Egyptian venture capital firm Acasia Ventures has joined the US$1 million seed investment round in Lagos-based last-mile delivery platform Fez Delivery.
The round was led by Nigeria’s discovery fund Ventures Platform.
Acasia Ventures General Partner Biola Alabi told WAYA website that the VC is implementing sector-agnostic approach in its investment, with no bias to specfic sector or technology.
“Fez has been able to amass over 11,000 customers because they are going beyond the major markets, serving customers across the country,” Acasia Ventures General Partner Biola Alabi said.
“The company is tapping into a market that no global player has so far entered, namely parcel delivery across the whole of Nigeria, as opposed to just big cities. It enables SMEs to compete with national players by providing them with last-mile delivery services that suit the nature of their operations,” Alabi added.
Fez has launched in 2018 by Seun Alley and Femi Jose. The Nigerian startup filled the gap in the logistics scene.
The startup built a flexible pricing model covering the distance and the type of pracel.
Fez was part of Techstars Accelerator Program, where it raised US$100,000 as part of its pre-seed investment.
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