Nigerian digital food cooperative Pricepally has raised a six-digit pre-seed funding round to help it build on its strong early growth.
Launched in 2019 by Luther Lawoyin, Jumai Abalaka, Deepak Bansal and Monsunmola Adefemi, Pricepally is a group-buying platform that aggregates consumer food demand and matches it with supplies directly from farmers and wholesalers.
The food is sourced directly from farmers and wholesalers, making it cheaper and fresher than buying at retail outlets. The startup’s aim is to cut out middlemen and save consumers money by leveraging technology to aggregate demand via a sharing model.
Pricepally secured an undisclosed amount of investment from the Frankfurt-based GreenTec Capital last July, and having seen significant growth over the past 12 months, in which time sales have tripled, it has now raised a pre-seed funding round.
The investment comes from Asia-based VC Samurai Incubate and early-stage VC fund Launch Africa Ventures.
“We are psyched to be backed by the VCs and angels that took part in this round. We have a lot of work ahead and this gives us the pump to execute on our plans,” said Lawoyin, chief executive officer (CEO) of Pricepally.
Rena Yoneyama, managing partner at Samurai Incubate, said she was “extremely happy” to be able to support Pricepally.
“Inflation has escalated rapidly in Nigeria, influencing food prices, though food is one of the most important necessities for daily life. We believe that Pricepally’s solution would give huge benefits for many people, families and businesses,” she said.