PricePally has raised six-figure funding from Samurai Incubate, Launch Africa Ventures, and Angel Investors. The investment comes as the Lagos-based group-buying platform demonstrated strong early growth.
PricePally, founded in 2019, developed its PricePally web and mobile application to help Nigerians save on food prices. The innovative platform connects buyers directly to producers and implements a social buying or “Pally” option for friends and strangers to share bulk purchases and further reduce costs.
Urban food prices in Africa, especially in Lagos, are volatile and subject to high markups from urban food retailers and markets. The company’s offering has found a welcoming audience in Lagos, where they have seen sales increase three-fold in the last 12 months.
“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,” said Lawoyin, chief executive officer (CEO) of Pricepally.
Rena Yoneyama, the managing partner at Samurai Incubate, said she was “extremely happy” to be able to support Pricepally. “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” she added.