EZE, a Nigerian startup has raised $3.7 million in a seed round funding.
The round was led by Right Side Capital Management, with co investors C2 Ventures, Borough Capital, EVPI Investments and other angel investors.
Eze (pronounced “Eazy”) is a platform that facilitates the trading of new and used electronic gadgets in wholesale quantities.
Founded 3 years ago by Josh Nzewi, a Ycombinator alumnus and also a Forbes “Under 30” lister, the B2B wholesale marketplace startup connects buyers from across the globe with a vast array of carefully selected and thoroughly tested devices including smartphones, laptops, tablets, and other electronic gadgets.
The company also offers the largest electronic inventory repository globally, comprising over 200,000 stock keeping units (SKUs) readily available at any given time, making the order/delivery process as fast as the next day depending on the location of buyers.
Buyers on the Eze platform have access to real time market data, automated shipping process and are able to to pay in their local currencies, making the transaction process simpler and seamless.
According to the CEO and co-founder of Eze, Josh Nzewi, the funds raised will be used to enhance the platform for even more efficient services, and also to venture into yet unreached markets of Africa, Europe and South America. Expressing his excitement about the funds he said, “we are thrilled to have the support of our investors, and we look forward to using this funding to enhance our platform and provide even more value to our customers. Our goal remains to become the go-to destination for B2B buyers and sellers in the electronics industry, especially in emerging markets, and this investment will help us achieve that goal.”
Eze has its headquarters in Los Angeles, with customers in over 50 countries including the United States, The United Kingdom, Nigeria, Mexico, Ukraine and the United Arab Emirates.
The company has sold over 500,000 devices and boasts of less than 1% defect rate.