Lagos-based B2B e-commerce startup, Sabi, has raised $38 million in Series B funding at a valuation of $300 million. Investors in this round include CommerzVentures, Norrsken22, Fluent Ventures, Proof VC, CRE Venture Capital, and Janngo Capital. Sabi aims to provide digital commerce infrastructure to Africa's informal economy. The startup has shown significant growth, with over 300,000 merchants and more than $1 billion annualized GMV (Gross Merchandise Volume). Unlike other B2B e-commerce platforms, Sabi operates on an asset-light model, complementing intermediaries in the retail chain. The company's revenue comes from a take rate on marketplace transactions and financing margins on credit-related transactions. Sabi plans to expand into new markets, including Tanzania, Malawi, the Democratic Republic of Congo, and Francophone West Africa. The startup aims to accommodate additional revenue models and focus on the B2B payments value chain through new product launches and features.
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