NIGERIA – Sabi, a B2B startup serving Africa’s informal sector, has secured a seed funding round as it announces the milestone of over 150,000 small business users on its platform.
According to the startup, the raised fund will be deployed in growing its network across Nigeria, thus onboarding new sales merchants.
The funding round saw backing from investors including Atlantica Ventures, CRE Ventures, Waarde and Janngo Capital.
IT has now closed a seed round with backing from investors including CRE Ventures, Janngo Capital, Atlantica Ventures, and Waarde Capital.
Sabi is a woman-led startup co-founded and run by CEO Anu Adasolum, former COO of Rensource and Ademola Adesina, founder and CEO of Rensource.
Sabi is focused on ensuring merchants have easy access to the services they need to grow their businesses. The company is accelerating the velocity of trade in this sector by curating a list of B2B solutions providers and consolidating them into a single network.
On Sabi, merchants can manage their profiles conveniently via offline and online channels. They can access sales and inventory management tools, buy and sell products, track business performance, and access financing, all in one platform.
“Sabi is reaching an underserved yet vibrant market segment and is scaling quickly. 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,” Anu Adasolum, Co-founder and CEO of Sabi, said.
The startup is serving the informal sector on the African continent by onboarding sales merchants and dealers into its platform to provide them with business tools and services that will help them improve their cash flow while reaching new customers.
In less than one year of operation, merchants on the Sabi platform have recorded sales worth more than US$1.2 billion through its Enterprise Resource Planning (ERP) tool called MyShop.
In 2021, the marketplace startup is poised to transact more than US$80 million on another of its tool, MerchBuy.
Sabi has been working with more than 10,000 agents in Nigeria working around the financial, electronics and FMCG services.
“Sabi has taken off in Nigeria and we look forward to supporting the company as it continues to platform informal merchants and agents to help them accelerate their business growth,” Managing Partner at Janngo Capital, said.
In addition to the raised funding, Sabi has also signed a partnership that will enable it to expand its financial services.
The informal retail sector in Nigeria is estimated to be worth $244 billion and includes over 41 million micro, small, and medium-sized enterprises. That’s 41 million businesses that need efficient platforms that can connect them to their prospects and existing customers and tools to help serve them best.