Patricia, a Bitcoin trading firm based in Lagos, has announced a $1.5 million investment in urban streetwear apparel brand Rooomxix in order to facilitate its nationwide expansion.

“Our confidence in securing this new financing is backed up by budding industry and enormous potential that lies in streetwear not just in Nigeria but in Africa at large. Our goal is to accelerate Africa’s transition into the global fashion scene through high streetwear, ”Gbenga Adeyefa, the C.E.O of Rooomxix, said. 

Why The Startup Invested

Patricia and Rooomxix, according to a corporate release, have been in contact since 2019 and have had a few partnerships in the past, with the current raising strengthening the alliance.

“The fashion industry, especially the high streetwear niche holds untapped opportunities for brands like Rooomxix. This new funding will allow Rooomxix to ramp up its expansion plans in Nigeria, delving deep into technology, expanding inventory for the online stores to service Africa,” CEO of Patricia Fejiro Hanu Agbodje said. 

The deal was concluded in April this year.

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A Look At What Roomxix Does

Rooomxix is a retail streetwear fashion firm that has been in operation since July 2018, with the goal of revolutionizing street fashion in Africa and guaranteeing that high street fashion aficionados are not limited by shipping limits when purchasing for oneself. The brand intends to make high-end streetwear more affordable and accessible across the continent.

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It is worth noting that discussions regarding Nigeria’s fashion business these days tend to focus on the luxury and mid-market segments, ignoring hundreds of value companies that make up a substantial portion of the industry.

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