ProXalys, a Senegalese startup that offers digital solutions for business-to-business (B2B) trade, has announced that it has raised $500,000 in a new funding round from 216 Capital, a Tunisian seed fund that supports early-stage startups in Africa.
The round also saw the participation of Haskè Ventures, a Nigerian venture capital firm, and Digital Africa, a French initiative that supports African digital entrepreneurs through its FUZE program. This investment comes after ProXalys secured a pre-seed funding of $150,000 in 2022.
Thierno Sakho, founder of ProXalys, is a serial entrepreneur and former software engineer who saw an opportunity to transform Senegal’s informal trading sector, which accounts for more than 80% of the country’s retail market. ProXalys offers a platform called ProBoutiK, which connects local traders with suppliers, distributors, and wholesalers and enables them to order, pay, and track their goods online. ProBoutiK also provides traders with access to credit, inventory management, and business analytics.
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Leveraging data and AI to empower local traders
By digitizing the entire value chain of B2B trade, ProXalys aims to solve some of the key challenges faced by local traders, such as lack of transparency, inefficiency, and high costs. ProXalys also leverages data and artificial intelligence (AI) to offer personalized recommendations, optimize logistics, and reduce risks. ProXalys claims that its platform can help traders save up to 30% on their purchases and increase their sales by up to 50%.
Hassen Arfaoui, Principal Investment Manager at 216 Capital, says that ProXalys is a game-changer for Africa’s unorganized retail sector, which represents a huge untapped potential for digitalization and financial inclusion. Arfaoui says that 216 Capital is proud to partner with ProXalys and share its vision of creating a more inclusive and sustainable economy in the region. Arfaoui also praises ProXalys’ team for their strong execution and customer-centric approach.
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Expanding to new markets and launching new products
With the new funding, ProXalys plans to expand its operations to new markets in West Africa, such as Mali, Burkina Faso, and Ivory Coast, where it sees a high demand for its services. ProXalys also intends to use the funds to strengthen its data and AI teams in Senegal and Tunisia and to accelerate the launch of its new product, ProBoutiK Plus, which will offer additional features and benefits for traders, such as loyalty programs, cashback, and discounts.
Thierno Sakho says that he is grateful for the support and trust of his investors, partners, and customers, who have enabled him to pursue his dream of building a digital platform that can improve the lives and livelihoods of millions of traders in Africa. Sakho says that ProXalys’s mission is to empower local traders with the tools and skills they need to succeed in the digital age and to contribute to the development of a vibrant and resilient retail sector in Africa.
