US-based startup Trading Depot raised $110m in Serie B equity and debt funding. IFC was the lead investor along with Novastar (Sahel Capital), Endeavor Catalyst (CDC Group), and other existing investors. Partech Capital and MSA Capital participated in the round. Arcadia Funds led debt funding that was linked with p2p, marketplace lending, and insurancelinked securities. The startup hopes to add more retail stores and expand its buy/now, pay-later service across Africa.
tradeDepot has offices in 10 Nigerian cities as well as Accra, Ghana and Johannesburg in South Africa. TechCrunch claims that $42 million was invested in equity shares according to SEC filings. TradeDepot’s board will include the Serie B and Wale, Africa Venture Capital Investment head for the IFC, as well as Brian Odhiambo West Africa director, Novastar Ventures.
TradeDepot raised $ 10 million last year in a Serie A round. Its goal was to connect local distributors with global consumers brands. Partech and the International Finance Corp together with Women Entrepreneurs Finance Initiative, WEFI, and MSA Capital invested $3 million in this business model.
TechCrunch reports TradeDepot is focusing on the technology side of building the supply chain and onboarding retailers one by one. Over 100,000 merchants have been onboarded by TradeDepot this year, which has helped it grow its GMV fivefold. ShopTopUp allows customers to apply for credit and Buy-Now-Pay – Later options.