Chisepo Chirwa, Mukopaje Singogo, Vernon M. Ushibantu
Ground Squirrel Ventures; Zenga Venture Fund; Tony Elumelu Foundation; Insight to Impact
According to the World Economic Forum, small and growing businesses in Africa create around 80% of the region’s employment. They are also responsible for establishing a new middle class and fueling demand for new goods and services. Yet, despite their significance, they are still plagued with challenges. But, recently, the number of startups tapping into these SMEs has risen. These provide services ranging from tools for tracking sales and stock to credit. Zambia’s Z’POS – a product of Outsource Now – is joining that club. The startup has a mobile accounting app that helps retail merchants record their business transactions so that they can make better business decisions easily. A graduate of the Tony Elumelu Entrepreneurship Program, Z’POS is the “the first company in Zambia that is working to organize Zambia’s informal retail data,” according to Chisepo. They have raised at least $57,500 in funding in both equity and grants. The startup scored $7,500 in grant funding from the Tony Elumelu Foundation ($5k) and Insight to Impact ($2.5k). It also attracted an extra $50,000 in equity investment in June this year from Zenga Ventures and Ground Squirrel Ventures.