Kuda Technologies has said it is opening up new funding opportunities for startups.
It said this on Tuesday in a statement titled ‘ Target Global and Kuda host startup founders in Nigeria, open up new funding opportunities’.
It said Target Global, a Berlin-based international venture capital firm with over 1.5 billion euros in assets under management, recently brought together founders of several Nigerian startups and local tech investors at an interactive session in Lagos, Nigeria.
According to the statement, Kuda Technologies is Target Global’s first investment in Africa, which is a proof that early-stage Nigerian startups are attracting foreign direct investment.
It said the event, co-hosted by Kuda Technologies, highlighted the growing stream of foreign direct investment into Nigeria’s startup scene and opened up new avenues for fundraising to local founders.
Speaking at the event, a Partner at Target Global, Ricardo Schaefer, reiterated the firm’s commitment to funding Nigerian startups.
He said, “I’m grateful to Kuda for letting us invest and I am very excited, not just because of Kuda, but also because of all the companies and founders I have met in Nigeria.
“It is historic what is happening in tech here and we [Target Global] want to invest more in Nigeria, we want to spend more time here. We are excited about any founder with big ambitions and we are looking for startups with big outcomes.”
The statement said Target Global led Kuda’s record-setting $10m seed round in November 2020, which helped to put the digital-led bank on the world map as a serious challenger to traditional banks in emerging markets.
Kuda had since raised an additional $25m in a Series A round to drive its ambitious expansion plans.
The Chief Executive Officer, Kuda Technologies, Babs Ogundeyi, said Target Global had been a valuable partner in Kuda’s rise to relevance, even beyond making sizable investments in both its seed and Series A fundraising rounds.