Nigerian B2B eCommerce startup, TradeDepot, has raised a $10m pre-Series B equity round.
The round was co-led by Partech Africa, International Finance Corporation (IFC), Women Entrepreneurs Finance Initiative (We-Fi) and MSA Capital.
This comes two years after the startup raised $3m Series A led by Partech Africa in April 2018. Interestingly, the startup was the first beneficiary of Partech Africa’s €100m fund dedicated to “digital champions with Pan-African ambitions” which launched that same year.
Founded in 2016, TradeDepot is digitising retail distribution in Africa by developing an all-round solution that integrates manufactures, distributors, and retailers on one platform
According to co-founder and CEO of the four-year-old startup, Onyekachi Izukanne, TradeDepot’s aim is to capture a greater segment of the $1 trillion market. And at the same time, use data derived from working with informal retailers to make informed decisions on how to make their platform better for it’s more than 40,000 retailers.