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TradeDepot secures a $10M Pre-Series B round and welcomes new investors
July 14, 2020
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Nigerian startup and leading B2B eCommerce platform for consumer goods in Africa, TradeDepot, has secured further $10 million in a pre-Series B equity round, with new investor International Finance Corporation (IFC), the Women Entrepreneurs Finance Initiative (We-Fi), MSA Capital and us of course!
This is in addition to the $3 million Series A led by us in 2018. TradeDepot will use the new investment to continue its integration of the fragmented informal retail supply chain in Nigeria, expand into other African cities and launch a suite of financial products and credit facilities, to support its retailers
Since its launch in 2016, TradeDepot has built a network of more than 40,000 micro retailers in Nigeria. Working with global distributors and manufacturers including Nestlé, Unilever, GB Foods and Danone, TradeDepot makes household supplies, such as milk, soap, detergent and other essentials more accessible and affordable for the informal urban retail networks it operates in.
With this new round, TradeDepot welcomes IFC, the Women Entrepreneurs Finance Initiative (We-Fi), MSA Capital as new investors.
Onyekachi Izukanne, CEO and co-founder of TradeDepot says, “We are excited to strengthen our team and welcome on board some incredible strategic investors and partners, as we double down on our mission to digitize and simplify retail distribution for the continent. Africa’s offline retail market is estimated at $1 trillion, and this new investment allows us to capture an even greater segment of that market. We will continue to use data to drive efficiencies and provide an easier stock acquisition service for our 40,000+ retailers, driving down costs for them by negotiating even better deals with our global manufacturing partners, whilst simultaneously providing a better, faster route to market for our suppliers.”
Tidjane Dème, General Partner at Partech said, “we are proud to continue our partnership with TradeDepot as they continue their work to transform the huge informal markets that are present in Africa. The founders have a wealth of experience that puts them in a great position to execute on their vision, and their approach and results to-date are why we are so excited by the extraordinary entrepreneurs harnessing the power of technology to address issues across the continent.”
Congrats to the co-founders: Onyekachi Izukanne, Michael Ukpong, Ruke Awaritefe, as well as to the whole team!