Nigerian B2B wholesale marketplace for mobile devices, laptops, tablets, and other electronic gadgets, Eze has secured $3.7 million in seed funding to enhance its product offerings and expand into new markets in Africa, Asia, Europe, and South America.
The funding round was led by Right Side Capital Management, with participation from C2 Ventures, Boro Capital, EVPI Investments, and other angel investors.
With the funds raised, Eze aims to establish itself as the primary destination for B2B buyers and sellers in the electronics industry as it continually aims to provide great value to its customers.
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Speaking on the funds raised, the company’s CEO and Co-founder Josh Nzewi said,
“Our mission is to power unfettered access to consumer electronics across the world, enabling users to maximize their potential with the experiences provided by these devices. 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 the electronics industry, especially in emerging markets, and this investment will help us achieve that goal”.
Headquartered in San Francisco CA, Eze connects thousands of US-based sellers to buyers all over the world. On its website, buyers can submit a bid request to wholesalers at the click of a button and access over 200,000 SKUs at any time. Eze vets all sellers and tests each device before they are shipped to the buyer to ensure that buyers get exactly what they ordered.
Having observed that people are often scammed when purchasing gadgets, Eze solves these problems via a global marketplace that allows sellers and end buyers to connect directly while providing price transparency (via centralized bidding), quality control, through a proprietary QA process, and fraud prevention, via a centralized payment process.
With Eze, buyers can access unbeatable wholesale prices, transparent product quality grading, payment in their local currency, extended warranty, and other services designed to support effective and efficient trading. The platform gives businesses real-time market prices and eliminates transaction risk by acting as an intermediary with a secure payment system.
Sellers can also access an international network of qualified buyers and other services designed to drive sales.
The used gadgets sold on Eze go through a standardized grading process created by the platform to check originality and functionality. It places a 30-day warranty on the products, and customers can opt for an exchange upon return, get additional credit, or extend the warranty to 180 days and pass it to the end customer.
Since its launch in 2020, the startup has reported a less than 2% return rate. It has also facilitated the sale of over 500,000 devices since its inception, boasting a defect rate of less than one percent.