ImpactAlpha, November 30 — Lagos-based Sabi is among a wave of enterprise tech ventures applying technology to fix market failures and inefficiencies. Sabi’s tech platform provides sales and inventory management tools, performance data and financial services.
It charges customers a transaction fee on sales on its marketplace, and provides financing to them. Since Sabi launched last year, it has facilitated more than $200 million in transactions.
Africa’s informal sector of over 41 million micro-, small- and medium-sized businesses contributes 60% of Africa’s GDP, worth around $244 billion.
Sabi’s funding round, led by existing investor CRE Venture Capital, will help the company expand to Kenya and South Africa. A spinoff of Rensource, a distributed energy services company, Sabi has raised $8 million to date.