We are thrilled to announce that our portfolio company, Pngme, has just closed a $15 million Series A round to accelerate and scale up its financial data infrastructure platform. The round was led by Octopus Ventures with follow on participation from Lateral Capital, EchoVC, Raptor Group, and Two Small Fish Ventures. Aruwa Captial, The51, and several angels also participated in the round.
We are immensely proud of the entire Pngme team for reaching this amazing milestone less than a year after raising their $3 million seed round. Pngme is on a mission to make financing and data ownership equitable and transparent. We first worked with the Pngme team at Creative Destruction Lab during the 2019/2020 cohort year and saw how they could seize the opportunity to become a leader in the African fintech ecosystem. We saw value in the company’s mission which was underscored by innovative, data-driven APIs and fully customized machine learning models. Pngme allows financial institutions and fintechs to leverage financial data at scale and revolutionizes data infrastructure creation at the commercial level.
With a total investment of $18.5 million, Pngme is now the most funded fintech startup across the African subcontinent. We are excited by the opportunity to continue supporting Pngme’s growth into the emerging African fintech space by participating in this follow-on investment.
Major congratulations to the entire Pngme team on this phenomenal milestone!