Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Tech News

TradeDepot raises $10 million in pre-Series B equity round

This is a major addition to the $3 million raised in the Series A led by Partech in 2018.

Published

on

TradeDepot raises $10 million in pre-Series B equity round

Nigerian based B2B e-Commerce platform for consumer goods in Africa, Tradedepot has raised a further $10 million in a pre-Series B equity round.

According to a statement from the company, the equity round was co-led by Partech, International Finance Corporation (IFC), Women Entrepreneurs Finance Initiative (We-Fi), and MSA Capital.

This is a major addition to the $3 million raised in the Series A led by Partech in 2018.

The company said in the statement that the new investment will be used to continue its integration of the fragmented informal retail supply chain in Nigeria, and further expand into other African cities.

Tradedepot also plans to launch a suite of financial products and credit facilities, to support its retailers in improving efficiencies in their businesses in order to scale and grow.

In the statement, Onyekachi Izukanne, Chief Executive Officer and co-founder of TradeDepot said, “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.”

(READ MORE: Tech PR firm, Phyllion set to hold first of its kind Tech Conference online)

Izukanne noted that in the trillion-dollar offline retail market in Africa, the company is set to capture a greater market share through its strategy of driving down costs for the retailers and smoothening their processes.

Hotflex
Sigma Pensions

Many retailers lack sufficient funds and credit facilities to grow their businesses, and TradeDepot offers them a chance to leverage on its network, Izukanne added.

This has been the model of operation TradeDepot launched in 2016, and since then, it has built a network of over 40,000 micro retailers, making household supplies and store essentials more accessible and affordable for the informal retail network.

TradeDepot partners with major brands and distributors to make these products available for retailers to order via its mobile apps, (Android and Whatsapp), USSD or a toll-free number and have the goods delivered directly to their stores via the company’s fleet of vans and tricycles.

(READ MORE:3 startups to get N3 million grant each in the COVID-19 virtual hackathon)

TradeDepot also provides a CRM and data management system that enables suppliers to plan and monitor their sales routes in real-time, as well as gain invaluable insights into trade and retail data.

Stanbic 728 x 90

Wale Ayeni, Head of Africa Venture Capital Investment at IFC notes that TradeDepot is helping to digitize a substantial underserved informal retail segment, which is the pillar of economic growth in Africa.

Hanh Nam Nguyen, Program Manager, speaking on behalf of IFC as implementing partner of We-Fi, stated that, “We-Fi financing will incentivize TradeDepot to build stronger women-led small and medium enterprises (SME) retailer and distributor networks, which will support them to become drivers of economic growth in their communities.”

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career.As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

Twitter to establish its first African presence in Ghana

Twitter has announced Ghana as headquarter of its operations in Africa.

Published

on

Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack, Jack Dorsey Sells First-ever Tweet for $2.9 million dollars as an NFT

Jack Dorsey, CEO of Twitter Inc has announced today in a tweet that the company is establishing a presence in Africa.

“Twitter is now present on the continent. Thank you, Ghana and Nana Akufo-Addo,” Dorsey tweeted.

As part of its mission to serve the public conversation, Twitter is making it easier for everyone to join in and provide more relevant experiences for people across the world.

Why Ghana as a choice…

Twitter stated that it chose to expand to Ghana first because the country is an advocate of free speech, online freedom, and the Open Internet.

In a blog post the company said, “In line with our growth strategy, we’re excited to announce that we are now actively building a team in Ghana. To truly serve the public conversation, we must be more immersed in the rich and vibrant communities that drive the conversations taking place every day across the African continent.”

“Furthermore, Ghana’s recent appointment to host The Secretariat of the African Continental Free Trade Area aligns with our overarching goal to establish a presence in the region that will support our efforts to improve and tailor our service across Africa.

“Whenever we enter new markets, we work hard to ensure that we are not just investing in the talent that we hire, but also investing in local communities and the social fabric that supports them. We have already laid foundations through partnerships with Amref Health Africa in Kenya, Afrochella in Ghana, Mentally Aware Nigeria Initiative (MANI) in Nigeria, and The HackLab Foundation in Ghana. As part of our long-term commitment to the region, we’ll continue to explore compelling ways we can use the positive power of Twitter to strengthen our communities through employee engagement, platform activation, and corporate giving,” Twitter stated.

The company is also looking to hire specialists to join several teams to operate in product, design, engineering, marketing and communications.

Sigma Pensions

Reacting to Dorsey’s announcement, Ghanaian President, Nana Akufo-Addo, in a tweet said that the government and people of Ghana welcome welcomed the micro-blogging site.

“The choice of Ghana as HQ for Twitter’s Africa operations is excellent news. Government and Ghanaians welcome very much this announcement and the confidence reposed in our country,” President Akufo-Addo tweeted.

Continue Reading

Billionaire Watch

How young Elon Musk started and sold 3 businesses for $1.9bn before Tesla

We look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla.

Published

on

Elon Musk needs $20 billion wealth gain to clinch world's richest man title

Success is never an accident. It is most times the result of many years of hard work and consistent effort. Elon Musk is popular today for his electric car company Tesla and his space project SPACE X. But long before these, he was already a multi-millionaire and had founded 3 successful companies which he sold for a collective $1.9bn.

The purpose of this article is to paint a clear picture of what it takes to be among the top 1% of any field. It takes years of consistent hard work to get there. Elon Musk is the perfect example of an individual with a very strong work ethic. His story below will prove that to you.

This article will briefly look at the 3 successful businesses Elon Musk founded and sold for a collective $1.9bn before starting Tesla. Let’s go!

READ: Blue Origin Vs Space X: Bezos and Musk’s subtle battle for supremacy

Blaster ($500)

A 12-year-old Elon Musk facing bullying in high school and a not so friendly dad taught himself how to code. According to the Inc. Magazine, he mastered BASIC a general-purpose coding language making use of a commodore PC he acquired himself. He later that year, sold the code for his PC game Blastar to a PC magazine for approximately $500.

This was his first business endeavour which he started and sold.

READ: Tesla investor sues Elon Musk for causing problems with his tweets

ZIP 2 ($340m)

After the sale of Blastar for $500, Elon Musk and his brother Kimbal took a $28,000 seed money from their dad and started another internet venture, Zip 2. They rented an office and slept in it because they couldn’t afford a house.

Hotflex
Sigma Pensions

Zip 2 was a web software startup that created online city guides for newspapers. The software was patronized by the New York Times and other notable media companies.
Elon Musk and his brother Kimbal sold Zip 2 to PC giants Compaq for $340m. The year was 1999 and Elon Musk was 28 years old.

READ: Reinvestment: The powerful strategy used by the 2 richest men in the world

X.com/PayPal ($1.5bn)

Elon Musk continued on his journey of starting companies and selling them. He took $10m out of his earnings from the Zip 2 deal and joined the internet boom.

He founded x.com an online platform he envisioned to be the future of internet banking. In 2000 X.com merged with a Fintech startup, Confinity, founded by Peter Thiel, another would-be billionaire. Both companies combined to become what we know as PayPal today. Elon musk was named CEO of PayPal and had the highest number of shares in the company.
In 2002 PayPal was acquired by eBay for a whopping $1.5bn.

READ: Elon Musk gains $25 billion in a day, as Tesla surges by 20%

Stanbic 728 x 90

What you should know

Elon Musk has often stressed the need to be consistent and have strong work ethics. In a graduation ceremony by the USC Marshall School Of Business, Elon Musk shared his opinion on work ethics according to CNBC.

You need to work super-hard. Work hard every waking hour,” Musk said in 2014.

“If you do the simple math, and say if somebody else is working 50 hours [a week] and you’re working 100, you’ll get twice [as much] done in the course of a year as the other company.”

We hope this Monday article will inspire you to work harder and strive to get more work done in record time.

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.