Ghanaian startup Sumundi, which has developed an innovative digital retail management platform designed to help retailers manage, grow, and sustain their businesses, has secured funding from GreenTec Capital to help it expand operations.
Founded in 2018, Sumundi has developed a retail management platform, available online and offline, that helps store owners record sales, generate receipts, and track inventory, allowing them to keep track of what is going on in their shop in real-time.
The easy-to-use point of sale (PoS) software and inventory management software makes it easy for small shops and retailers to adopt technology into their businesses, benefitting from inventory management, accounting, e-commerce, fulfilment, and logistics services.
Last year, the self-funded Sumundi was seeking funding to help it pre-finance hardware components, engage in consistent marketing and public education, and build a team suited for bigger scale, and it has now secured an undisclosed amount from The Germany-based GreenTec Capital, which makes small investments in African tech startups but says its real value-add comes from its “company-building” model.
“We find this collaboration a great opportunity. Beyond GreenTec’s bespoke support, we are looking forward to working with their incredible team and learning from their years of expertise. We are certain that this partnership will help Sumundi create immense value for Africa, beyond what we can imagine or put a price tag on,” said Awura Abena Amponsah and Gilbert Blankson-Afful, co-founders of Sumundi.
GreenTec has invested in a host of African startups, including Kenyan AI startup SuperFluid Labs, Nigerian logistics startup Parcel-it, Kenyan insurtech platform Bismart, Ivory Coast-based waste management startup Coliba, and, most recently, Kenyan logistics platform Amitruck.
“Small shops, formal and informal, are a very strong economic engine in Africa. Sumundi’s solution is fast-tracking the digital inclusion of these small businesses, in turn allowing them to become more efficient, grow their revenues and create new jobs. We are thrilled to be starting this journey with Sumundi’s co-founders and their team,” said Maxime Bayen, senior company builder at GreenTec.