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In Brief: Nigeria’s TradeDepot Banks US$10M Funding from Partech, IFC

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In Brief: Nigeria’s TradeDepot Banks US$10M Funding from Partech, IFC

Nigeria’s SaaS FMCG platform startup TradeDepot has banked a US$10 million investment to pivot into new services. 

The investment was co-led by Partech who have previously invested in the startup, International Finance Corp., Women Entrepreneurs Finance Initiative and MSA Capital.

Founded in 2016 by Michael Ukpong, Onyekachi Izukanne, Ruke Awaritefe, TradeDepot which connects retailers directly to Consumer Goods Brands for ordering and delivery will use the funding to expand its business into financial services and credit offerings for retailers.

By using an Android mobile app, Whatsapp, USSD shortcode or the company’s toll-free phone number, small retailers can place orders and have goods and services delivered through TradeDepot’s fleet of vans and tricycles.

Read: Zambian FinTech Startup Lupiya Scores US$1M From Enygma Ventures

They can also make payments, order stock, and manage inventory online or through the app as well.

The company has a network of 40,000 small businesses in Nigeria and connects them to local distributors of global consumer brands like Nestlé, Unilever,  GB Foods, Danone and PZ Cussons among others.

TradeDepot will now use the funding to expand into a suite of financial services and lending products targeting its retailer customers. 

To date, TradeDepot has raised a total of US$13 million in venture funding.

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