Kwik, a logistics startup with a presence in Nigeria and France, has raised $2 million in Series A funding to enhance its services for B2B merchants, including e-commerce platforms and social vendors. The round was led by XBTO Ventures, with participation from Humla Ventures, Nabuboto, Ubisoft CEO Yves Guillemot, and Pulse Africa’s founder Leonard Stiegeler.
Founded in 2019, Kwik offers last-mile delivery solutions and e-commerce fulfillment for businesses across Nigeria. The company’s platform connects businesses with independent delivery riders to handle product transportation for both business and individual customers. Kwik has onboarded over 100,000 merchants, with 75% being weekly active users, and aims to integrate delivery, payment, and e-commerce tools into a seamless app for African social vendors and traditional merchants transitioning to digital.
Kwik’s platform operates on an asset-light model, collaborating with third-party providers for vehicles and warehouses. The company charges a 20% commission per delivery, with an average delivery time of under two hours. In 2021, Kwik launched payment services, which now account for more than 10% of its Gross Merchandise Volume (GMV). With the new funding, Kwik plans to expand its financial services by launching a B2B lending marketplace for merchant financing and further expand into Nigerian cities beyond Lagos and Abuja.
The company is focused on building an app that caters to merchants’ needs, providing a comprehensive set of tools to help manage sales, delivery, and financing. With plans to increase its merchant base to 800,000 by the end of the year, Kwik is positioning itself as a key player in the African e-commerce ecosystem.
