Food e-commerce startup Pricepally secures $1.3m to scale in Nigeria
Nigerian fresh and packaged food e-commerce platform, Pricepally has secured US$1.3 million in seed funding to further scale its business.
Launched in 2019 by Monsunmola Adefemi, Luther Lawoyin, Deepak Bansal and Jumai Abalaka, the startup provides access to quality farm-fresh food items affordable for families and businesses living in African cities.
The platform connects farmers and wholesalers directly to consumers while leveraging technology.
Pricepally obtains the food directly from farmers and wholesalers which makes it fresh and cheap as compared to buying it from retailers.
With a vision to create an alternative food system for African cities that is smart and super-efficient to the benefit of all value players in the food value chain, the startup is closing the gap between consumers and producers.
Its latest funding round of US$1.3 million seed was led by Samurai Incubate, SOSV, ELEA, Hi2 Global, Chui Ventures.
According to the co-founders, the funds will be deployed in expanding the startup’s footprint in Nigeria’s existing marketplaces like Lagos, Port Harcourt and Abuja while establishing in new cities.
In addition, Pricepally will also strengthen its technology by optimising its end-to-end operations and introducing more innovative features for its consumers.
In 2020, the startup an secured undisclosed funding, from a German-based firm, GreenTec Capital, to further increase its penetration in Nigeria and across Africa, it further raised an undisclosed six-digit pre-seed funding round in 2021 led by Samurai Incubate to continue scaling its early-stage growth.
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