TradeDepot, a Nigerian B2B startup with e-commerce platform for consumer goods in Africa, has raised US$10 million in a pre-Series B equity funding to expand into other African cities and launch a suite of financial products and credit facilities for its retailers.
Founded in 2016, TradeDepot is an end-to-end distribution platform that aims to connect the world’s top consumer goods companies directly to African retailers. With a network of over 40,000 micro retailers across Nigeria, the startup plans to build the largest retail distribution network in Africa.
In order to help it achieve this, TradeDepot has raised a US$10 million pre-Series B round, which was co-led by Partech, an investor in the startup’s 2018 US$3 million Series A round, International Finance Corporation, Women Entrepreneurs Finance Initiative (We-Fi) and MSA Capital.
The startup will use the new investment to continue its integration of the fragmented informal retail supply chain in Nigeria, expand into other African cities, and launch a suite of financial products and credit facilities to support its retailers. Its network already includes more than 40,000 micro retailers in Nigeria, while it is working with global distributors and manufacturers like Nestlé, Unilever, GB Foods and Danone to make household supplies more accessible and affordable for the informal urban retail networks it operates in.
TradeDepot has recorded considerable growth since its launch, activating a new store every three minutes, and receiving a retailer order every four seconds, on average. The company has also tripled its volume of trade in the last 12 months, growth it expects to continue post-investment.