Lagos-based online store PricePally, which allows users to shop food and daily needs items in bulk, has raised fresh funding from Tokyo-based Samurai Incubate, Launch Africa Ventures and angel investors.
PricePally didn’t disclose the exact amount it raised in the pre-seed funding round. But GreenTec Capital, an existing investor, said the Nigerian startup secured a six-figure sum.
GreenTec didn’t share any other details. The Berlin-based venture capital firm had previously invested a small sum in PricePally.
PricePally connects farmers and suppliers directly to the consumer. It was started in 2019 and allows consumers to shop and share orders for food, groceries, meat, baby products and other items.
The startup’s founding team comprises CEO Luther Lawoyin, CTO Deepak Bansal, COO Jumai Abalaka and CDO Monsunmola Adefemi.
“We have a lot of work ahead and this [funding] gives us the pump to execute on our plans,” said Lawoyin.
According to GreenTec, urban food prices in Africa, especially in Lagos, are volatile and subject to high markups from urban food retailers and markets. “The company’s offering has found a welcoming audience in Lagos, where they have seen sales increase three-fold in the last 12 months,” it said.
Rena Yoneyama, managing partner at Samurai Incubate, concurred with GreenTech. “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.