Estonian fund Lemonade Stand invested in the African financial platform Dillali

Estonian fund Lemonade Stand invested in the African financial platform Dillali. It was a bridge round of funding, in which London-based venture company Raw Ventures and DF Syndicate also participated. 

Launched in 2021, Dillali is a mobile income and expense platform for African small companies. It helps entrepreneurs to track finance and manage financial records. The platform is available in English and African languages Igbo, Hausa, and Yoruba.

With the new financing, Dillali will hire new employees in its technical team and partner with key Nigerian companies to support small businesses in moving from paper to digital. It currently serves over 16,5K businesses across Nigeria. 

The new investors’ experience in the B2B, fintech, and technology sales will help Dillali in further expansion into other markets and the development of embedded finance. Dillali plans to raise a seed round.

A venture fund Lemonade Stand was founded in Tallinn in 2019. It invests in early-stage tech companies from the Baltic and East European regions. The amount of financing startups varies from €25K to €300K. The managing partner is Siim Teller.