Sabi, a Lagos-based B2B e-commerce startup providing digital commerce infrastructure to Africa’s informal economy, has raised $38 million in Series B funding at a valuation of $300 million, according to two people familiar with the matter, signaling revived investor interest in a B2B e-commerce market going through some reckoning.
Frankfurt-based specialist fintech investor CommerzVentures, Stockholm-based but Africa-focused growth-stage investor Norrsken22, U.S.-based growth-stage funds Fluent Ventures and Proof VC and pan-African early-stage investors CRE Venture Capital and Janngo Capital are some of the investors in this round, the people said.
Sabi declined to comment on the matter.
The informal trade sector makes up most of Africa’s $1 trillion retail market. The largely fragmented industry has welcomed innovation from several startups trying to connect informal retailers to manufacturers and large wholesalers via digital platforms like apps and a network of logistics and…
