TradeDepot, a Nigerian-based B2B e-commerce startup has raised $10 million (N3.87 billion) in a pre-series B round to expand its business into financial services and credit offerings for retailers.
The funding round was co-led by Partech, International Finance Corporation, Women Entrepreneurs Finance Initiative (We-Fi) and MSA Capital.
The new round comes two years after the startup’s $3 million Series A funding led by Partech. In addition to launching its suite of financial products and credit facilities to support its retailers, TradeDepot intends to invest the new funds to expand into other African cities.
Speaking on the new funding, Chief Executive Officer and co-founder of TradeDepot, Onyekachi Izukanne expressed excitement while welcoming the new investors. He said that the new investment will help the company capture a greater segment of the B2B supply chain market.
“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.”Onyekachi Izukanne, Chief Executive Officer and co-founder of TradeDepot
Apart from its financial suite, TradeDepot also looks to offer mentorship opportunities and global market links to business owners with the help of its new investor We-Fi.
