Sabi has recently raised $38 million in Series B funding at a valuation of $300 million.
The funding round was led by Africa-focused growth-stage investor Norrsken22, along with participation from pan-African CRE Ventures, Jaango and others.
Sabi is a Lagos-based B2B e-commerce startup that provides digital commerce infrastructure to Africa’s informal economy.
The company’s mission is to empower small and medium-sized businesses in Africa by providing them with the tools they need to access digital commerce. The company’s platform offers a range of services, including e-commerce storefronts, payment processing, logistics, and inventory management. Sabi’s services are particularly valuable for businesses operating in the informal economy, which often lack the resources and infrastructure to participate in formal commerce.
The recent funding will enable Sabi to expand its operations across Africa, as well as invest in product development and talent acquisition. Sabi has already established a strong presence in Nigeria, where it has partnered with thousands of businesses across a range of industries, including agriculture, manufacturing, and retail. The company plans to expand into other African markets, including Ghana and Kenya, in the near future.
About Sabi’s Key Investors
Norrsken22, one of the lead investors in Sabi’s Series B funding round, is a Sweden-based impact investment fund that focuses on supporting startups that are working to solve some of the world’s most pressing problems.
On the other hand, CRE Ventures is a pan-African venture capital firm that invests in technology startups across the continent.
While South African-based investment firm, Jaango focuses on early-stage tech startups. Overall, the investors include Frankfurt-based specialist fintech investor CommerzVentures, Stockholm-based, U.S.-based growth-stage funds Fluent Ventures and Proof VC, according to an article recently published by TechCrunch.
Sabi’s recent funding round is a testament to the growing demand for digital commerce infrastructure in Africa’s informal economy. With the support of its investors, Sabi is well-positioned to continue its mission of empowering small and medium-sized businesses across the continent.
By Elijah Christopher