startup ProXalys, Secures $500,000 for Digital Solutions

ProXalys, a Senegalese startup focused on empowering informal retailers through digital solutions, has secured a significant investment of $500,000 to fuel its expansion and enhance its flagship product, ProBoutik in Senegal.

This funding round marks a major milestone for the young company, propelling its mission to revolutionize the nation’s informal trade sector.

Spearheading the Investment

The funding round was spearheaded by 216 Capital, a prominent Tunisian seed fund dedicated to fostering innovation across Africa.

Joining them were Haskè Ventures and Digital Africa, contributing through their collaborative FUZE program.

This collective effort underscores the growing recognition of ProXalys’ potential to drive positive change within the Senegalese economy.

Building on a Strong Foundation

This latest investment builds upon ProXalys’ previous success in securing a pre-seed funding round of $150,000 in 2022.

Founded in 2021 by the visionary Thierno Sakho, the company has established itself as a leader in the field of financial technology (fintech) solutions tailored specifically for the needs of informal retailers in Senegal.

Empowering Informal Retailers

Senegal’s informal sector plays a crucial role in the national economy, yet it often faces challenges related to financial inclusion and access to digital tools.

However, the Senegalese startup, ProXalys, addresses these challenges by providing a comprehensive suite of digital solutions, including:

ProBoutik: The company’s flagship product, ProBoutik, empowers retailers by offering an invoice-lending management tool.

This tool simplifies financial management, facilitates smoother transactions, and unlocks crucial access to working capital, a major pain point for many informal businesses.

Digitizing the Value Chain: ProXalys goes beyond individual solutions, aiming to digitize the entire value chain for informal retailers.

This includes streamlining supply procedures, facilitating better resource allocation, and ultimately enhancing overall efficiency.

Financial Inclusion: By offering solutions like ProBoutik, ProXalys actively promotes financial inclusion within the informal sector.

This enables retailers to participate more fully in the formal economy, fostering sustainable growth and development.

Investing in the Future

ProXalys’ newly acquired funding will be strategically directed towards several key areas:

Expanding the Team: Recognizing the critical role of talent in achieving their ambitious goals, ProXalys plans to bolster its data and AI development teams in both Senegal and Tunisia.

This expansion will accelerate the development and launch of their innovative solutions, further empowering informal businesses.

Market Expansion: With a strengthened foundation, ProXalys aims to broaden its market reach and establish a robust presence in both Dakar and Tunis.

Also, this geographical expansion will allow the company to impact a wider range of informal retailers, driving positive change across a broader spectrum.

Enhancing ProBoutik: The newly acquired funds will also be used to further refine and enhance ProBoutik, ensuring it remains at the forefront of technological innovation and continues to meet the evolving needs of its users.

Looking Forward

The $500,000 investment secured by ProXalys signifies a significant vote of confidence in the company’s vision and its potential to revolutionize the informal trade sector in Senegal.

Thus, with a clear roadmap for growth and a commitment to empowering informal retailers, ProXalys is poised to play a vital role in shaping the future of the Senegalese economy.