Nigerian startup Eze has successfully raised $3.7 million in seed funding for its commodities exchange platform specializing in used and new electronics. The funding round was led by Right Side Capital Management, with participation from C2 Ventures, Boro Capital, EVPI Investments, and several other angel investors. The investors were drawn to Eze due to the opportunity it presents in automating the buying and selling of electronic devices.
Eze operates as a fully automated platform that facilitates the trading of wholesale quantities of new and used electronics. It provides retailers with access to real-time market data, secure transactions, and automated shipping processes, resulting in more cost-effective and secure business operations.
As a B2B wholesale marketplace, Eze connects thousands of buyers worldwide with a vast selection of over 200,000 carefully vetted and tested SKUs, including smartphones, laptops, tablets, and various other electronics. The platform ensures a seamless purchasing experience, allowing buyers to acquire products at unbeatable wholesale prices.
In addition to facilitating transactions, Eze offers transparent product quality grading, local currency payment options, extended warranty choices, and other services aimed at facilitating efficient and effective trading.
Sellers on Eze benefit from an extensive international network of qualified buyers and additional services intended to boost sales. The platform ensures secure transactions by enabling buyers to pay in their local currency, simplifying the purchasing process for them. Eze also maintains quality assurance by thoroughly vetting sellers and physically inspecting each device before shipment, guaranteeing that all devices are fully functional and meet the prescribed quality standards.
The raised funds will be utilized by Eze to diversify its product range and expand into untapped markets in Africa, Europe, and South America. Additionally, the investment will contribute to platform enhancements, aiming to provide even greater value to its customers. Eze aims to establish itself as the primary destination for B2B buyers and sellers in the electronics industry, particularly in emerging markets, and the secured funding will play a crucial role in achieving that goal.
Eze faces competition beyond Nigeria, with companies like Decluttr and BuyBackWorld offering similar services. Decluttr provides a convenient platform for selling a wide range of user devices, offering free shipping, guaranteed prices based on online quotes, and multiple payment options. BuyBackWorld allows users to sell electronics through an easy rating system and various payment options.
The CEO and co-founder of Eze is Josh Nzewi. He established the company three years ago and holds a degree in Engineering from Vanderbilt University and Pennsylvania State University. Prior to founding Eze, he gained experience in the Oil & Gas industry in the United States. Josh is an alumnus of Y Combinator, a renowned startup accelerator, and has been recognized by Forbes in their prestigious “Under 30” list.
The consumer electronics market is expected to expand significantly, reaching an estimated value of $1.70 trillion by 2028. This growth is driven by factors such as increasing disposable incomes, the ongoing shift towards digitization, and the growing importance of personal electronic devices like smartphones and wearables. However, the wholesale buying and selling of these devices still heavily rely on manual processes, particularly in emerging markets. Eze aims to bridge this gap by providing an automated platform, attracting the interest of investors who see the potential in revolutionizing the industry.
Eze’s mission is to power unfettered access to consumer electronics across the world, enabling users to maximize their potential with the experiences provided by these devices. With the recent funding, Eze is well-positioned to achieve its goal of becoming the go-to destination for B2B buyers and sellers in the electronics industry, especially in emerging markets.
