Eze, a dynamic B2B marketplace that connects global electronic wholesalers, has successfully secured $3.7 million in an oversubscribed seed round. The investment came from a consortium of notable backers, including renowned entities such as Y Combinator, Right Side Capital, C2 Ventures, Boro Capital, EVPI Investments, Itochu, Jack Greco, and a group of angel investors. 

The primary objective behind this substantial investment is to fuel the growth and expansion of Eze, as it seeks to revolutionize the secondhand electronics market. This funding will enable Eze to enhance its platform and provide a comprehensive solution that addresses the challenges faced by traders in the B2B space.

Why the Investors Invested

The investors’ decision to invest in Eze was driven by compelling factors that underscored the immense potential of the venture. Firstly, the secondhand electronics market represents a substantial and rapidly growing industry. According to the International Data Corporation (IDC), the shipments of used smartphones are projected to experience a remarkable compound annual growth rate (CAGR) of 10.3% from 2021 to 2026, culminating in a market value of $99 billion. Eze, with its innovative B2B marketplace, positions itself at the forefront of this burgeoning market, offering a unique opportunity for investors to capitalize on its significant growth prospects.

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Furthermore, the investors recognized the critical need for a transformative solution in the secondhand electronics market. Eze’s platform addresses the prevalent inefficiencies, such as poor distribution, pricing fragmentation, and widespread fraud, which currently plague the industry. By leveraging centralized bidding, quality control mechanisms, and fraud prevention measures, Eze seeks to revolutionize and formalize trade in this sector, ultimately providing a safe, efficient, and transparent platform for businesses.

Additionally, the investors’ confidence in Eze was bolstered by the remarkable track record and expertise of its founders, Joshua Nzewi and David Iya. Having previously operated as successful wholesalers, the founders’ deep understanding of the industry and their impressive achievement of selling $8 million worth of devices within their initial two years showcased their exceptional capabilities and commitment to reshaping the secondhand electronics market. This combination of a promising market, an innovative solution, and a visionary founding team instilled confidence in the investors, motivating their decision to support Eze’s growth.

A Look at Eze

Founded in 2020 by Joshua Nzewi and David Iya, Eze has swiftly emerged as a prominent player in the secondhand electronics market. While initially operating primarily in Lagos’ bustling Computer Village, Nigeria’s most prominent electronics market, Eze has expanded its reach by onboarding suppliers from Japan and Hong Kong and establishing a strategic facility in Dubai. Eze operates as a cutting-edge B2B marketplace, seamlessly connecting distributors, retail stores, and electronics suppliers.

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The platform offers a range of compelling features, including a meticulous grading process to ensure the originality and functionality of used gadgets. Eze further distinguishes itself by providing customers with a 30-day warranty on products, as well as flexible options for exchanges, additional credit, and extended warranties. One noteworthy aspect of Eze’s success is its exceptionally low return rate of less than 2% since its inception, a testament to its commitment to quality control and customer satisfaction.

Eze sets itself apart by providing real-time market prices, competitive pricing structures, comprehensive global payment support, net payment financing options, and streamlined logistics. The company has established a strategic partnership with FedEx for logistics operations in the United States, Europe, and Southeast Asia. In other regions, Eze leverages third-party logistics services to ensure efficient and reliable delivery across Latin American and African markets.

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard