TradeDepot secures $10m to expand its financial services

Nigerian TradeDepot has reportedly netted $10m in a new funding round co-led by Partech, the International Finance Corp., Women Entrepreneurs Finance Initiative and MSA Capital.

Partech previously injected $3m into the e-commerce startup in 2018, according to Techcrunch.

Since launching in 2016, TradeDepot has built up a network of 40,000 small businesses in Nigeria and connects them to local distributors of global consumer brands like Nestl?, Unilever, GB Foods and Danone.

?Africa offline retail market is estimated at $1trn, and this new investment allows us to capture an even greater segment of that market,said Onyekachi Izukanne, co-founder of TradeDepot. ?We will continue to use data to drive efficiencies and provide an easier stock acquisition service for our [over] 40,000 retailers, driving down costs for them by negotiating even better deals with our global manufacturing partners, whilst simultaneously providing a better, faster route to market for our suppliers.p>

Partech closed a $100m fund earlier this year. The investor said it would use the Partech Entrepreneur III fund would be used to support the growth of? ?companies that demonstrate that they will play a part in shaping a new world post Covid-19.p>

?These involve startups focusing on emerging trends in health, work, commerce, finance, mobility and computing,Partech continued. ?Covid-19 has shaken the world considerably, but what it has not impacted is Partech ability to invest in promising young companies, and this is reflected through the eight new investments and two commitments made since the start of the pandemic.p>

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