Focused on supporting Africa’s informal economy, Nigerian B2B digital commerce startup, Sabi, has closed a seed funding round.
Investors that participated in the seed round included CRE Ventures, Janngo Capital, Atlantica Ventures, and Waarde Capital.
Dealing in various business categories, such as agriculture, fast-moving commercial goods, electronics, and financial services, Sabi supports merchants and service providers across Nigeria by providing adequate business tools and services to connect them to their customers, improve cash flow and streamline logistics.
The startup achieves this via its 10,000 agents across the country.
Less than a year ago, Anu Adasolum and Ademola Adesina founded the company to make informal trading seamless.
Currently, the startup helps traders in this sector offer their goods and services to over 150,000 merchants, leveraging its 10,000 agents across Nigeria, and has recorded over $1.2 billion worth of sales via MyShop, its ERP tool.
Leveraging its B2B marketplace, MerchBuy, the startup has a goal to further transact over $80 million before the end of 2021.
Anu Adasolum said the company is achieving its goals at a quick and steady rate. “The convenience, trust, and quality of our platform have been validated by our merchants and we look forward to onboarding more businesses as we continue to grow,” she said.
The managing partner of Janngo Capital, Fatoumata Ba, commended the e-commerce startup for its steadfastness and uniqueness towards the African informal sector. Its apt understanding of the sector has helped the startup thrive so far in its endeavours.
With the funds raised, the startup plans to expand its network across Nigeria. It seeks to broaden its reach by bringing in more merchants and service providers. Recently, the company kicked off on the expansion of its financial services offerings. Savings accounts and other complementary risk-mitigating financial products were included in its service offerings.