The process of digitizing the operations of mom and pop stores in Nigeria is serious business right now. In fact, it might be the second-best thing after fintech at the moment.

Today’s news is from Alerzo, a little-known B2B e-commerce retail startup based in Ibadan, Nigeria. The company is announcing a $10.5 million Series A round led by London-based Nosara Capital. FJ Labs and several family offices from the U.S., Europe and Asia, including Michael Novogratz’s, participated in the round.

In total, Alerzo has raised more than $20 million since its launch. Early investors include the Baobab Network, an Africa-focused accelerator based in London, and Signal Hill, a Singapore-based fund manager that participated in its $5.5 million seed round last year. The company also said it closed a $2.5 million working capital facility to serve its customers.

Adewale Opaleye founded Alerzo in 2018 as a last-mile distribution platform that helps retailers stock inventory directly from manufacturers. Its business, officially launched in 2019, is centered on helping street-side vendors and shops in Nigeria’s south-western cities access household supplies quicker and efficiently.

Speaking with TechCrunch, Opaleye said he started Alerzo to empower the millions of women who are the backbone of consumer commerce in Nigeria’s $100 billion informal retail sector.

The need to solve this problem stemmed from observing firsthand the challenges his mom faced while operating two mom-and-pop stores.

“Growing up in Ibadan, I watched my mother operate two informal retail stores to raise my three siblings and me. Seeing the many challenges she faced running her stores, and I decided to start a business that uniquely catered to the needs of retailers just like her,” he told TechCrunch in an interview.

These retailers are beholden to an inefficient distribution system that results in inconsistent inventory availability, opaque pricing and limited access to formal financial and banking services.

The founder says Ibadan was the ideal market to establish its headquarters because informal retailers in the region experience these challenges more than those in Lagos.

Source: https://techcrunch.com/2021/08/20/alerzo-raises-10-5m-series-a-to-bring-nigerias-informal-retail-sector-online/

CC: Mynd44 Lalasticala

Good

Nice one. Hope it withstands the test of time.

I am happy that our young entrepreneurs are really making waves and I can only pray that their services actually solve real issues that would help boost the economy.

This confirms the global ranking that put Lagos and Ibadan as the top 2 startup city in Africa.

I hope these guys continue to grow and be a source of inspiration to other Ibadan folks to build on the gains.

Nice one. Tech is the future

Lalasticlala. Front page

Interesting

Nice initiative.

Wow $10million, am inspired.

The tech space in the region is really thriving and there's also big opportunity for agrotech and agro-finance start-ups in ibadan, Oyo state thanks to the large seize of arable land in the state and it's agro activities. Ibadan is ripe for investment. Congrats to Mr Opaleye.

Lalasticlala this is front page worthy.

WesternOligarch:
Wow $10million, am inspired.

The tech space in the region is really thriving and there's also big opportunity for agrotech and agro-finance start-ups in ibadan, Oyo state thanks to the large seize of arable land in the state and it's agro activities. Ibadan is ripe for investment. Congrats to Mr Opaleye.

Lalasticlala this is front page worthy.

.

Good news

Nisiw365:
Nice one. Tech is the future

Lalasticlala. Front page

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