- Eze, a commodities exchange platform specializing in used and new electronics, has raised $3.7 million in seed funding
- Investors were Right Side Capital Management, as well as C2 Ventures, Boro Capital, EVPI Investments, and several other angel investors
- Investors were attracted to this platform due to the opportunity available in automating the buying and selling of these devices
Nigerian startup Eze, a commodities exchange platform specializing in used and new electronics, has successfully raised $3.7 million in seed funding.
The primary investor in this funding round was Right Side Capital Management, and they were joined by C2 Ventures, Boro Capital, EVPI Investments, and several other angel investors.
About the startup
Eze operates as a fully automated platform that facilitates the trading of wholesale quantities of new and used electronics. Retailers utilizing Eze gain access to real-time market data, secure transactions, and automated shipping processes, resulting in more cost-effective and secure business operations.
As a B2B wholesale marketplace, Eze connects thousands of buyers worldwide with a vast selection of over 200,000 carefully vetted and tested SKUs, including smartphones, laptops, tablets, and various other electronics. The platform ensures a seamless purchasing experience, allowing buyers to acquire products at unbeatable wholesale prices.
Additionally, Eze provides transparent product quality grading, the convenience of local currency payment, extended warranty options, and other services aimed at facilitating efficient and effective trading.
Sellers on Eze benefit from an extensive international network of qualified buyers and additional services intended to boost sales. The platform ensures secure transactions by enabling buyers to pay in their local currency, simplifying the purchasing process for them.
Furthermore, Eze takes thorough measures to maintain quality assurance. It rigorously vets all sellers and physically inspects each device before shipment, guaranteeing that all devices are fully functional and meet the prescribed quality standards.
How the funds will be utilized
The raised funds will be utilized by Eze’s founder to diversify the product range and venture into untapped markets in Africa, Europe, and South America. Additionally, the investment will contribute to platform enhancements, aiming to provide even greater value to its customers. Eze aspires to establish itself as the primary destination for B2B buyers and sellers in the electronics industry, particularly in emerging markets, and secured funding will play a crucial role in achieving that goal.
Competitors
Regarding their competition, beyond Nigeria, Eze faces competition from companies like Decluttr. Decluttr offers a convenient platform for selling a wide range of user devices, providing free shipping, guaranteed prices based on online quotes, and multiple payment options. Their product range encompasses various items, including Apple computers and accessories, Apple TVs, and cell phones.
BuyBackWorld allows users to sell electronics with an easy rating system and payment options.
Locally, Jumia.com, Konga, and Shipinverse are their competitors
About the founder
The company is owned by Josh Nzewi, who is the CEO and co-founder of Eze. He established the company three years ago. Josh holds a degree in Engineering from Vanderbilt University and Pennsylvania State University. Prior to founding Eze, he gained experience in the Oil & Gas industry in the United States. Josh is an alumnus of Y Combinator, a renowned startup accelerator, class of 2020. Additionally, he has been recognized by Forbes in their prestigious “Under 30” list.
According to him,
- “Our mission is to power unfettered access to consumer electronics across the world, enabling users to maximise their potential with the experiences provided by these devices”
- “Our goal remains to become the go-to destination for B2B buyers and sellers in the electronics industry, especially in emerging markets, and this investment will help us achieve that goal.”
Why this attracted investors
The consumer electronics market is expected to expand significantly, reaching an estimated value of $1.70 trillion by 2028. This growth is primarily fueled by factors such as increasing disposable incomes, the ongoing shift towards digitization, and the growing importance of personal electronic devices like smartphones, wearables, and similar products.
Despite this promising outlook, the wholesale buying and selling of these devices continue to rely heavily on manual processes, particularly in emerging markets. This manual approach results in numerous inefficiencies and additional costs for buyers, which are often transferred to consumers, thus creating obstacles to accessing transformative products. Eze believes it is the platform that is set to bridge this gap and this has attracted the interest of investors.
