Kwik, a Nigerian logistics startup, has secured a $2 million Series A funding round to accelerate its entry into the digitization of informal African trade, including logistics to financial services.
XBTO Ventures led the round of funding. Several new and existing owners, including venture capital firm Humla Ventures, Pulse.Africa founder Leo Stiegeler, French tech investment firm Nabuboto, and Ubisoft CEO Yves Guillemot, have made follow-on investments.
Kwik is a digital platform that connects delivery partners and corporate customers in large African cities, as well as giving digital solutions for e-commerce payment and fulfillment — it was launched in 2019 and has had rapid acceptance after the firm acquired initial funding.
The company is now concentrating on developing digital services for the three pillars of last-mile delivery: e-commerce, fulfillment, and financial services.
“Our vision is for Kwik to become the go-to app for African social entrepreneurs and traditional businesses looking to go digital.” Kwik’s founder and CEO, Romain Poirot-Lellig, said, “Integrating delivery, payment, and e-commerce capabilities smoothly in one easy-to-use mobile app is a catchy offer.” “With this round of funding, we will be able to expand across all three core verticals as well as into new geographic locations.”
It received more seed funding in 2020 and finalized a pre-Series A deal for US$1.7 million in March of last year from institutional and high-net-worth investors to fund its next phase of growth.
Kwik continued to grow fast for the rest of the year, both in terms of customer base and services, with GMV and revenue increasing by 400% in 2021.
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