B2B marketplace Sabi has announced the close of a US$6 million bridge round to support its continued fast-paced growth in Nigeria and beyond.
Formed last year after spinning out of energy startup Rensource, Sabi is optimising Africa’s informal trade sector by bringing merchants and resellers into its network with curated business tools and services that help them reach new customers, improve cash flow, and streamline logistics.
Over 175,000 merchants use Sabi’s category-agnostic platform to manage their businesses and make B2B transactions. Merchants are transacting at above a US$100 million GMV annualised rate on Sabi’s platform, and the company recently became operational in Kenya.
The startup’s US$6 million bridge round was led by CRE Venture Capital and also included investors including Janngo Capital, Atlantica Ventures and Waarde Capital. The round follows a seed round secured earlier in the year, and will help fuel the company’s rapid growth as it eyes further new markets, including South Africa.
“We are excited to have closed this bridge round as Sabi continues to grow at an incredible pace. Our merchant users are taking advantage of every part of our platform, and the quality of the B2B partners we have brought onto the market is clear from the ever-increasing transaction volume,” said Anu Adasolum, chief executive officer (CEO) of Sabi.
Pardon Makumbe, co-founder and managing partner of CRE Venture Capital, said his firm was proud to support Sabi’s continued growth across Nigeria and expansion into Kenya and South Africa.
“Sabi’s online/offline approach to serving informal businesses, combined with the quality of its platform and service provider curation, has clearly taken root in Nigeria. The company is on track to be one of the fastest-growing African companies of 2021 and is showing no signs of slowing down,” he said.