Nigerian logistics startup Kwik has raised a US$2 million Series A funding round as it steps up expansion to digitise informal African trade, from logistics to financial services.
Disrupt Africa reported in July 2019 on the launch of Kwik – a digital platform connecting delivery partners and corporate customers in large African cities and offering digital solutions for e-commerce payment and fulfilment – after the startup raised seed funding, and it saw speedy uptake.
It secured further seed investment in 2020, and in March of last year closed a pre-Series A round worth US$1.7 million from institutional and high net worth investors to fund its next phase of growth. The rest of the year saw Kwik rapidly expand both in terms of customer base and services, while GMV and revenue grew by 400 per cent over the course of 2021.
Kwik has now banked a US$2 million Series A, led by XBTO Ventures, an investor focused on digital asset and fintech investments. It also features follow-on investments from several new and existing shareholders, including venture fund Humla Ventures; Leo Stiegeler, founder of Pulse.Africa; French tech investment holding Nabuboto, and Ubisoft CEO Yves Guillemot.
The startup is now focusing on building digital services for the three key pillars of last-mile delivery – e-commerce and fulfilment, and financial services.
“Our goal is for Kwik to become the prime app choice for African social vendors and for traditional merchants going digital. Integrating delivery, payment and e-commerce tools seamlessly in one easy-to-use mobile app is a catchy proposition,” said Romain Poirot-Lellig, Kwik’s founder and CEO. “This financing round will enable us to expand across all three key verticals and in select geographic areas.”
