Nigerian B2B Startup Sabi Raises seed fund as it hits 150k merchant mark

Nigerian B2B Startup Sabi Raises seed fund as it hits 150k merchant mark

Nigerian B2B e-Commerce startup Sabi, serving Africa’s informal sector, has announced it secured an undisclosed amount in a seed funding round. The startup also announced it has received over 150,000 small business users on its platform.

CRE Ventures, Janngo Capital, Atlantica Ventures, and Waarde Capital all participated in the round.

Sabi was launched in 2020 by co-founded and run by CEO Anu Adasolum, former COO of Rensource and Ademola Adesina with the aim of providing two essential needs – platforms and tools – for the informal trade sector.

Sabi enables merchants manage their profiles conveniently via offline and online channels. the platform also allows users access sales and inventory management tools, buy and sell products, track business performance, and access financing, all in one platform.

Sabi claims that through its platform, merchants have recorded over $1.2b worth of sales via MyShop, its ERP tool, and are on track to transact over $80m annualized on MerchBuy, its B2B marketplace, in 2021.

Sabi works with over 10,000 agents operating across Nigeria that interface with new merchants and service providers across multiple business categories including agriculture, FMCG, electronics, and financial services.

Sabi co-founder and chief executive officer (CEO) Anu Adasolum speaking said: “Sabi is reaching an underserved yet vibrant market segment and is scaling quickly. The convenience, trust, and quality of our platform have been validated by our merchants and we look forward to onboarding more businesses as we continue to grow.

“Sabi has taken off in Nigeria and we look forward to supporting the company as it continues to platform informal merchants and agents to help them accelerate their business growth” she said.

Sabi will use the funding to continue to grow its network across Nigeria, bringing on new merchants and service providers.