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Nigerian e-commerce startup secures $1.8-million in funding
Lagos-based e-Commerce tech startup Sendbox has raised $1.8-million in a seed round of funding from 4DX Ventures, Enza Capital, FJLabs and Golden Palm Investments. With participation from Flexport and YC Combinator.
Sendbox secures $1.8-million in funding
According to reports, the secured funding will be used to expand the tech startup’s footprint and operations in other countries across West Africa and also assist in the development of its product range and hiring new employees.
Emotu Balogun, CEO and Co-Founder of Sendbox comments on the recent funding secured.
“No matter where in the world customers are, we want African SMEs to be able to reach them.” He continues, “Deliveries in Lagos, Abuja, Port Harcourt and Ibadan have made up a large proportion of business for our domestic merchants. On top of that, affordable access to the UK, EU, US and Canada has created an opportunity to sell products to hundreds of millions of previously unreachable buyers. With this fundraise our aim is to support more and more SMEs and help them grow both locally and internationally, scaling alongside them as we connect African merchants with a global community of consumers.”
Officially launching in 2018, Sendbox is currently working on creating a fulfilment platform for African e-commerce merchants with a strong focus on small e-commerce merchants who sell directly to their customers using their own offline and online channels.
The tech startup provides cost-effective access to local and international delivery options for African merchants specifically small scale ones which sell their products or services on e-commerce and social media channels. The innovative platform is available for download and use on both iOs and Android devices. It is also accessible through web applications, Whatsapp, Facebook, Instagram and other e-commerce platforms.
Through the platform’s developed API service, the startup provides a single location to manage both local and international deliveries to the EU, UK, USA and Canada. Their innovative logistics services allows users to access a wider customer range, increasing their sales and overall product reach.
According to claims by the startup, over 10 000 Nigerian SMEs have sent 200 000 products via its platform and its services. Through its service, Sendbox claims that Nigerian small-scale merchants have saved an average of 30 -40% on logistics costs.
The startup aims to grow its existing services to also provide financing and payments along with e-commerce and marketplace integrations across West Africa.
Walter Baddoo, Co-Founder and General Partner at 4DX Ventures comments on their investment into the tech startup.
“African e-commerce is accelerating faster than anybody could have imagined a decade ago and it needs smart solutions to ensure that logistics and fulfilment capacity doesn’t lag behind. Not only were we impressed by Sendbox’s 300% year-on-year growth since launch, but we’re seeing the market potential balloon with over 40 million Nigerian SMEs and a projected industry value for social and e-commerce reaching $45 billion on the continent by 2025.”
Read more: Pan African fintech secures $1-million in pre-seed funding
Featured image: Founders of Sendbox, (Supplied)