Nigerian Startup, Kwik Raises $2m Serie A Funding To Scale

Nigerian logistics and delivery startup, Kwik has raised $2 million Serie A Funding to scale its services across Nigeria.

The startup is expanding from logistics to providing financial services in Nigeria and Africa.

Additionally, it will use the fund to acquire more customers, while providing both logistics ad financial services.

The expansion will see Kwik operate in Nigerian cities like in Ibadan, Kano, Port Harcourt and Kaduna.

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Leading the Serie A seed round is XBTO Ventures, a corporate venture arm of XBTO Group,.

XBTO bases in New York.  Other investors include Humla Ventures, Nabuboto, Ubisoft CEO Yves Guillemot and Pulse Africa founder Leonard Stiegeler.

Kwik has a vision of building digital services for last-mile delivery, e-commerce and fulfilment, and financial services in Africa.

Consequently, the funding will help it meet these dreams of expansion.

Speaking on the seed round, the founder of the company, Romain Poirot-Lellig, said the goal is for Kwik to become the choice app for African social vendors.

Poirot-Lellig who is equally the CEO said thus:

“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 tool seamlessly in one easy-to-use mobile app is a catchy proposition.”

Meanwhile, also speaking, Philippe Bekhazi, CEO of XBTO said thus:

“Kwik has shown tremendous momentum since its launch and its mission to digitize local trade in Nigeria and soon around Africa resonates particularly well with us.”

Implications:

The funds will surely help the startup scale, providing financial services to customers.

As a startup that launched in 2019 in Lagos, Kwik has scaled its services from bikes to vans and SUVs.

It also adds 20-tons trucks to its services.

Also, it will now expand its services to more states since it currently provides delivery services in Lagos and Abuja alone.

Additionally, with its over 100, 000 merchant customers, the company plans to increase to 800, 000 merchants.