Sabi, a B2B network focusing on informal trading, has raised $6 million in a bridge deal. CRE Venture Capital led the round, which included investors such as Janngo Capital, Atlantica Ventures, and Waarde Capital. This round followed a seeding round held earlier in the year.
Ademola Adesina and Anu Adedoyin Adasolum founded Sabi in 2015 with the goal of better knowing the informal economy than anybody else and assisting them in growing in ways they hadn’t previously. Its network focuses on accelerating the pace of business by allowing stakeholders in the informal sector to connect and exchange value.
This round of funding will aid the company’s quick expansion as it looks to expand into other countries such as South Africa and Kenya. Anu Adedoyin Adasolum, chief executive officer (CEO) of Sabi said “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”
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.
