Nigerian B2B eCommerce platform TradeDepot secures $10M funding

Wale Ayeni, Head of Africa Venture Capital Investment at IFC adds, “TradeDepot is a rising star in the African internet landscape, helping digitize a substantial underserved informal retail segment, which is the pillar of economic growth in Africa. The founders’ vision to build a digital platform that

improves the unit economics of
serving the mass-market is one that we feel privileged to support.”

More than 75 percent of the
retailers on TradeDepot’s platform are female entrepreneurs and TradeDepot will
offer mentorship and opportunities to link with domestic and global markets, to
further support its predominantly female customer base to grow and expand their
own businesses. 

Hanh Nam Nguyen, Program Manager, speaking on behalf of IFC as implementing partner of We-Fi, said, “Women play a pivotal role in driving economies across Africa, but lack of access to capital, limited market linkages, cultural norms and other challenges often prevent them from achieving the success they want. We-Fi financing will incentivize TradeDepot to build stronger women-led small and medium enterprises (SME) retailer and distributor networks, which will support them to become drivers of economic growth in their communities.”  

Tidjane Dème, General Partner at Partech said, “we are proud to continue our partnership with TradeDepot as they continue their work to transform the huge informal markets that are present in Africa. The founders have a wealth of experience that puts them in a great position to execute on their vision, and their approach and results to-date are why we are so excited by the extraordinary entrepreneurs harnessing the power of technology to address issues across the continent.”

Ben Harburg, Managing
Partner at MSA Capital said, “TradeDepot is leading the digitization of informal
enterprise across West Africa at the most critical touch point – the
distribution and sale of essential foodstuffs by SME retailers – driving
efficiency improvements, increased service offerings, and costs savings to both
consumers and merchants.”

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