Sabi – a Nigerian startup focused on improving Africa’s informal economy, has just closed a seed-funding round. Investors that participated in the seed round include: JRE Ventures, Janngo Capital, Atlantica Ventures, and Waarde Capital.
Dealing in various businesses 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. So far, the startup has been able to hit this achievement through the 10,000 agents it has across Nigeria. This is quite impressive, considering that the company had just been started by Anu Adasolum and Ademola Adesina, roughly a year ago to make informal trading easy.
Presently, Sabi helps traders offer their goods and services to over 150,000 merchants, taking advantage of its 10,000 agents across Nigeria. Record shows that it has succeeded, as sales worth over $1.2 billion has been sealed via MyShop, its ERP tool. By its projection, sales should move higher to about $80 million worth before the end of 2021, especially using its B2B marketplace channel –MerchBuy.
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” according to the Co-Founder.
Managing partner of Janngo Capital, Fatoumata Ba, commended Sabi for its steadfastness and uniqueness towards the African informal sector. Its aot 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. Just recently, the company kicked off the expansion of its financial service offerings by including savings accounts and other complementary risk-mitigating financial products.
Paul Balo is the founder of TechBooky and a highly skilled wireless communications professional with a strong background in cloud computing, offering extensive experience in designing, implementing, and managing wireless communication systems.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
