Tanzanian fintech company Ramani announces $32M Series A

The round was led by renowned global technology investors Flexcap Ventures and revered founder/CEO of Infoscout, Jared Schreiber.

Founded in 2019, Ramani is focused on fixing fragmented consumer goods supply chains that traditionally suffer from a lack of data visibility and are burdened by limited access to financial services. To address these challenges, Ramani provides tech-enabled inventory management systems, procurement, and point-of-sale software to digitise the processes of MDCs, helping them gain real-time sales insights and inventory visibility.

Ramani can also leverage this data to offer up inventory with delayed payment terms, enabling them to scale. This year, the company acquired a lending license from the Central Bank of Tanzania to scale its customers further.

Commenting on the Series A, Ramani CEO and Co-founder Iain Usiri said, “Ultimately, we want to make it easier for businesses to succeed in Africa, and this new capital is another brick in that foundation. We’ve leveraged our Silicon Valley relationships and partnered with globally renowned investors, many of whom are successful founders themselves. We’re committed to repaying their faith in Africa and in us.”

Ramani joins other companies such as Wasoko, Tushop and Pando DAO to operate out of Silicon Zanzibar, the public-private initiative to attract and relocate tech companies and workers from across Africa and beyond to the island of Zanzibar.

Ramani also raised an undisclosed seed funding in 2021 that included participation from Village Global, Goat Capital, Musha Ventures, Hustle Fund, Future Africa, Launch Africa Ventures, Raba capital, and renowned angel investor James Beshara.

Ramani was originally backed by Y Combinator. With this new capital funding, Ramani will scale its network of micro-distribution centres (MDCs) and launch a new micro-credit offering for select MDCs.