Pricepally, a Nigerian group-buying platform that enables families and businesses to buy food in bulk or share bulk food items with others has raised six-figure funding from Samurai Incubate, Launch Africa Ventures, and Angel Investors for growth.
Launched in 2019 by co-founder Luther Lawoyin, Jumai Abalaka, Deepak Bansal and Monsunmola Lawoyin, the platform sources food directly from farmers and wholesalers to make it cheaper and fresher than buying at retail outlets.
“We are psyched to be backed by the VC’s 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… said Luther Lawoyin, CEO of Pricepally.
PricePally’s mission is to tackle increasing food prices in Lagos and African cities in general, where food prices are spiraling Pricepally has witnessed a significant growth over the past 12 months and saw its sales tripled in that timeframe.
Pricepally, which was recently listed in the first tier of the prestigious Foodtech 500 global ranking, has now attracted pre-seed investment from Asia-based VC Samurai Incubate and Launch Africa Ventures, a leading Africa early-stage VC fund.
Commenting on the investment, Rena Yoneyama, Managing Partner at Managing Partner at Samurai Incubate, said “We are extremely happy to be able to support Pricepally as an investor. Inflation has escalated rapidly in Nigeria, influencing food price, though food is one of the most important necessities for daily life. We believe that Pricepally’s solution would give huge benefit for many people, family and businesses. “
“Pricepally has a really innovative model whereby it unlocks and directly transfers value to consumers – something that was earlier absorbed by large established multinationals and increased their profit margins in the process,” said Launch Africa Ventures side, Baljinder Sharma.
By giving households access to cheaper staples, we believe it directly allows people to save more and spend more on education, health, and personal development. We are confident that it will promote economic growth in the region. Luther has the right vision for the company’s expansion and the drive to grow the business across Lagos and beyond. “