Pricepally, an innovative digital food cooperative platform for African cities has secured an undisclosed amount of pre-seed funding from two prominent venture capitalists – Launch Africa Ventures and Samurai Incubate to aid the food tech startup’s drive towards increasing the access of food for African communities is two-fold, it both supports local wholesalers and is an affordable solution for most African communities.
According to the statements by Luther Lawoyin, Jumai Abalaka, Deepak Bansal, and Monsunmola Adefemi, who are the Co-founding partners of the food startup, revealed that the digital food cooperative platform will enable families and businesses to purchase food in bulk or share bulk food items with others, decreasing the overall cost for many families and positively contributing to eradicating hunger in various communities. They stated that Pricepally aims to tackle exorbitant food prices in African cities, increasing access to food resources for all.
Giving insight on the business model created by the African tech startup to securing the funding, Baljinder Sharma of Launch Africa Ventures explained that Pricepally is a ground-breaking mechanism to tackle food prices and food shortages in Africa.
“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. By giving households access to cheaper staples, we believe the platform 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.”
Also speaking on the funding, Rena Yoneyama, Managing Partner at Managing Partner at Samurai Incubate highlighted that:
“We are extremely happy to be able to support Pricepally as an investor. 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. ”
Meanwhile, founded in 2019, the platform is leveraging off the power of collective buying, while Pricepally empowers users to use their collective bargaining power with direct wholesalers when purchasing in bulk, saving money for all the consumers involved in the transaction. The food is sourced directly from farmers and wholesalers, resulting in a cost-effective source of grocer items when compared to retail store prices.
Pricepally’s innovative solution towards increasing the access of food for African communities are two-fold, it both supports local wholesalers and is an affordable solution for most African communities.