Nigeria’s TradeDepot secures $3m Series A Funding
Nigerian web platform TradeDepot has received $3-million in funding from Partech. It’s the global investment firm’s first commitment from its €100-million Africa fund launched earlier this year. The Lagos-based company’s platform helps retailers in the fast-moving consumer goods sector to distribute goods in Africa.
Partech said the funding will support the expansion of TradeDepot’s footprint in Nigeria and development in other countries.
“This first external funding round was critical for us: we have proven that there is a strong demand for such a distribution platform among consumer goods companies and retailers in emerging markets, and we now wish to use these funds to support our growth strategy,” said Onyekachi Izukanne, co-founder and chief executive officer (CEO) of TradeDepot.
“For a very long time, consumer goods distribution in emerging countries with millions of small and informal retailers at the end of the supply chain has been very poorly addressed by existing tech platforms. Our goal is to enable every convenience store in Africa to consistently receive their supplies at the best possible prices; to be the supply partner for Africa’s retail outlets.”
The TradeDepot investment comes after Partech in January announced the launch of Partech Africa, which has a targeted size of €100-million and is dedicated to digital champions with Pan-African ambitions.
