Kwik, a French-Nigerian B2B startup that provides Software as a Service (SaaS) logistics services to social vendors and e-commerce platforms in Africa has closed its $2 million Series A round.
The new funding will expectedly enable the startup expansion to digitize informal African trade, from logistics to financial services in line with its focus to build digital services for the three key pillars of last-mile delivery, e-commerce and fulfilment, and financial services.
The financing round is led by XBTO Ventures, an investor focused on digital asset and fintech investments, alongside investments from several new and existing shareholders, including venture fund Humla Ventures, Nabuboto, Ubisoft CEO, Yves Guillemot and Pulse Africa founder, Leonard Stiegeler.
Romain Poirot-Lellig, Kwik’s Founder & CEO said, “Our goal is for Kwik to become the prime app choice for African social vendors and for traditional merchants going digital. Integrating delivery, payment and e-commerce tool seamlessly in one easy-to-use mobile app is a catchy proposition.”
Philippe Bekhazi, CEO of XBTO said, “Kwik has shown tremendous momentum since its launch and its mission to digitize local trade in Nigeria and soon around Africa resonates particularly well with us.”
What you should know
- The startup which was launched in 2019 in Lagos said it has expanded service from bikes to vans and SUVs, all the way to 20-tons trucks.
- While the company launched a number of payment and financial services in 2021, it said more than 100,000 merchants have adopted the Kwik platform so far.
- Last year, the company raised $1.7million pre-Series A funding round to speed up growth.