E-commerceFunding

ShopEX Raises $635,000, as it Aims to be the QVC of Africa

Story Highlights
  • ShopEX, a multi-channel retail business based in Nigeria and exclusive distributors of some of the world’s most successful ‘As Seen On TV’ products has raised a pre seed funding of $400,000 from Cape Town venture capital firm, HAVAÍC.

The investment forms part of a US$635,000 convertible notes round alongside existing angel investors, bringing total investment to date to: $885,000 with previous participation from EchoVC and Expert Media Partners.

Founded in 2018, ShopEX is on a mission to bring ‘teleshopping’ to the everyday life of Nigerians by creating direct to consumer live shopping experiences.

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

Founded by CEO Isi Abebe and advised by Expert Media Partners (EMP), ShopEx digitises and integrates the customer journey across numerous channels or platforms, from television to Instagram, to improve customer engagement and sales conversions.

Integrations with leading last-mile partners optimises the fulfilment process via a nationwide, 24-hour delivery service. Across the board, the technology monitors revenue, media spend, sales agent data, inventory, customer engagement, transactions, fulfilment, and logistics in real-time to optimise success. 

“The launch of ShopEx perfectly coincides with rising e-commerce and maturing logistics and payment platforms across Africa. These are vital components for creating a truly omnichannel experience,” said Abebe. “We look forward to rolling out an exciting pipeline of new products and bolstering our technology to deliver an exceptional customer experience and expand our offering into other markets.”

Source
TechEconomy

Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email: nichole@getfundedafrica.com

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