Nigeria B2B startup Sabi serving the country’s informal sector recently closed a seed funding round having enrolled over 150,000 small businesses on its platform. According to Sabi, the funds will go towards growing its network across the country and onboarding new sales merchants. The round drew participation from early stage Atlantica Ventures, CRE Ventures, Waarde Capital, and Janngo Capital.
Sabi is a female-led startup co-founded by Anu Adasolum (CEO) and Ademola Adesina (co-founder). In less than a year of operations, Sabihas recorded over $1.2 billion in sales through MyShop, an Enterprise Resource Planning (ERP) tool. In 2021, the marketplace startup is set to transact over $80 million on its tool, MerchBuy. Sabi has worked with over 10,000 Nigerian agents across the financial, electronics and FMCG services sectors.
As per the July 19 MSME National Survey Report done by Nigeria’s Small & Medium Enterprises Development Agency, there are 41.5 million MSMEs in Nigeria of which 41 million are small, micro and medium-sized enterprises.