Lumkani Secures Funding From 4Di, Accion, others
Cape Town-based startup Lumkani announced that it has raised seed funding from 4Di, Accion Venture Labs, and Lireas Holdings.
Lumkani developed a low-cost system that detect early signs of shack fires and helps to reduce damage and destruction in urban informal settlements in areas such as Khayelitsha, a township in Cape Town, and is now being used in other parts of the globe such as South America and Asia who face similar challenges.
According to a press release, the funds will enable Lumkani to enhance and grow its product offerings, reach new communities throughout South Africa, and expand its team.
“At 4Di Capital, we are excited about the potential for new technology and new data sources to create inclusion for the millions of South Africans presently not able to access financial services, as they do not have a formal address, a credit history or a KYC record, and traditional financial and risk products are unsuitably designed. Lumkani’s approach enables this effectively and affordably, potentially creating a whole new class of financial services customers,” said Justin Stanford, partner at 4Di Capital.