Sabi, a Nigerian B2B marketplace, earns $6 million in a bridge round and extends to Kenya
Sabi, a B2B marketplace, has announced the completion of a $6 million bridge round to support its continuing rapid expansion in Nigeria and beyond.
Sabi, which was founded last year as a spin-off from energy startup Rensource, is optimizing Africa’s informal commerce sector by providing merchants and resellers with selected business tools and services that help them reach new consumers, increase cash flow, and optimize logistics.
Sabi’s category-agnostic platform is used by over 175,000 merchants to manage their operations and conduct B2B transactions. On Sabi’s platform, merchants are trading at a GMV annualised pace of more than US$100 million, and the company has recently launched in Kenya.
CRE Venture Capital led the startup’s US$6 million bridge round, which included investors such as Janngo Capital, Atlantica Ventures, and Waarde Capital. The deal follows a seed round earlier this year, and it will help drive the company’s quick expansion as it looks to expand into new markets, including South Africa.
“We are thrilled to have completed this bridge round as Sabi continues to expand at a breakneck speed.” “Our merchant users are utilizing every aspect of our platform, and the quality of the B2B partners we have brought to market is evident from the ever-increasing transaction volume,” said Anu Adasolum, Sabi’s CEO.
CRE Venture Capital co-founder and managing partner Pardon Makumbe said his firm was happy to support Sabi’s continued growth in Nigeria as well as its expansion into Kenya and South Africa.
“Sabi’s online/offline approach to serving informal businesses, combined with the quality of its platform and service provider curation, has clearly taken root in Nigeria. The company is on track to be one of the fastest-growing African companies of 2021 and is showing no signs of slowing down,” he said.
