Sabi’s Series B funding round values the company at $300 million and powers the startup’s goal to serve the 50 million small- to medium-sized businesses (SMBs) in Africa
As reported by TechCrunch on Friday (May 19), Nigeria-based B2B eCommerce firm Sabi has raised $38 million in Series B funding, reaching a valuation of $300 million.
The company offers a digital B2B marketplace with inventory management tools, sales order management and digital ledger tools, and a payment reconciliation tool. The platform also leverages technology to assist with sourcing, aggregation, collateral verification, management, and traceability.
With this offering, Sabi aims to facilitate the distribution of goods and services for the 50 million small- to medium-sized businesses (SMBs), including merchants, importers, exporters and manufacturers, in Africa.
Sabi’s ecosystem-based approach addresses the pressing issues existing in the African retail industry e.g. informal channels of cash flow; manual, expensive and opaque distribution systems; difficulty accessing credit, inventory procurement and bulk pricing, etc.
Recently, an increasing number of fintech companies have released their solutions that facilitate the activities of African SMBs. For instance, Pyypl rolled out social micro-investment platform for African SMEs, to improve access to digital financial services for informal employment sectors, Moni introduced community-powered loans for African SMEs, to help market traders, spare part dealers, textile traders, and other small business owners in Africa to access the working capital needed to scale their businesses, while MasterCard partnered with NowNow to boost cybersecurity for Nigerian SMEs.