Qwili, a Cape Town-based hybrid POS hardware and software startup run by South African founder Luyolo Sijake, has raised $1.2 million in an oversubscribed seed fundraising round sponsored by E4E Africa, a South African venture capital organization that promotes early-stage ventures.
Sijake, Thandwefika Radebe, and Tapfuma Masunzambwa co-founded Qwili in 2020 in a move to pioneer digital integration and equity in Sub-Saharan Africa.
Qwili transforms users’ phones into point-of-sale devices through digital inclusion policies and technological infrastructure. Its software allows users to offer value-added services such as data, power, pay-TV subscriptions, food, and apparel.
Other investors who participated in the oversubscribed round included Strat-Tech, Next Chymia, and Untapped Global, an investment platform that recently completed a $10.3-million debt and equity pre-seed round to scale its smart-asset financing approach.
The $1.2-million capital injection will be used to expand its infrastructure and skill pool through software development, new hires, and hardware manufacturing.
Sijake, Qwili co-founder and CEO, expressed gratitude to the investors for their support. He also added that the funding will allow the South African firm to enhance and scale its business.
Commenting on the investment, E4E Africa Co-Founder and Managing Partner Bastiaan Hochstenbach said Qwili’s founding team is exceptional, and its business model is a strong fit with E4E Africa’s aspiration to support diverse founders in creating a thriving, innovative, and inclusive Africa.
