Pricepally, a Nigerian-based digital food cooperative startup has recently closed an undisclosed six-digit pre-seed funding round to continue scaling its early-stage growth.
The undisclosed seed round was led by Samurai Incubate, an Asian-based VC and Launch Africa Ventures, an early-stage VC fund.
In 2020, Pricepally raised an undisclosed amount of investment from a German-based investment firm.
The startup is a group-buying platform that aggregates demanded consumer food and matches them with direct supplies from wholesalers and farmers by leveraging technology through a sharing model.
Pricepally obtains the food directly from farmers and wholesalers which makes it fresh and cheap as compared to buying it from retailers.
According to the founders, the aim of the startup is to eliminate middlemen from the purchase process, thereby saving consumers more money.
Commenting on the raised fund, Luther Lawoyin, Chief Executive Office of Pricepally said:
“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,”
Also speaking on the funding round, Rena Yoneyama, Managing partner at Samurai Incubate who expressed her delight in supporting the Nigerian-based food aggregator startup said:
“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,”
Pricepally is an online store that enables food consumers to shop bulk items with their families and friends to enjoy discounts on food items.
The platform connects farmers and wholesalers directly to consumers while leveraging technology.
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