Digital sub-broker and digital investment platform, Chaka Technologies has raised $1.5 million in a pre-seed funding round led by Breyer Capital, a global venture capital and private equity firm.
A statement by the firm stated that other participants in the round were 4DX Ventures, Golden Palm Investments, Future Africa, Seedstars, and Musha Ventures.
The statement also noted that the funding would serve as a catalyst to enable Chaka to continue to power on its mission to enable borderless investments across Africa and deliver digital investments solutions for African businesses.
It hinted that the funding would also be used towards the expansion of fintech's footprints in West Africa to reach more retail investors and attract more foreign players to African capital markets.
Commenting on the funding secured, Chief Executive Officer, Chaka Technologies, Tosin Osibodu, said: "This is indeed a significant milestone for us at Chaka. We see digital investments as an opportunity to boost economic transformation in Africa, and our goal is to use this funding to bring this vision to life. With this capital, we will focus on our goals to build a roster of formidable partners and accelerate our expansion to other markets within Africa.
"This investment also enables us to hire top talent and integrate more advanced functionalities into our investment and wealth management solutions for businesses.
"Our mission remains the same and we are excited to be backed by VCs like Breyer Capital that trust us and are extremely optimistic of the possibilities that exist for Chaka and Africa."
Also commenting on the milestone, the Chief Executive Officer, Breyer Capital, Jim Breyer said, "We are proud to combine efforts with a company that is leveling the investment playing field for Nigerians (and Africans at large).
"We're confident in the value Chaka provides through its digital tools, and we look forward to playing our part in supporting Chaka's team on their mission to drive borderless investments in Africa."
The statement further explained that the pre-seed round comes on the heels of Chaka becoming the first start-up to acquire the new digital sub-broker license issued by Nigeria's Securities and Exchange Commission (SEC), "in line with the regulator's efforts to safeguard the investing public and accelerate innovation within the sector."