Plesion Capital announced its establishment as a social impact venture capital company dedicated to collaborating with entrepreneurs and businesses with missions to end poverty globally.
In order to combat poverty and open up new opportunities for economic growth, its strategy is to make pre-seed and seed investments in promising startups whose services are positively affecting people’s lives.
In keeping with this approach, Plesion Capital is happy to announce its initial investment of $500,000 in the $2 million seed round of the Uganda-based XENO Corporation (“XENO”), which was led by Beyond Capital Ventures. Aéko Ongodia is the founder and CEO of XENO, a fintech platform that enables millions of people in Africa to plan, save, and invest for their financial goals regardless of whether they have access to the internet.
For those without, XENO can be accessed through mobile money and is already pre-installed on 14 million phones in Uganda.
Demonstrating the size of the market opportunity and the potential for XENO to have an outsized positive impact on the lives of many, most of the 428 million people working in Sub-Saharan Africa do not save or do not have their savings invested.