Nigeria’s business-to-business delivery platform, Kwik Delivery, has raised $2 million in series A financing. This brings the total amount raised to $4.2 million in over 6 funding rounds.
Proceeds from this investment will be used to launch a B2B lending marketplace to help merchants obtain financing. Kwik will also use this new funds to expand regionally across states in Nigeria- Ibadan, Kano, Port Harcourt, and Kaduna.
The round was led by XBTO Ventures, a crypto finance company with a venture capital arm investing in digital assets. Humla Ventures, Nabuboto, Ubisoft CEO Yves Guillemot, and Pulse Africa founder Leonard Stiegeler were also named among investors.
Kwik started off operations in 2019 with founder Romain Poirot-Lellig aiming to “bring the informal economy into the formal economy.”
Kwik connects businesses with other businesses and customers using independent bikes, trucks, vans and warehouses. The logistics company ensures last-mile delivery to customers in Abuja and Lagos where it currently operates.
The on-demand delivery platform offers customers a variety of vehicles to choose from, depending on the size of the goods. The platform also enables real-time tracking of order via their online mapping tools.
Kwik provides customers payment options, enabling them to pay and have goods delivered efficiently.
Since its launch, Kwik Delivery has onboarded over 100,000 customers and is driving at increasing this current user base to 800,000 by the end of 2022. Out of the 100 thousand users, 75% are weekly active users, Poirot-Lellig said.
Kwik claims to have made significant headway with providing last-mile delivery and e-commerce fulfilment services to merchants.
“This financing round will enable us to expand across all three key verticals and select geographic area,” said Poirot
“Our goal is for Kwik to become the prime app choice for African social vendors and traditional merchants going digital. Integrating delivery, payment and e-commerce tools seamlessly in one easy-to-use mobile app is a catchy proposition,” he said.
