# Tugende

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/tugende

- Industry: Financial Services
- Headquarters: Kampala, Uganda
- Website: www.gotugende.com
- Total disclosed funding: $9.9M
- Latest round: Series A (Mar 31, 2021)
- Investors on record: 6

## About

Founded in 2012 and based in Kampala, Uganda, Tugende LTD operates a platform that enables motorcycle taxi drivers to own income-generating assets by a lease-to-own or hire-purchase package. Tugende LTD has more than 520 employees, with 20 branches in Uganda and Kenya. Michael Wilkerson is the CEO and founder of the company. In 2013, the company received its first angel funding amounting to USD 300,000 from unspecified investors.

The company's product is composed of a technology-enabled asset finance solution that offers business assets that includes Bodas, Special Hire Taxis, Matatus, and boat engines. It also offers extra benefits such as smartphones, salon equipment, shop fridges, and sewing machines. The company's solution allows clients to own specific business assets at 18 months time frame to ensure an increase in income and job security.

The company's revenue is generated by offering its product and online solutions to motorcycle taxi drivers.

Tugende LTD plans to use its recent funding in March 2021 to support the closure of new debt capital to fuel Tugende’s strong portfolio growth in Uganda and Kenya.

## Funding rounds

- Series A, Mar 31, 2021, $3.6M — Partech Partners, Enza Capital Management
- Series A, Oct 5, 2020, $6.3M — Segal Family Foundation, Global Partnerships, Denali Venture Philanthropy, Mobility 54 Investment SAS

## Investors

- Segal Family Foundation — Series A
- Global Partnerships (https://capitalatlas.ai/funds/global-partnerships) — Series A
- Denali Venture Philanthropy (https://capitalatlas.ai/funds/denali-venture-philanthropy) — Series A
- Mobility 54 Investment SAS (https://capitalatlas.ai/funds/mobility-54-investment-sas) — Series A
- Partech Partners (https://capitalatlas.ai/funds/partech-partners) — Series A
- Enza Capital Management (https://capitalatlas.ai/funds/enza-capital-management) — Series A