TopUp Mama, a Kenyan startup that connects African eateries with supplies, banking services, and business management tools, has acquired US$1.7 million in venture capital to help it expand.
Next Billion Ventures, Future Africa, Jedar Capital, HoaQ Fund, First Check Africa, and DFS Lab were among the investors in the round, which was led by Ventures Platform and JAM Fund.
TopUp Mama plans to use the capital to expand its business, improve its technology, and scale its restaurant sales management capabilities.
TopUp Mama is a one-stop-shop for restaurants in Kenya and Nigeria that provides them with all of the essential supplies, short-term finance, and tools to manage their companies. It was founded in 2021 by Njavwa Mutambo, Emilie Blauwhoff, and Andrew Kibe.
The company has grown by over 1,000%, signed up over 3,000 restaurants, and expanded into Nigeria since raising its pre-seed round ten months ago. It has recently completed a seed round of US$1.7 million.
“I grew up in the restaurant business in Zambia, and I know first-hand the power small businesses have in transforming lives. This is why we’re passionate about increasing restaurant contribution to Africa’s GDP.
“We believe we have a unique opportunity to build Africa’s most prominent restaurant partner and build one of the largest companies Africa has ever seen,” said Njavwa Mutambo, TopUp Mama’s CEO.
TopUp Mama’s influence across restaurants, according to Ventures Platform creator Kola Aina, “serves as the heartbeat of neighbourhoods in Africa.”
“Topup Mama empowers restaurant owners with access to affordable foodstuffs and powerful data analytics to deliver the delicious meals that keep us sustained and bring us together. Importantly, they also help restaurants grow their customer base while improving efficiency,” he said.
In recent months, the company has also developed technologies, such as a meal delivery platform that helps restaurants better manage their operations and generate more money by linking them with customers.
These improvements come after the company secured a $1.7 million seed round in March, increasing the total amount raised to $2.16 million.
TopUp Mama aims to become the go-to supplier for 50,000 businesses in Kenya and Nigeria over the next three years, as it strives to become Africa’s largest food distributor targeting eateries.
Ventures Platform and JAM Fund led the seed round, with Next Billion Ventures, Future Africa, Jedar Capital, HoaQ Fund, First Check Africa, and San Francisco-based DFS Labs also participating.