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Nigeria’s TradeDepot closes $110m Series B funding round. 1 other thing and a trivia

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This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Nigeria’s TradeDepot closes $110m Series B funding round.

TradeDepot, a Nigerian B2B e-commerce and embedded finance platform, has announced closing a US$110 million in an equity and debt Series B funding round.

The funding is expected to support the delivery of buy-now-pay-later services to five million SME retailers and drive further expansion of its merchant platform across the continent.

The startup was founded in 2016 to connect consumer goods brands in Africa directly to a target market of several million retail outlets across the continent.

5 years later, the startup offers a broad range of consumer goods to SME retailers within its network and provides credit lines to enable these retailers to access inventory and pay in installments as they sell on to their own customers.

TradeDepot is active in 12 cities across Nigeria, Ghana and South Africa.

The US$110 million Series B equity round was led by the International Finance Corporation (IFC), with participation from Novastar, Sahel Capital, CDC Group, Endeavor Catalyst and existing investors, Partech and MSA Capital.

Tech Trivia: Which of the following is considered infotainment?

A A video game
B An online dictionary
C A cable news show
D A fictional movie
Answer: See end of post

READ ALSO: Egypt-based food-tech startup Ordera secures seed funding

2. Egypt’s Bosta looks to expand to UAE, Saudi Arabia

Leading Egyptian logistics startup, Bosta, has made public its intent to expand to the United Arab Emirates (UAE) and Saudi Arabia next year.

The development comes on the heels of securing a funding round in May.

The startup was founded in 2017 by Mohamed Ezzat and Ahmed Gaber, providing a full-stack delivery solution for e-commerce companies.

Its product, according to sources familiar with the startup, simplifies logistics, allowing its customers to have full control over the delivery process.

At the moment, Bosta delivers an average of 20,000 daily shipments, and it is seeking to fulfil as many as 100,000 deliveries per day in 2022 given its international expansion plans.

This expansion will be funded by a US$6.7 million Series A round of investment raised earlier this year.

Trivia Answer: Cable news show

Infotainment is a combo word, like “fantabulous,” that combines two words into one. It refers to television news shows, movies, websites, and software that blend information and entertainment together.

For example, shows on the Food Network and Animal Planet provide information to the viewer, but are also fun to watch. Certain news broadcasts can also be considered infotainment, since they strive to be as entertaining as they are informational.

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