Nigeria’s ShopEX, a multi-channel retail firm and exclusive distributor of some of the world’s most popular “As Seen On TV” items, has secured US $635,000 in a pre-seed fundraising round to expand its staff, brand, and operations, as well as enter new markets.
Isi Abebe founded ShopEX in 2018 with the goal of bringing teleshopping to the everyday lives of Nigerians by delivering direct-to-consumer live shopping experiences. To advertise, sell, and distribute some of the world’s most popular “As Seen On TV” brands, the firm uses a mix of conventional and digital channels.
“The launch of ShopEx perfectly coincides with rising e-commerce and maturing logistics and payment platforms across Africa. These are vital components for creating a truly omnichannel experience,” said Abebe. “We look forward to rolling out an exciting pipeline of new products and bolstering our technology to deliver an exceptional customer experience and expand our offering into other markets.”
The business recently announced a pre-seed fundraising round of US $635,000, including US $400,000 from HAVAC, a venture capital group located in Cape Town. The investment adds to ShopEX’s total raised cash of US $885,000, which includes funds from current investors.
ShopEx now aspires to become Africa’s “QVC,” moving beyond transactional e-commerce and traditional brick-and-mortar stores to provide customers with engaging live shopping experiences. ShopEx will use the funds to expand its workforce, brand, product agreements, inventory, and operations into other areas, including Ghana.
“We are delighted to receive this funding from HAVAÍC, it’s a vote of confidence that gives us an extra boost in our journey to delivering Africa’s first truly omnichannel shopping experience across digital and traditional media,” said ShopEX country manager Olajumoke Kujero.
“With exciting initiatives like our soon to launch ‘Buy Now, Pay Later’ scheme and the various ongoing retail and affiliate partnership conversations in the works, our customers can expect to get the absolute best value for money spent on the quality globally acclaimed products we have in our offering.”
ShopEx, according to Ian Lessem, managing partner of HAVAC, has the skills and network to capitalise on one of Africa’s most untapped retail possibilities.
“What’s more, their scalable technology means ShopEx can leverage off social media and key partnerships with the likes of Multichoice, Jumia, and Alibaba to spearhead the growth of multi-channel shopping in the market,” he said.
