DFS Lab
Venture capitalActively deployingParis · Pre-Seed–Seed · 2 people tracked
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 Aug 25, 2026.
Team · 2 people
from public directories
What they invest in
from 28 of 36 portfolio companiesFintech ×14E-commerce ×9Logistics & Supply Chain ×9SaaS ×9B2B Marketplaces ×8Enterprise Software ×5AI & Machine Learning ×4Consumer ×3
HQs:Nigeria×8Kenya×3United States×3Senegal×2South Africa×2United Arab Emirates×1
Investments · 36 tracked
founders shown can be your intro pathOnePort 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 Managers
Co-investorsVentures Platform
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 FundExpert DOJOFirstCheck AfricaFlori VenturesLoftyInc Capital+1 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 VenturesLoftyInc CapitalEchoVC Partners
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
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 PlatformVelocity 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 Platform
Checker offers a single API and plugin that connects exchanges, OTC desks, banks, and payment providers into one programmable network for businesses.
Crypto & Web3Data & InfrastructureFintech
Co-investorsBreedIGNIAPharsalus Capital
Cutstruct operates a construction materials procurement platform that lets contractors, site engineers, and project managers order and track building materials via WhatsApp or a web portal, while giving financiers real-time visibility into project spending.
B2B MarketplacesConstruction TechPropTech
John Oamen(Chief Executive Officer)Modele Ajayi-Bembe(Chief Operating Officer)Timi Yorkson Thomas(Chief Financial Officer)
Co-investorsCRE Venture CapitalE3 CapitalLoftyInc CapitalTofino Capital
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-investorsTechstars
HustleSasa provides tools for planning and running live entertainment events, serving artists, creators, and event organizers across Africa.
Creator EconomyE-commerceMedia & Entertainment
Co-investorsMicrotractionMusha 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
LuoPay provides a centralized platform for making international payments, requesting quotations, and tracking account balances in real time.
Enterprise SoftwareFintechParis, FR
Hamza Benkirane(CEO)inMorgan Wirtz(CPO)in
Co-investorsEntrepreneur FirstMaC Venture CapitalProtagonistSamos InvestmentsTranspose Platform ManagementAtreides Management+6 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-investorsOui CapitalAlumni VenturesProparcoReflect VenturesVentures PlatformVoltron Capital
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 CapitalOui CapitalTofino CapitalBoost VCInMotion VenturesLakestar+1 more
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 CapitalAmplo VenturesBessemer Venture PartnersDigital Currency GroupLiquidity CapitalNorrsken22+6 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 Africa
Co-investorsP1 VenturesSaison CapitalThe Fund
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-investorsThe MBA FundUlu VenturesTLcom Capital
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-investorsY Combinator
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-investorsMercy Corps VenturesTen13Velocity DigitalVentures Platform
Co-investorsTen13Velocity Digital
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
Co-investorsDepartment of XYZKindred VenturesVenture Dept.
Star Kitchens Group builds Orda, a cloud-based restaurant operating system and ePos for African food businesses.
Walnut, US
Co-investorsAjim CapitalEnza CapitalLoftyInc CapitalMicrotractionQuona CapitalTechstars+1 more
Co-investorsHAVAIC
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
Co-investorsBattery VenturesCathexis VenturesFirst CircleThe Baobab NetworkGolden VenturesWayfinder Ventures+1 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 VCDigital Currency GroupEnza CapitalFirst CircleIncisive VenturesTLcom Capital
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 CapitalFirstCheck Africa
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-investorsMercy Corps Ventures
Portfolio news
latest coverage across their companiesTerminal · finance.yahoo.com · Jul 30, 2026
NALA · fintech.global · May 28, 2026
Rima AI (formerly Garage) · ycombinator.com · May 20, 2026
Bumpa · techinafrica.com · Mar 25, 2026
Matta · entrepreneurloop.com · Dec 11, 2025
Luo · superbcrew.com · Oct 4, 2025
HustleSasa · forbes.com · May 29, 2025
Frequently asked questions
- 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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