Lagos-based B2B e-commerce startup Sabi, despite being just two and a half years old, has continued to enjoy rapid growth in a market that has been foiled with struggles.
And now, after raising $38 million in Series B funding which values it at a whopping $300 million, the company is set to tap into Africa’s highly fragmented $1 trillion retail market. The new funding signals a growing interest in the evolving B2B e-commerce market that has been embattled with slowing investor interests.
Sabi's unique approach focuses on the entire B2B e-commerce retail chain, connecting manufacturers, distributors, wholesalers, and retailers. By utilizing offline agents, call centres, merchant partners, and supplier centres, Sabi provides essential tools and services for seamless transactions.
Operating in Nigeria, Kenya, and South Africa, the company boasts over 300,000 merchants and an annualized Gross Merchandise Value (GMV) exceeding $1 billion, according to TechCrunch, citing people familiar with the matter.
With this investment, Sabi aims to revolutionize B2B e-commerce in Africa's informal economy and expand its presence in other markets. The company's impressive growth, commitment to innovation, and comprehensive operational model position it as a prominent player in transforming B2B trade across the continent.
The round saw participation from investors including CommerzVentures, Norrsken22, Fluent Ventures, Proof VC, CRE Ventures, and Jaang.