Franco-Nigerian on-demand, last-mile delivery startup, Kwik has raised a US$2 million Series A funding round as it steps up expansion to digitise informal African trade, from logistics to financial services.
It was reported in July 2019 on the
launch of Kwik – a digital platform connecting delivery partners and corporate
customers in large African cities and offering digital solutions for e-commerce
payment and fulfilment – after the startup raised seed funding, and it saw
speedy uptake.
It secured further seed investment in 2020,
and in March of last year closed a pre-Series A round worth US$1.7 million from
institutional and high net worth investors to fund its next phase of growth.
The rest of the year saw Kwik rapidly expand both in terms of customer base and
services, while GMV and revenue grew by 400 per cent over the course of 2021.
Kwik has now banked a US$2 million Series
A, led by XBTO Ventures, an investor focused on digital asset and fintech
investments. It also features follow-on investments from several new and
existing shareholders, including venture fund Humla Ventures; Leo Stiegeler,
founder of Pulse.Africa; French tech investment holding Nabuboto, and Ubisoft
CEO Yves Guillemot.
The startup is now focusing on building
digital services for the three key pillars of last-mile delivery – e-commerce
and fulfilment, 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.”