Nigerian eCommerce Startup Pricepally Secures Funding From GreenTec

As the coronavirus pandemic persists and lives continue to migrate to the internet, GreenTec Capital Partners, one of the leading investors on the African startup ecosystem has invested in Nigerian ecommerce startup Pricepally, an innovative digital Nigerian wholesale platform allowing users to purchase food and other products either individually or as a part of a group. 

Luther Lawoyin — Founder, Pricepally.
Luther Lawoyin — Founder, Pricepally.

“When the coronavirus (outbreak) was really picking up in Nigeria, we noticed a spike in our traffic and sales, so we figured that people need help to get their food items and, especially, to avoid the market,” founder Luther Lawoyin told Reuters earlier last month. 

Here Is What You Need To Know

Although details of this round of investment was not disclosed, Pricepally looks to re-imagine the food system in Africa, by connecting relevant stakeholders through their platform and building out the infrastructure to reach more Nigerians.

Why The Investor Invested

The latest investment by Greentec Capital Partners is one way the VC firm is diversifying its portfolio in the face of the coronavirus pandemic. The VC firm has previously invested in startups such as Sumundi, Coliba, Amitruck, Kwiks, Ecodudu, among others. Apart from fintech, retail-tech, ecommerce, cleantech or agritech, the VC firm is yet to make a major inroad into healthcare.

According to Maxime Bayen, Senior Company Builder at GreenTec Capital Partners:

At the origin of Pricepally was the deep desire from a group of people to allow households to access essential and quality food at more affordable price. We, at Greentec Capital, are thrilled to be supporting this team of young, brilliant and gender balanced co-founders on such an important mission !”

VC presence on the African startup landscape in 2019. Source:-TechCrunch

Read also: Post-COVID-19: 80% Of Viable African Startups Might Not Survive — Erick Yong, Investor With GreenTec Capital

A Look At What The Startup Does

Founded in 2019 by former University of Lagos graduate, Luther Lawoyin, on principles of the Shared Economy, Pricepally brings consumers together directly with farmers, manufacturers, and wholesalers to mutual benefit. 

“We are solving the problem of the high cost of food and daily needs in urban cities in Africa by aggregating demand and matching them directly with supply from farmers and producers,” the startup noted on its social media account.

A novel feature of the Pricepally platform is a social component which allows users to make purchases as groups for even deeper savings. According to Lawoyin, the site’s customers save at least 15% on the food they buy.

PricePally had about 320 paying users before the virus hit — that number shot up to more than 1,000 after the country’s lockdown kicked in on March 30, Lawoyin said.

Currently, Pricepally is available in the Lagos area and offers 1–2 day delivery on orders.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer