South African Tech Firm TallOrder Raises $3 Million from Series A Funding

South African developer of advanced cloud-based point of sale solutions (POS) for the SME sector, TallOrder Solutions Pty Ltd has raised $3 million in Series A funding. This additional funding brings the firm’s total raised funding to $5 million since its launch in 2014.

The funds will be used to accelerate growth and product development at the firm. TallOrder’s existing investors including Investec Private Capital, as well as a consortium led by Africa-focused fintech investment firm Nurture Investment Management (“Nurture”), invested to the funds.

Nurture’s consortium consists of family offices and high net worth individuals, including Valentine Chitalu, an experienced pan-African investor.

“Developing a robust, feature-rich and widely adaptable cloud POS solution takes a lot of development effort, both in terms of money and time.Investors have been keen to invest in the next generation of cloud-based point of sale systems, as the global market is vast and the growth opportunities massive” said Dana Buys, CEO and co-founder of TallOrder.

Tatenda Mutizwa, Nurture’s co-founder and managing partner also commented saying, “We are pleased to make this significant investment into what we believe is a category-defining software-as-a-service company alongside Dana and the existing shareholders. We look forward to supporting the African — and ultimately global — expansion of TallOrder over the next few years.”

The Covid-19 pandemic has hastened the transition from on-premise, LAN-based solutions to cloud-based ones that can be administered anywhere. Cloud solutions are more cost-effective because they are easier to implement and are usually billed on a monthly basis.

TallOrder has demonstrated its market fit in South Africa, African countries such as Uganda, Ghana, Kenya, Tanzania, Malawi, Zambia, Zimbabwe, Mozambique, Botswana, and the Seychelles, as well as Asian markets such as Indonesia.