TradeDepot Raises $110M in Series B Funding

TradeDepot Raises Series B Funding

A B2B eCommerce and embedded finance platform called TradeDepot raised $110 million in debt and equity capital. It is situated in Lagos, Nigeria.

A member of the World Bank Group, the International Finance Corporation (IFC) led the round, which also included current investors Partech and MSA Capital, Novastar, Sahel Capital, CDC Group, and Endeavor Catalyst. Arcadia Funds took the lead in the loan financing.

The company plans to utilise the money to take its merchant platform even further throughout the continent.

TradeDepot, a B2B eCommerce and embedded finance company led by Onyekachi Izukanne, CEO and co-founder, links consumer goods brands in Africa directly to a target market of several million retail outlets around the continent. The business, which has operations in 12 cities throughout Nigeria, Ghana, and South Africa, uses its data, technology, and logistics operations to link retailers with suppliers and provide access to financing to fund inventory purchases for retailers, enabling increased sales, higher margins, and other value-added services for all parties.

TradeDepot supplies a wide selection of consumer goods to SME retailers in its network via its ShopTopUp platform. TradeDepot also offers credit lines so that these retailers can obtain inventory and make payments over time as they sell to their own consumers.