New post Need visibility? Apply for a FREE post for your Startup.  Apply Here

MobileNewsStartups

E-commerce Startup – Alerzo – Raises US$10.5m in Series A Funding

2 Mins read

Nigerian-based B2B e-commerce retail startup, Alerzo, has raised US$10.5m in its Series A funding round.

The startup, which is based in Ibadan, a city in southwestern Nigeria, said it would use the funds to expand geographically to the northern part Nigeria.

The startup also plans to launch its cashless payment and lending platform, AlerzoPay, as well as a portfolio of new businesses.

The Series A funding round was led by London-based Nosara Capital. FJ Labs, and several family offices from the U.S., Europe and Asia, including Michael Novogratz’s.

Alerzo was founded in 2018 by Adewale Opaleye. The startup serves as a distribution platform that helps retailers stock inventory directly from manufacturers. It centers on helping street-side vendors and shops in Nigeria’s south-western cities access household supplies quicker and efficiently.

Speaking on the motive behind starting the business, Opaleye said that:

Growing up in Ibadan, I watched my mother operate two informal retail stores to raise my three siblings and me. Seeing the many challenges she faced running her stores, and I decided to start a business that uniquely catered to the needs of retailers just like her.”

Alerzo claims to have built up to 100,000 small businesses, with about 90% of them being led by women. Alerzo says it connects retailers to local and multinational distributors of consumer brands, like Unilever, Nestlé, Procter & Gamble, Dangote, and PZ.

Read also: Nigerian Startup – MDaaS Global – Raises US$2.3m in Seed Funding Extension; Launches New Health Product

Without Alerzo, these retailers need to take a day off from the store to visit a central market, pay for transportation and haul a large amount of inventory back to the store. Alerzo replaces this stressful experience by not only reducing costs and time spent running a retail shop but also improving the livelihood of these working women,” Opaleye told TechCrunch.

Commenting on the Fundraise, Ian Loizeaux, managing partner at Nosara Capital, said:

“We’ve studied informal retail marketplaces globally over the last couple of years and Alerzo really stood out to us due to a strong management team led by a founder with a unique understanding of his customer and an attractive business model with exceptional unit economics. The company is at the beginning of a compelling multi-decade opportunity to streamline and digitize Nigeria’s retail supply chain.”

Although, Alerzo has its headquarters in Ibadan, it has a Lagos office, as well as an office in Singapore. The Singaporean office serves as a regional hub to identify best practices among similar high-growth businesses operating across Southeast Asia and India.

632 posts

About author
When I'm not reading about tech, I'm writing about it, or thinking about the next weird food combinations to try. I do all these with my headphones plugged in, and a sticky note on my computer with the words: "The galaxy needs saving, Star Lord."
Articles
Related posts
ArticleMobileNews

WhatsApp Rolls Out Companion Mode to iOS Users, Enabling Multi-Device Connectivity

2 Mins read
WhatsApp, the popular messaging platform, has commenced the rollout of Companion Mode for iOS users, bringing multi-device connectivity to the platform. The…
ArticleNews

Twitter Tests "Community Notes for Media" Feature to Address Misleading AI-generated Content

2 Mins read
As the prevalence of AI-generated images and videos grows on social media platforms like Twitter, the need to combat misleading and manipulated…
ArticleBig StoryNews

WhatsApp Begins Beta Testing Screen Sharing Feature for Video Calls

2 Mins read
WhatsApp, one of the leading messaging apps, is set to revolutionize communication with its latest update. The platform is rolling out a…
Get powered up with Techpadi Newsletter

Be the first to know what's happening in the African tech space

Leave a Reply