Rensource-Spinoff Sabi Closes $6M Bridge Round, Expands B2B Retail Platform Outside Nigeria
11/25/21, 8:58 AM
Money raised
$6 million
Nigeria’s informal trade sector, worth over $244 billion, has more than 40 million micro, small and medium businesses.
Company Info
Additional Info
The company confirmed to TechCrunch that it has raised a $6 million bridge round led by pan-African VC firm CRE Ventures. Ademola Adesina and Anu Adasolum have been at the helm of Rensource since the company started in 2015; Adesina as founder and CEO and Adasolum, COO. The company operates an asset-light model and doesn’t own vehicles, warehouses or goods. Running this model exempts Sabi from the constraints a typical B2B e-commerce retail platform might face when acting as a distributor for manufacturers to retailers. The company also earns a margin for providing financing to them. The company opened shop in Kenya last month and just made a few hires in South Africa, intending to go live early next year. On the other hand, Sabi doesn’t have such constraints, so whereas other platforms try to standardize operations around goods offtake, Sabi concentrates on offtake monitoring. One-year-old Sabi — a spinoff from Rensource, an African energy company that offers power-as-a-service to customers — is the latest startup to raise funds to serve the informal sector.