Kwik, a Nigerian-French startup that provides logistics services to B2B merchants ranging from social media to e-commerce platforms, has raised $2 million in Series A funding.I
funding round led XBTO Ventures, a crypto finance company with a venture arm that invests in digital assets, among other things. It was attended by new and existing investors such as Attack Ventures, Nabuboto, Ubisoft CEO Yves Guillemot and Pulse Africa founder Leonard Steigler.I
Mercury operates in a crowded logistics and distribution space with established suppliers such as Gokada in Nigeria and other parts of Africa such as Egypt.”S YDS and Bossa. The Last Mile Delivery Service brings together businesses of all sizes to find independent couriers to deliver their products to their businesses and individual customers.I
According to founder and CEO Romain Poirot-Lelig, his company aims to “bring the informal economy into the formal economy” with a focus on last mile delivery, e-commerce (warehousing and fulfillment), and financial services.I
“We are committed to making Quicken the best app for African social sellers and traditional digital sellers. Integration of shipping, payment and e-commerce tools seamless The easy-to-use mobile app has a compelling proposition,” he added.I “This funding round allows us to reach all three major vertical markets and select regions.”
Mercury has made significant strides in providing merchants with last mile shipping and e-commerce services.I Since launching in Lagos in 2019 and expanding its footprint in Abuja, the company has attracted more than 100,000 merchants who use the Quik website and mobile app to manage the logistical, commercial and financial needs of their business.I Poirot-Lelig said that more than 75% of weekly active users.
“We are not trying to make a super app for clients. We want to make a trading super app. “We were developing an app that merchants could use to run their online business from sales to distribution to financing,” said the CEO, who invested his $200,000 in 2019 into the startup.I
“this is us Clean software company. We are building a community and a platform for dating. We ensure that we apply the rules of the playing field to both the seller side and the partner side.
Quik uses an asset-facilitation and marketplace model in which it connects with third-party bike, truck, van, and warehouse suppliers and connects them with merchants.According to the information on the website, it takes less than two hours for the parcels to be delivered from parcels to food.
The two-year-old company, which raised a $1.9 million seed round last March, charges an average commission of 20% on every delivery.
The final piece of the Quik puzzle, financial services, kicked off in late 2021 following the launch of payment services, which the company says now account for more than 10% of its GMV.I But that is not all be built around it, and new investment is helping to boost growth in that regard.I
“The financial part is the last part we do. We are currently linking riders and financial institutions that want to fund cycles. In addition, we plan to launch a B2B lending market before the end of the year to enable merchants to receive funding.
Kwik will use the funds to attract customers and finance operations in Nigerian cities outside of Lagos and Abuja – Ibadan, Kano, Port Harcourt and Kaduna. Poirot-Lelig also revealed that the company plans to increase the number of merchants on its platform to 800,000 by the end of this year.