Sabi, an e-commerce platform founded in 2010 by Nigerian entrepreneurs, has closed a bridge round of $6 million. The company will use the funds to expand its B2B retail platform outside of Nigeria and bring it to other African countries.
The company was originally called RenSource but changed its name in 2016 when it focused more on B2B than consumer shopping. They also changed their business model from delivering items directly from factories or shops to using third-party vendors who are all vetted for quality assurance purposes.
Sabi is focusing on growing outside Nigeria as many e-commerce platforms have dominated the Nigerian market for years. They plan to expand into Ghana and Kenya in 2019 with plans to move further throughout Africa after they establish themselves more within those countries.
The company had raised around $40 million before this round from investors, including Grand Peaks Capital, Social Capital, Omidyar Network, Endure Capital, etc.
The company was co-founded by Shehu Abdulkadir, the CEO of Sabi and previously worked as a consultant for McKinsey & Company. He also has an MBA from Harvard Business School. Other key members include Gbenga Animashaun, the COO of Sabi, who used to work with Google, etc. Nuhu Bangera, the CTO of Sabi, comes from Cisco Systems, where he served as Vice President of Professional Services, etc.
Shehu Abdulkadir says the dream of Sabi is to create a platform that is accessible for many people throughout Africa so they can have access to quality goods at affordable prices. They are also committed to creating jobs in the continent and providing more opportunities, especially for women who represent half of their workforce.
The company has grown from having around 100 employees two years ago to nearly 500 now, with plans on doubling the number of workers by 2020 as they expand outside Nigeria.
Under Shehu Abdulkadir, Sabi is committed to bringing more jobs to Africa, especially for women.
Sabi has raised $40 million in funding over the years and plans to continue expanding throughout Africa.
Since they started focusing more on BtoB, Sabi has grown from 100 employees two years ago to nearly 500 now, with plans of doubling this number by the close of 2020 as they expand outside Nigeria. They also plan to increase their profits annually for five or six years straight after growing at a consistent rate yearly.