Retail company ShopEx secures US$400k pre-seed funding to expand its business

NIGERIA – ShopEX, a multi-channel retail company located in Nigeria, has acquired US$400,000 in pre-seed funding from Cape Town venture capital firm HAVAÍC.

The investment is part of a US$635,000 convertible note round alongside existing angel investors, bringing total investment to US$885,000 with previous involvement from EchoVC and Expert Media Partners.

This newest round of funding will allow ShopEx to expand its workforce, brand, product agreements, inventory, and operations into additional territories, with Ghana already in the works.

ShopEX, founded in 2018, is on a goal to introduce teleshopping into Nigerians’ daily lives by delivering direct to consumer live shopping experiences.

In Nigeria and other African markets, the company uses a combination of traditional and digital channels to market, sell, and distribute some of the world’s most successful ‘As Seen On TV’ products, such as Nutri-Bullet, Copper Chef, Power XL, Dream by Genie, Myfit Jeans, and Contour Pillow.

ShopEx, founded by CEO Isi Abebe and advised by Expert Media Partners (EMP), digitizes and combines the consumer journey across several channels or platforms, ranging from television to Instagram, in order to boost customer engagement and sales conversions.

“The debut of ShopEx corresponds nicely with expanding e-commerce and maturing logistics and payment infrastructures throughout Africa. These are critical elements in delivering a genuinely omnichannel experience,” Abebe stated.

Integrations with top last-mile partners optimize the fulfillment process by providing a countrywide, 24-hour delivery service.

To maximize success, the technology continuously checks revenue, media expenditure, sales agent data, inventory, customer engagement, transactions, fulfillment, and logistics.

Going forward, ShopEx is well-positioned to exploit Africa’s rapidly expanding e-commerce sector, which is being bolstered by high mobile phone penetration rates and social media growth.

The company aspires to be the QVC of Africa, going beyond transactional ecommerce or traditional brick-and-mortar stores to provide customers with exciting live shopping experiences.

Customers should expect new initiatives in the near future, according to ShopEX Country Manager and former Jumia Chief Marketing Officer, Olajumoke Kujero.

“We are overjoyed to receive this support from HAVAIC; it is a vote of confidence in our efforts to create Africa’s first genuinely omni-channel shopping experience spanning digital and traditional media,” he said.

“With exciting initiatives like our soon-to-be-launched ‘Buy Now, Pay Later’ program and several continuing retail and affiliate relationship discussions in the works, our consumers can expect to get the absolute best value for money spent on the high-quality, globally acclaimed products we offer.”

“ShopEx has the experience and network to capitalize on perhaps one of Africa’s most untapped retail prospects,” said Ian Lessem, Managing Partner of HAVAC.

“What’s more, because of their scalable technology, ShopEx can leverage social media and crucial collaborations with the likes of Multichoice, Jumia, and Alibaba to spearhead the market’s expansion of multi-channel shopping.”

HAVAIC announced the third and final closure of its HAVAIC Universum Core African Fund earlier this month, marking the VC firm’s second pan-African fund.

The fund, which now includes ShopEx as a portfolio firm, has already invested a third of its capital in early-stage African digital startups such as CrowdForce, CompariSure, Kuda, Mobiz, HearX, and Tanda, among others.

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