Angolan fintech startup CYTO has secured a reported $40,000 capital package through Catalytic Africa’s co-investment approach, which combines angel backing with matching support for early-stage businesses.
The reported package includes $20,000 from African Business Angel Network investors and $20,000 from timbuktoo, the pan-African innovation initiative powered by the United Nations Development Programme.
Based in Luanda, CYTO is developing financial management technology for businesses, including tools related to invoicing, reconciliation and compliance. The new backing provides early-stage capital for product development and customer growth.
Catalytic Africa’s model aims to extend investment beyond the continent’s most established venture markets by strengthening the effect of local angel commitments. The CYTO transaction highlights Angola’s developing startup ecosystem and the role that relatively small financing packages can play at the earliest stages of a company’s development.
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