Nigeria-Based Startup, Betastore Raises $2.5 Million for Expansion
Betastore, a Nigerian business, has received $2.5 million in pre-series funding. By the end of the year, the company hopes to expand to Ghana, the Democratic Republic of Congo, and Cameroon.
500 Global, VestedWorld, and Loyal VC contributed to the fund, bringing the total amount raised to $3 million.
“We believe Betastore’s talented team is establishing market efficiencies that have the potential to enhance the expansion of Africa’s retailers,” stated Amit Bhatti, Principal at 500 Global. Merchants may obtain more transparency into wholesaler inventory and price points using Betastore.”
By removing interactions with sales middlemen, the Betastore marketplace allows informal traders to source fast-moving consumer goods (FMCGs) directly from manufacturers or distributors, keeping product prices competitive. It also collaborates with logistical partners to ensure that things arrive within 24 hours.
The B2B e-commerce platform also expects to begin financing in July, following a pilot run with 200 retailers that the company conducted last year.
“What is particularly crucial for us is to be able to continue to scale by using our asset-light strategy,” said Betastore CEO Steve Dakayi-Kamga, who co-founded the firm with Leo-Armel Tchoudjang in mid-2020. We intend to grow to 100 cities across Nigeria, the Ivory Coast, and Senegal before the end of the year. We also intend to strengthen our technological and leadership teams, as well as introduce new goods and enhance existing ones.”
“Our technology enables retailers to order on demand, access a variety of products, and solve logistics headaches for them too. With Betastore, they don’t have to close their shops to go get goods from distributors stores or the market, and do not have to lose close to half of the margins in the logistics,” he added.
