Lagos-based ecommerce startup, PricePally, has raised six-figure funding from Samurai Incubate, Launch Africa Ventures, and Angel Investors. The investment comes as the startup demonstrated strong early growth.
“We are psyched to be backed by the VCs and angels that took part in this round. We have a lot of work ahead and this gives us the pump to execute on our plans,” said Luther Lawoyin, chief executive officer (CEO) of Pricepally.
Why The Investors Invested
The investment came partly from Japanese Venture Capital firm Samurai Incubate Africa which in January, 2020 announced the launch of their USD 18.250 Mn (JPY 2 Bn) second Africa focused fund — Samurai Africa Fund 2nd General Partnership with target on startups based in Kenya, Nigeria and South Africa. The ticket size for Samurai’s investments ranges between USD 50 K to 500 K for startups developing solutions for FinTech / insureTech, logistics, Medtech / healthcare, retail & e-commerce, agritech, transport & mobility, and entertainment sectors. (Startups still interested in checking out Samurai Incubate Africa may follow this link).
Rena Yoneyama, managing partner at Samurai Incubate, said she was “extremely happy” to be able to support Pricepally. “Inflation has escalated rapidly in Nigeria, influencing food prices, though food is one of the most important necessities for daily life. We believe that Pricepally’s solution would give huge benefits for many people, families and businesses” she added.
Headquartered in Ebene, Mauritius, Launch Africa Ventures is a frontier Pan-African fund solving the significant funding gap in the Seed to Series A bridge funding investment landscape in Africa. The VC offers its portfolio companies equity investments between $100k — $300k. Most investments are made via SAFE or convertible notes. It targets B2B and B2B2C early-stage, technology driven startups with strong management teams solving the most meaningful problems on the continent.
Read also:Africa’s Business Heroes Prize Competition Calls for 2021 Applications
A Look At What The Startup Does
Founded in 2019 by 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.
Read also:Local Investors Lead $2m Investment In Nigerian Fintech Bankly
PricePally had about 320 paying users before the virus hit last year — 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
PricePally ecommerce