BitPesa, a digital foreign exchange and payment platform, raised $2.2 million in a bridge round. That is according to an SEC filing that the company made on June 14, 2018.
The startup was seeking to raise a total of $2.5 million, but, they came short of the target by $288,896. The funding raised was a mixture of debt and equity though it not clear who the investors were.
This funding brings the total disclosed amount raised by BitPesa throughout 2018 to at least $7.23 million. After combining this $2.21 million with the $5.02 million that they raised from Japanese corporation, Sompo Holdings.
In total, the company has raised a total of at least $15.64 million in disclosed funding. Some of their notable investors include; GreyCroft Partners and Future Perfect Ventures.
Elizabeth Rossiello, BitPesa’s CEO and Co-founder, is among the signatories on the filing.
According to the filing, BTC Africa S.A raised the funding. Checking BitPesa’s website indicates that it is their registered entity in Luxembourg and the UK. Given that BitPesa started operations in 2013 and BTC Africa S.A was established in 2017, the latter must be the holding company.
Founded by Amy Ludlum, Charlene Chen and Elizabeth Rossiello and launched in Nairobi in 2013, BitPesa now has offices in Lagos, London, Luxembourg, Madrid, and Dakar. To set up the Spanish office, they acquired Madrid-based TransferZero for an undisclosed amount in February last year.
BitPesa isn’t alone. Last year, we compiled a list of companies that never disclosed funding raised. This included; PayGo Energy ($3.5M), Lori Systems ($6.1M), Halan ($4.3M), PrepClass ($300k), African Leadership Academy ($28M)and more.