Fundraising Fox
DFS Lab
Venture capitalActively deployingParis · Pre-Seed–Seed · 4 people tracked
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Investment thesis
DFS Lab focuses on the frontier of digital financial services and technology in Africa and other emerging markets. Its work centers on fintech infrastructure, merchant payments, digital adoption among micro and small enterprises, consumer behavior at the middle of the pyramid, and the constraints — trust, distribution, and unit economics — that shape technology growth in these markets. The firm argues that frameworks built for high-income markets systematically misread frontier opportunities, and it emphasizes augmenting informal markets rather than replacing them. Its investment writing includes seed-stage theses such as its backing of cross-border payments startup NALA.
Source: firm website, verified Sep 29, 2026.
Team · 4 people
from public directoriesWhat they invest in
from 33 of 42 portfolio companiesFintech ×18SaaS ×13B2B Marketplaces ×11E-commerce ×9Logistics & Supply Chain ×9Enterprise Software ×8AI & Machine Learning ×7Marketplaces ×4
HQs:Nigeria×9United States×6Kenya×5Senegal×2South Africa×2United Arab Emirates×1
Investments · 42 tracked
founders shown can be your intro pathBy year:2022 · 32021 · 25 dated
OnePort 365 is a digital freight forwarding and logistics platform that connects businesses, suppliers, and carriers on a single digital ecosystem.
Logistics & Supply ChainSaaSOgun State, NG
Co-investorsFlexportSaviu VenturesConsonance Investment ManagersMobility 54Samurai IncubateSBI Investment
Akiba Digital offers a suite of APIs with low-code integration that connects to over 100 datasets, providing identity verification (KYB/KYC), bank account verification, AML/PEP screening, risk scoring, financial insights, and open banking data.
CybersecurityData & InfrastructureFintechSaaS
Co-investorsAlumni VenturesBasecamp FundDFS Lab FrontierExpert DOJOFirstCheck AfricaFlori Ventures+4 more
Ando operates a food delivery platform (Ando OS) that connects food businesses, couriers, and customers, managing orders, last-mile delivery, and rider route optimization.
FoodTechLogistics & Supply ChainSaaS
Co-investors4DX VenturesChui VenturesDFS Lab FrontierLoftyInc CapitalEchoVC Partners
Boost is a B2B commerce platform for Africa's informal convenience economy, offering WhatsApp-based ordering, fulfilment and payment tools, plus stock financing for manufacturers, distributors and retailers.
B2B MarketplacesE-commerceFintech
Co-investorsDFS Lab FrontierMercy Corps Ventures
Bumpa provides a mobile app for small business owners and merchants in Africa to manage ecommerce operations, including confirming orders, issuing receipts, and generating financial reports.
E-commerceRetail TechSaaS
TeeJay Adetunji Opayele(Founder)inKelvin Umechukwu(Founder)in
Co-investorsMicrotractionBase10 PartnersMAGIC FundSHL Capital
HONGTOGEL is an online lottery ("togel") betting platform offering access to numbers markets such as Macau, Singapore, Hong Kong, and Sydney, with real-time results and instant payment methods including bank transfer, e-wallet, and QRIS.
Co-investorsFuture AfricaVentures Platform
Callab provides AI voice agents for enterprise contact centers that integrate with existing PBX, SBC, and telephony infrastructure via SIP without migration.
AI & Machine LearningEnterprise SoftwareSaaSSan Francisco, US
Haithem Kchaou(Co-founder/CEO)inChehir Dhaouadi(Founder)in
Co-investorsY CombinatorP1 Ventures216 CapitalFlourish VenturesGo Big PartnersJN Ventures GmbH+6 more
Catlog provides a platform that enables small businesses in Africa to manage social commerce operations, including online catalogs, customer communications, payments, deliveries, and business tracking through WhatsApp and other social channels.
AI & Machine LearningE-commerceFintechMarketing TechMarketplacesSaaSLagos, NG
Co-investorsTechstarsVentures PlatformDFS Lab FrontierVelocity Digital
Chargel is a logistics operating system for African freight, combining a network of verified carriers on West African corridors with a platform to source capacity, dispatch, track shipments, manage documents and reconcile payments.
B2B MarketplacesLogistics & Supply ChainSaaS
Co-investorsCentury Oak VenturesVentures PlatformSeedstars
Checker is a global network enabling financial institutions to integrate stablecoins, digital assets, and cross-border payment capabilities through a single platform.
Crypto & Web3Data & InfrastructureFintech
Jack Chong(CEO)Justin McMahan(COO)Michael Zaczyk(CCO)Nathan Crocker(CTO)
Co-investorsBreedDFS Lab FrontierIGNIAOnigiri CapitalPharsalus Capital
A construction procurement platform that consolidates material sourcing and ordering for contractors and builders.
B2B MarketplacesConstruction TechPropTechSaaSSugarland, US
John Oamen(Chief Executive Officer)inModele Ajayi-Bembe(Chief Operating Officer)inTimi Yorkson Thomas(Chief Financial Officer)
Co-investorsCRE Venture CapitalDFS Lab FrontierE3 CapitalLoftyInc CapitalTechstarsTofino Capital+1 more
Flowglad is a platform that unifies cross-system automations, context, and knowledge for professional service teams.
AI & Machine LearningEnterprise SoftwareSaaSNew York City, US
Agree Ahmed(Co-Founder)inHarrison Telyan(Founder)in
Co-investorsFinancial Venture StudioRestive VenturesSouth QuadY CombinatorEssence Venture CapitalHoaQ+2 more
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Hulugram is a messaging and "super app" built on the Telegram API that combines private chats, communities, and features like real-time chat translation with a marketplace, content feed, music streaming, games, and stories.
ConsumerMarketplacesSocialAddis Ababa, ET
Tabor Shiferaw(Founder)in
Co-investorsDFS Lab FrontierTechstars
HustleSasa operates a platform for managing and scaling live entertainment and sports events across Africa, giving event creators branded storefront URLs to sell tickets directly to fans and offering financial services such as cash advances.
Creator EconomyE-commerceFintechMedia & EntertainmentSports TechNairobi, KE
Co-investorsAntlerDFS Lab FrontierGV (Google Ventures)MicrotractionMusha Ventures
LogisticsHub provides a delivery management platform for businesses to schedule deliveries, access a network of riders, and track shipments in real time.
Logistics & Supply ChainMobility & TransportationSaaS
Co-investorsVelocity Digital
Luo builds financial infrastructure that lets businesses in emerging markets send cross-border payments to the rest of the world with more speed, transparency, and reliability.
Enterprise SoftwareFintechParis, FR
Hamza Benkirane(CEO)inMorgan Wirtz(CPO)in
Co-investorsDFS Lab FrontierEntrepreneur FirstMaC Venture CapitalProtagonistSamos InvestmentsTranspose Platform Management+7 more
Maad is a commerce infrastructure platform for consumer brands, manufacturers, and importers, combining market intelligence, field activation, owned logistics (warehouse and GPS-tracked fleet), consumer engagement, and financial services (retailer credit and incentives) into one integrated system.
AI & Machine LearningB2B MarketplacesLogistics & Supply Chain
Co-investorsAlumni VenturesDFS Lab FrontierOui CapitalReflect VenturesVentures PlatformLaunch Africa Ventures+2 more
Matta is a digital platform that connects chemical buyers with suppliers, enabling same-day quote requests and price comparisons across a marketplace of over 1,000 chemicals from global sources.
B2B MarketplacesE-commerceLogistics & Supply ChainNew Materials
Co-investorsCRE Venture CapitalDFS Lab FrontierOui CapitalTofino Capital
NALA operates two payment platforms: one enables consumers to send money across borders to emerging markets, while the other provides stablecoin-based payment infrastructure for businesses in those regions.
FintechNew York City, US
Benjamin Fernandes(Founder)in
Co-investorsAcrew CapitalAlumni VenturesAmplo VenturesBessemer Venture PartnersDFS Lab FrontierDigital Currency Group+21 more
Obtainly offers payments, credit, and working capital infrastructure for distributors, vendors, and businesses, aimed at reducing financial bottlenecks in trade.
B2B MarketplacesEnterprise SoftwareFintech
Co-investorsFuture AfricaSoma Capital
OnePipe provides an API gateway that aggregates banking and fintech services into a single standardized integration point for fintechs and banks seeking to expand partnerships and reduce integration overhead.
FintechSaaSLagos, NG
Ope Adeoye(Founder & CEO)in
Co-investorsAtlantica VenturesCapria VenturesDFS Lab FrontierFuture Perfect VenturesIngressive CapitalLoftyInc Capital+8 more
Star Kitchens Group builds Orda, a cloud-based restaurant operating system and ePos for African food businesses.
Walnut, US
Co-investorsAjim CapitalEnza CapitalKairos AngelsLoftyInc CapitalMicrotractionQuona Capital+2 more
Pastel is an agentic AI platform that automates banking operations workflows including customer due diligence, fraud detection, AML screening, and executive insights for regulated banks.
AI & Machine LearningEnterprise SoftwareFintech
Co-investorsSoma CapitalThe MBA FundUlu VenturesGlobal Founders CapitalGolden PalmTLcom Capital
PesaKit is a mobile app for mobile money agents and small retail merchants in Kenya to sell airtime, KPLC tokens, and utility/TV bill payments, earn commissions, and access health insurance via a partnership with AfyaPoa.
FintechInsurTech
Co-investorsDFS Lab Frontier
Pezesha operates a digital financial infrastructure platform and marketplace that connects small and medium-sized businesses with working capital by matching them to banks, MFIs, and other financial institutions.
AI & Machine LearningB2B MarketplacesFintechImpact & Social Good
Hilda Moraa(CEO)in
Co-investorsConsonance Investment ManagersMAVA VenturesSeedstarscFundGreenHouse Capital
Co-investorsAccion Venture Lab
Rima is an AI agent platform for financial reconciliation tasks including bank statements, accounts payable, payroll, intercompany balances, and credit card transactions.
AI & Machine LearningEnterprise SoftwareFintechSaaSAustin, US
Gwanygha’a Gana(Co-Founder)inCedric Foudjet(Founder)in
Co-investorsDFS Lab FrontierMobility 54Y CombinatorAsymmetry VenturesCresset CapitalFoundersX+10 more
Rivy provides financing for solar energy systems to homeowners, businesses, and solar retailers in Nigeria, enabling affordable access to clean energy through fast approvals and flexible repayment terms.
CleantechClimate TechEnergyFintechMobility & TransportationNigeria, NG
Dami Olawoye(Chief Executive Officer)inChioma Okotcha-Faloughi(Chief Operating Officer)
Co-investorsDFS Lab FrontierMercy Corps VenturesTen13Velocity DigitalVentures PlatformAll On+1 more
Shiga provides a blockchain-based platform for converting multichain stablecoins into local fiat currencies, offering payments rails, and decentralized banking wallets.
Crypto & Web3FintechDubai, AE
Co-investorsDFS Lab Frontier
Stable Sea provides stablecoin offramping infrastructure that lets businesses programmatically convert stablecoins into local fiat across global markets, with a focus on liquidity, payout efficiency, and regulatory compliance.
Crypto & Web3Enterprise SoftwareFintech
Tanner Taddeo(Founder)inTony Tom(Founder)in
Co-investorsDepartment of XYZKindred VenturesVenture Dept.
Suplias is a business services platform that simplifies business operations across Africa.
B2B MarketplacesEnterprise SoftwareFintechMarketplacesLagos, NG
Sefa Ikyaator(Founder)in
Co-investorsDFS Lab FrontierY CombinatorAsymmetric Capital PartnersAsymmetry VenturesAtacama VenturesChandaria Capital+9 more
Terminal Africa is a logistics platform that connects African businesses to 13+ local and international shipping carriers for global deliveries.
B2B MarketplacesE-commerceLogistics & Supply ChainSaaS
Nnamdi Okoh(Founder)in
Co-investorsBattery VenturesCathexis VenturesDFS Lab FrontierFirst CircleThe Baobab NetworkGolden Ventures+2 more
TurnStay provides payment processing and global finance infrastructure for African travel businesses, helping them reduce booking fees and transaction costs through a platform offering multiple currency options and lower payment processing rates.
B2B MarketplacesFintechTravel & Hospitality
Alon Stern(Founder)in
Co-investorsCV VCDFS Lab FrontierDigital Currency GroupEnza CapitalFirst CircleIncisive Ventures+1 more
Tushop is an online grocery and essentials delivery service operating in Nairobi that offers express delivery within 90 minutes, standard next-day delivery, and features a marketplace for Kenyan artisanal brands and preloved goods.
ConsumerE-commerceMarketplacesNairobi, KE
Co-investors4DX VenturesBreyer CapitalDFS Lab FrontierFirstCheck AfricaChandaria CapitalJam Fund
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
500ChowJoinearnaSiovalleyTandaVelio
Portfolio news
latest coverage across their companiesNALA · fintech.global · May 28, 2026
Callab AI · ycombinator.com · May 22, 2026
Rima AI (formerly Garage) · ycombinator.com · May 20, 2026
Flowglad · ycombinator.com · Dec 10, 2025
Frequently asked questions
- How many investments has DFS Lab made?
- DFS Lab has 42 tracked investments.
- What stage does DFS Lab invest at?
- DFS Lab invests at the Pre-Seed, Seed stages.
- What is DFS Lab's typical check size?
- DFS Lab typically writes checks of $50K – $1M.
- What sectors does DFS Lab focus on?
- DFS Lab focuses on AI & Machine Learning, Consumer, E-commerce, Fintech, Sector Agnostic.
- Where is DFS Lab located?
- DFS Lab is headquartered in Paris, KE.
- Does DFS Lab lead rounds?
- DFS Lab typically participates in rounds rather than leading them.
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