Kwik, a Nigerian logistics firm, has acquired a $2 million Series A fundraising round as part of its plan to digitise informal African commerce, ranging from logistics to financial services.
In 2020, it received further seed funding, and in March of last year, it concluded a pre-Series A round of US $1.7 million from institutional and high-net-worth investors to support its next phase of expansion. Kwik continued to grow fast for the rest of the year, both in terms of client base and services, with GMV and revenue increasing by 400% in 2021.
Kwik has received a US $2 million Series A funding round headed by XBTO Ventures, a digital asset and fintech investor.
Several new and current owners, including venture capital firm Humla Ventures, Pulse.Africa founder Leo Stiegeler, French tech investment firm Nabuboto, and Ubisoft CEO Yves Guillemot, have made follow-on investments.
The company is now concentrating on developing digital services for the three pillars of last-mile delivery: e-commerce, fulfillment, 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.”
