$2.5 Million Raised in Pre-series A by Betastore

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The Nigerian Business – to -Business retail platform for informal sellers Betastore, has secured $2.5 million at a pre-Series A round of fundraising.

The round saw participation from 500 Global, VestedWorld, and Loyal VC.

The firm, founded by Steve Dakayi-Kamga and Leo-Armel Tchoudjang in 2020, allows informal merchants to directly purchase rapidly consumer goods (FMCGs) from producers.

READ: Fintech Investment: Interswitch Receives $110M

Besides, the company claims it keeps product prices competitive by removing interactions with sales agents. It also collaborates with logistics partners to ensure that goods are delivered within 24 hours.

Informal retailers can order products through AI-powered channels like SMS, WhatsApp chat, and other apps and have their goods delivered to their stores.

READ: TeraWatt Generates $1 Billion to Increase Business EV Charging

Retailers use the company’s Betastore wallet to repay loans, deposit funds for operations and send, receive, and save money.

The wallet allows them to separate their business money from their personal money. It also enables retailers to receive and send money to any bank and load cash with any agency banking platform.

READ: $50 Million Raised in Series B Round by Paymob

The startup says it aims to reach over 10 million informal retail outlets that account for more than 90 percent of the total essential goods trade. Also, it plans to launch its Buy Now, Pay Later financing strategy in July 2022.

The company wants to enter new markets before the end of the year and expand to 100 cities across Nigeria, Ivory Coast, and Senegal. It’s also planning to reinforce its technology and leadership teams, bring in new products and improve existing ones.

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