A Nigerian startup Pricepally has raised US$1.3 million in seed funding. Pricepally, a fresh and packaged food e-commerce platform has raised US$1.3 million in seed funding to help it scale.
Pricepally was launched in 2019 by Luther Lawoyin, Jumai Abalaka, Deepak Bansal, and Monsunmola Adefemi. The platform sources farm-fresh produce and distribute it via its e-commerce platform. Pricepally has bridged the gap between producers and consumers and has ensured not only the best quality, but also created competitive pricing and a win-win situation for all stakeholders involved.
Through investors like Samurai Incubate, SOSV, ELEA, Hi2 Global, Chui Ventures, and David Mureithi, the former MD of Unilever West Africa, the startup has now raised a US$1.3 million seed round for funding.
Pricepally has plans to use the funding to expand its footprint in new cities and presence in existing markets in Lagos, Abuja, and Port Harcourt. It will also enhance its technology, introduce innovative consumer features, optimize end-to-end operations, and nurture burgeoning B2B markets.
“We have more control over quality and supply because we have specific farmers supplying specific products. We also carry out price research across local markets and our prices are a lot fairer, and that’s just because we’ve taken out several layers of middlemen. The idea is for us to capitalize on our sourcing strength to solve one of Nigeria’s biggest problems currently, which is food insecurity,” said Luther Lawoyin.
“In many ways, we are more than just selling products. We are bringing transparency and visibility into the market.”
Rena Yoneyama of Samurai Incubate said: ”The great thing about Pricepally is their execution ability. There are still many difficulties with e-commerce in Nigeria, and many things that work normally in other major African cities often do not work due to a lack of both hard and soft infrastructure and trust issues.”