Even though Sabi, a B2B e-commerce company based in Lagos, has only been around for two and a half years, it has continued to increase in a market that has been hard to break into.
Now, after getting $38 million in Series B funding, which puts its value at a massive $300 million, the company is ready to tap into Africa’s $1 trillion retail market, which is very scattered and has a lot of small shops. The new funding shows that investors are getting more interested in the growing B2B e-commerce market, which has been struggling because investors have been losing interest.
Sabi’s unique approach focuses on the full B2B e-commerce retail chain, linking wholesalers, producers,distributors, and retailers. Sabi provides necessary tools and services for frictionless transactions by leveraging offline agents, call centers, merchant partners, and supplier centers.
People who had a good knowledge of the company told TechCrunch that operates works in Nigeria, Kenya, and South Africa. It has over 300,000 merchants and a yearly Gross Merchandise Value (GMV) of over $1 billion.
With this funding, Sabi wants to change B2B e-commerce in Africa’s informal economy and grow in other markets. The company’s rapid growth, dedication to innovation, and all-encompassing business plan make it a key player in changing B2B trade across the continent.
Investors like CommerzVentures, Norrsken22, Fluent Ventures, Proof VC, CRE Ventures, and Jaang participated in the round.