- A Nigeria-based start-up has secured about N1 billion in funding to expand across African countries
- Betastore, e-commerce platform that connects merchants with manufacturers of fast-moving commodity products said the funds would also be used to move into 100 cities in Africa
- The company stated that the fund will enable solve logistics problems and enhance its transparency with clients
Betastore, a start-up based in Nigeria has secured N1 billion in a Pre-Series A funding to enable it to expand to three other African countries of Ghana, DR Congo and Cameroon by the end of 2022.
The funding came through 40 Global, VestedWorld and Loyal VC. It has brought the total funding received by the firm to date to about N1.2 billion.
What Betastore does
The firm, Betastore is a marketplace that enables traders to secure fast-moving goods directly from manufacturers or distributors. This keeps the prices of the goods competitive and eliminates interactions with middlemen and agents, according to a Nairametrics report.
Betastore also works with logistics providers to ensure a 24-hour delivery of goods.
The e-commerce platform intends to introduce finance in July, a launch that follows a pilot programme that involves about 200 retailers that the start-up carried out last year.
Funders celebrate Betastore
Amit Bhatti, the Principal at 500 Global said the company celebrates Betastore’s gifted team and what they are creating that has the potential to increase the growth of Africa’s retailers.
According to him, with Betastore, merchants can get better transparency into inventories and pricing.
Betastore CEO, Steve Dakayi-Kamga that their technology allows retailers to order on-demand and have access to a combination of products and solve logistics problems.
He said the company plans to enter new markets before the end of the year and expand to about 100 African cities across Nigeria, Ivory Coast and Senegal.
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