ProXalys, Senegalese Startup, Raises $500,000 to Expand and Enhance Services

Senegalee startup ProXalys has secured $500,000 in funding to expand its market and enhance its main product, ProBoutik, a tool for managing invoice lending. 

The funding comes from a three-part round, with 216 Capital leading at $300,000 and participation from Haskè Ventures and Digital Africa through the FUZE program. ProXalys plans to use the funds to strengthen its data and AI teams in Tunisia and Senegal and establish a solid presence in Dakar and Tunis.

Founded in 2021 by Thierno Sakho, ProXalys focuses on digitising informal retailers through its retail-lending and B2B eCommerce platform. 

The platform, known as an online marketplace for agricultural products, enables merchants to benefit from deferred payments and assured transactions. 

ProXalys aids informal distributors in order-taking, administration management, and supply chain logistics, while also providing procurement services for everyday products.

With over 100 customers, ProXalys aims to enhance the value chain in the agricultural sector and emphasises the importance of digitization for the informal sector. 

The platform supports over 60 million micro-businesses in Africa’s informal trade landscape, contributing to Senegal’s estimated 37.7% informal economy, valued at around $40 billion at GDP purchasing power parity levels.

In a partnership with 216 Capital, ProXalys aligns with a shared conviction that digital transformation and financial inclusion are vital for fostering long-term, sustainable economic growth in the region. 

This latest funding round follows ProXalys’ $150,000 pre-seed funding in 2022, which aimed at expanding across the country and the West African region, strengthening technology, and building physical infrastructure.

Throughout 2022, ProXalys made notable strides, including participation in the CATAPULT: Inclusion Africa program for mentoring, coaching, and peer-to-peer learning. 

Additionally, the company was shortlisted as one of 36 African startups for the 2022 Meltwater Entrepreneurial School of Technology (MEST) Africa Challenge, with the winner receiving $50,000 in equity funding.