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Rensource-spinoff Sabi closes $6M bridge round, expands B2B retail platform outside Nigeria

Nigeria’s informal trade sector, worth over $244 billion, has more than 40 million micro, small and medium businesses. Most of these businesses operated offline until a few years ago when startups brought about digitization by providing infrastructure…

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Nigeria’s informal trade sector, worth over $244 billion, has more than 40 million micro, small and medium businesses.

Most of these businesses operated offline until a few years ago when startups brought about digitization by providing infrastructure and a gamut of e-commerce and financial services.

One-year-old Sabi — a spinoff from Rensource, an African energy company that offers power-as-a-service to customers — is the latest startup to raise funds to serve the informal sector. The company confirmed to TechCrunch that it has raised a $6 million bridge round led by pan-African VC firm CRE Ventures.

Sabi’s bridge round is coming a year after closing a $2 million seed round from CRE Ventures, Janngo Capital, Atlantica Ventures and Waarde Capital.

Ademola Adesina and Anu Adasolum have been at the helm of Rensource since the company started in 2015; Adesina as founder and CEO and Adasolum, COO.

By providing these small and medium businesses with power, the team at Rensource began to look into other pain points these SMEs had and find ways to add value beyond energy provision.

With the pandemic halting Rensource’s business, the team had time to develop this concept which became Sabi in October 2020.

Adasolum leads Sabi’s efforts as founder and CEO following the company’s branch out in March, while Adesina holds a co-founder and director role. 

Sabi is an attempt at platforming the informal sector and African trade via various online and offline channels. This means that Sabi tries to complement the middlemen (mainly distributors) in the B2B e-commerce retail chain rather than replace them, a model familiar with other prominent B2B e-commerce retail startups such as Sokowatch, MaxAB TradeDepot and Twiga.

“We’re not trying to be, you know, a tech-enabled digital distributor. We’re not trying to disintermediate a market full of hyper-specialization where one of the defining characteristics of the informal sector is you have all these middlemen and agents performing a very narrow role,” Adesina said to TechCrunch.

We think that specialization is important for the sector to work properly — whether it’s aggregation, making a sale, knowing the customer especially well, all these middlemen play a key role. And the way we deal with them is we give them a set of tools and an infrastructure they can run their business on to make it more optimized.”

Sabi caters to the needs of manufacturers, distributors, wholesalers and retailers and classifies all of them as merchants.

The company operates an asset-light model and doesn’t own vehicles, warehouses or goods. But it provides visibility into these assets across the entire value chain from the demand and supply side and controls on a single platform.

Running this model exempts Sabi from the constraints a typical B2B e-commerce retail platform might face when acting as a distributor for manufacturers to retailers.

Anu Adasolum (Founder and CEO, Sabi)

For instance, asset-heavy platforms can’t move goods from two different suppliers in the same truck or use the same salespeople when distributing goods from different suppliers to retailers. On the other hand, Sabi doesn’t have such constraints, so whereas other platforms try to standardize operations around goods offtake, Sabi concentrates on offtake monitoring.

“We focus our processes, policies and monitoring around understanding the different types of users and monitoring how the third parties we work with are serving them,” said CEO Adasolum.

“As a result, the net experience of each off-taker is different and it works more for their particular business type. So I’m not going to go to a business that is used to working a particular way and change it but instead offer several other channels that they’re more comfortable with through our platform.”

These channels include offline agents, call centres, merchant partners, supplier centres and mobile app. Each stakeholder can access tools around inventory management, sales, tracking, digital invoices, analytics on the platform.

“We’re starting with what makes them comfortable, not what we think is best,” the CEO added. 

Merchants on Sabi deal with FMCG goods and products in other sectors such as agriculture, electronics and chemicals. The category-agnostic platform is home to more than 175,000 merchants who have made B2B transactions totalling over $200 million annualized GMV run rate. And more than 10,000 agents serve these merchants on Sabi’s network.

Sabi makes money by taking a transaction fee when any merchants perform any sale on the marketplace. The company also earns a margin for providing financing to them.

Adesina said in Q1 2022, Sabi plans to roll out a subscription model where agents will pay a monthly fee to access a reseller model.

Also in Sabi’s pipeline is providing manufacturers with visibility and data-backed insights and direct engagement down the value chain.

Growing an average of 40% month on month in Nigeria, Sabi intends to replicate its rapid growth in other African countries Kenya and South Africa.

The company opened shop in Kenya last month and just made a few hires in South Africa, intending to go live early next year. Another round of funding, a Series A, might close in time to fuel the company’s expansion into both countries, Adesina said.

Pardon Makumbe, co-founder and managing partner of CRE Venture Capital, in a statement emphasizing why his firm doubled down on its investment under a year said, “Sabi’s online and offline approach to serving informal businesses, combined with the quality of its platform and service provider curation, has clearly taken root in Nigeria. The company is on track to be one of the fastest-growing African companies of 2021 and is showing no signs of slowing down.”

Sabi’s growth, in addition to market demand, comes from the background of its founders. Before Sabi and Rensource, CEO Adasolum worked at Jumia, where she was in charge of offline sales for some African countries: Nigeria, Ghana and Kenya.

She has also performed commercial operations and merchant acquisition roles for the African e-commerce giant. Adesina too has vast experience working with multinationals such as the Capricorn Investment Group, the Rockefeller Foundation and JP Morgan.

Adesina is confident that the digitization of offline processes for B2B e-commerce retail will continue despite questions about why many players exist in the space. And he believes as more startups come into the market, more venture capital will follow.

Sabi’s monthly GMV numbers is one reason the co-founder has this conviction. Right now, the company claims to be on the verge of processing about $12 million monthly GMV.

While Jumia, Africa’s biggest e-commerce player, records this volume on average after five years in operation, it has taken Sabi less than a year to achieve this feat which can be attributed to the size of the country’s informal B2B e-commerce retail market.

“The kind of data we’re seeing now in terms of like real-time visibility into whether people like this product or that product, that stuff is gonna accrue and grow exponentially over the next a few years,” the co-founder said.

“And then I think that the same way one saw in China in the late 90s the kind of hyper digitalization of what was a very informal economy, I see that happening faster in Africa than most people realize. I think it’s something people don’t realize how quickly it’s going to happen.”

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Americans Are Having A Lot Less Sex. Here’s Why?

Americans Are Having A Lot Less Sex. Here’s Why?

Authored by Ross Pomeroy via RealClearScience.com,

Americans had a lot less sex in 2018 compared to 2009, according to a new study published in the Archives of Sexual Behavior. The finding…

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Americans Are Having A Lot Less Sex. Here's Why?

Authored by Ross Pomeroy via RealClearScience.com,

Americans had a lot less sex in 2018 compared to 2009, according to a new study published in the Archives of Sexual Behavior. The finding mirrors a downward trend also seen in many other parts of the developed world, including the UK, Australia, Germany, and Japan.

Researchers from the Center for Sexual Health Promotion at Indiana University School of Public Health made the discovery by comparing data collected in 2009 and 2018 from participants of the National Survey of Sexual Health and Behavior (NSSHB). The NSSHB is an ongoing, representative survey of adolescents aged 14-17 and adults aged 18-49 focused on understanding sex in the United States. Participants are asked about their sexual exploits as well as various demographic factors.

For the current analysis, lead author Dr. Debby Herbenick and her colleagues examined the responses of 4,155 individuals from the 2009 NSSHB and 4,547 individuals from the 2018 NSSHB, specifically focusing on how often they reported having penile-vaginal intercourse. The researchers also probed the frequency of other sexual behaviors like masturbation, oral sex, and anal sex.

They found that while 24% of adults reported not having penile-vaginal intercourse over the prior year in 2009, 28% of adults reported not having intercourse over the prior year in 2018. Adolescents were also increasingly abstinent – 79% reported not having sex over the previous 12 months in 2009 while 89% reported not having sex over the previous 12 months in 2018.

The data also permitted the researchers to estimate how often the average American adult aged 18-49 has sex each year. In 2009, it was about 63 times. In 2018, it was about 47 times.

Both adolescents and adults also reported fewer instances of partnered masturbation, oral sex, and anal sex in 2018 compared to 2009, which surprised the researchers. They hypothesized that any decrease in penile-vaginal sex would be offset by an increase in other sexual activities. Not so. It simply seems that Americans are having less sex.

What could explain this drought of sexual activity? The researchers put forth a number of hypotheses. They note that, compared to 2009, adolescents and younger adults are drinking less alcohol, spending more time on social media, and playing more video games.

They also earn less money and are less likely to be in romantic relationships.

"Also, more contemporary young people identify with non-heterosexual identities— including asexual identities—and more young people identify in gender expansive ways," the researchers write.

There's also a simpler explanation. People may have been more prone to exaggerate their sexual habits in 2009 and are less likely to now.

Whatever the reasons, the researchers say there's no reason to fret about the decline. "The age-old question on how much sex is too much and how little sex is not enough comes to mind," they write. The data is merely interesting, and they will continue to monitor it, especially watching for changes resulting from the COVID-19 Pandemic.

*  *  *

Source: Herbenick, D., Rosenberg, M., Golzarri-Arroyo, L. et al. Changes in Penile-Vaginal Intercourse Frequency and Sexual Repertoire from 2009 to 2018: Findings from the National Survey of Sexual Health and Behavior. Arch Sex Behav (2021). https://doi.org/10.1007/s10508-021-02125-2

Tyler Durden Sat, 11/27/2021 - 21:45

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“The Omicron Variant” – Magic Pills, Or Solving The Africa Problem?

"The Omicron Variant" – Magic Pills, Or Solving The Africa Problem?

Authored by Kit Knightly via Off-Guardian.org,

Yesterday the WHO labelled the sars-cov-2 variant B.1.1.529 as a “variant of concern” and officially named it “Omicron”.

Th

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"The Omicron Variant" – Magic Pills, Or Solving The Africa Problem?

Authored by Kit Knightly via Off-Guardian.org,

Yesterday the WHO labelled the sars-cov-2 variant B.1.1.529 as a “variant of concern” and officially named it “Omicron”.

This was as entirely predictable as it is completely meaningless. The “variants” are just tools to stretch the story out and keep people on their toes.

If you want to know exactly how the Omicron variant is going to affect the narrative, well The Guardian has done a handy “here’s all the bullshit we’re gonna sell you over the next couple of weeks” guide:

  • The Omicron variant is more transmissable, but they don’t know if it’s more dangerous yet (keeping their options open)

  • It originated in Africa, possible mutating in an “untreated AIDS patient” (sick people are breeding grounds for dangerous “mutations”)

  • “it has more than double the mutations of Delta…scientists anticipate that the virus will be more likely to infect – or reinfect – people who have immunity to earlier variants. (undermining natural immunity, selling more boosters, keeping the scarefest going)

  • “Scientists are concerned” that current vaccines may not be as effective against the new strain, they may need to be “tweaked” (get your boosters, and the new booster we haven’t invented yet)

  • “Scientists expect that recently approved antiviral drugs, such as Merck’s pill, will work as effectively against the new variant” (more on this later)

  • It’s already spreading around the world, and travel bans may be needed to prevent the need for another lockdown

We’re already seeing preparations for more “public health measures”, with the press breathlessly quoting “concerned” public health officials. We’re being told that a new lockdown won’t be necessary…as long as we remember to get boosted and wear masks and blah blah blah.

Generally speaking, it’s all fairly boilerplate scary nonsense. Although it is quite funny that the Biden administration has already put a bunch of African nations on a travel ban list, when Biden called Trump a racist for doing the same thing in 2020.

AFRICA

It’s interesting that the new variant has allegedly come from Africa, perhaps “mutating in the body of an AIDS patient”, since Africa has been the biggest hole in the Covid narrative for well over a year.

Africa is by far the poorest continent, it is densely populated, malnourishment and extreme poverty are endemic across many African nations, and it is home to more AIDS patients than the entire rest of the world combined. And yet, no Covid crisis.

This is a weak point in the story, and always has been.

Last Summer, the UK’s virus modeller-in-chief Neil Ferguson attempted to explain it by arguing that African nations have, on average, younger populations than the rest of the world, and Covid is only a threat to the elderly. But five minutes of common sense debunks that idea.

The reason Africa has a younger population, on average, is that – on average – they are much sicker.

There are diseases endemic to large parts of Africa that are all but wiped out in most of the Western world. Cholera, typhus, yellow fever, tuberculosis, malaria. Access to clean water, and healthcare are also much more limited.

And while it has been nailed into the public mind that being elderly is the biggest risk factor for Covid, that is inaccurate. In fact, the biggest risk factor for dying “of Covid” is, and always has been, already dying of something else.

The truth is that any REAL dangerous respiratory virus would have cut a bloody swath across the entire continent.

Instead, as recently as last week, we were getting articles about how Africa “escaped Covid”, and the continent’s low covid deaths with only 6% of people vaccinated is “mystifying” and “baffling” scientists.

Politically, African nations have shown themselves far less likely to buy into the “pandemic” narrative than their European, Asian or American counterparts. At least two “Covid denying” African presidents – Pierre Nkurunziza of Burundi and John Magufuli of Tanzania – have died suddenly in the last year, and seen their successors immediately reverse their covid policies.

So maybe the Omicron Variant is a way of trying to fold Africa into the covid narrative that the other continents have already fully embraced. That will become clear as the story develops.

Of course, it’s also true that being “African” is media shorthand for being scary, relying on the deeply-seated xenophobia of Western audiences. See: “Africanized killer bees”.

But, either way, Africa is the long game. There’s a more obvious, and more cynical, short term agenda here.

THE MAGIC PILLS

Let’s go back to the Guardian’s “Omicron” bullet points, above:

  • Scientists are concerned by the number of mutations and the fact some of them have already been linked to an ability to evade existing [vaccine-created] immune protection.

  • Scientists expect that recently approved antiviral drugs, such as Merck’s pill, [will work effectively] against the new variant

The “new variant” is already being described as potentially resistant to the vaccines, but NOT the new anti-viral medications.

Pharmaceutical giants Merck and Pfizer are both working on “Covid pills”, which as recently as three days ago, were being hyped up in the press:

US may have a ‘game changer’ new Covid pill soon, but its success will hinge on rapid testing

In the US, an emergency use authorisation can only be issued if there is no effective medication or treatment already available, so the vaccines not being proof against Omicron would be vital to rushing the pills onto the US market, at least.

If Omicron is found to be “resistant to the vaccines”, but NOT the pills, that will give governments an excuse to rush through approving the pills on an EUA, just as they did with the vaccines.

So, you bet your ass that testing is gonna be “rapid”. Super rapid. Blink-and-you’ll-miss-it rapid. Rapid to the point you’re not even sure it definitely happened. And now they have an excuse.

Really, it’s all just more of the same.

A scare before the new year. An excuse to make people believe their Christmas could be in peril. An exercise in flexing their control muscles a bit, milking even more money out of the double-jabbed and boosted crowd, now newly terrified of the Omicron variant, and a nice holiday bump to Pfizer’s ever-inflating stock price.

At this point either you can see the pattern, or you can’t. You’re free of the fear machinery, or you’re not.

There is one potential silver lining here: It feels rushed and frantic. Discovered on Tuesday, named on Friday, travel bans on Saturday. It is hurried, and maybe that’s a reaction to feeling like the “pandemic” is losing its grip on the public mind.

Hopefully, as the narrative becomes more and more absurd, more and more people will wake up to reality.

It has been pointed out that “Omicron” is an anagram of “moronic”.

One wonders if that’s deliberate and they’re making fun of us.

Tyler Durden Sat, 11/27/2021 - 23:45

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Israel Moves To Ban All Foreigners From Entry Amid Omicron Variant Fears

Israel Moves To Ban All Foreigners From Entry Amid Omicron Variant Fears

Israel’s Knesset is set to hold a special emergency "coronavirus cabinet" late Saturday night where government officials will vote on enacting a complete closure of…

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Israel Moves To Ban All Foreigners From Entry Amid Omicron Variant Fears

Israel's Knesset is set to hold a special emergency "coronavirus cabinet" late Saturday night where government officials will vote on enacting a complete closure of the country to foreign travel. The ban will tentatively be in effect for the next two weeks.

Already Israel has banned all foreigners arriving from the majority of African countries in recent days on fears that the highly-mutated Omicron coronavirus variant, which first emerged in South Africa, could be the next deadly wave - and with the vaccine possibly doing little to stop it.

AFP/Getty Images

The greatly tightened travel and tourist restrictions are expected to be announced late Saturday night or early Sunday. It's expected to also include a new mandatory quarantine of three days or more for vaccinated Israeli citizens who've returned from traveling abroad. For unvaccinated inbound Israeli citizens the quarantine will be a week.

The fresh travel rules come as authorities scramble to do contact tracing on exposures related to at least one confirmed Omicron case:

Authorities are scrambling to locate 800 Israelis who may have been exposed to the new Omicron variant of COVID-19, a defense official said Saturday.

The Health Ministry confirmed one case of the new variant in Israel, and said there were seven other suspected cases who were awaiting test results.

Four of the suspected cases returned to Israel recently from international travel, and three had not traveled, raising fears of community transmission in Israel.

Prime Minister Bennett ahead of the vote said the government is "preparing for any scenario." And concerning the new still somewhat mysterious variant, the country's interior minister said, "It looks like it might be more infectious, so we’re taking action as fast as possible."

Just days ago the health minister Nitzan Horowitz announced that Israelis will likely have to get a fourth shot, also as children between the ages of 5 to 11 have begun receiving the jab. Ironically the foreign tourist ban is now being re-imposed for one of the most highly vaxxed nations on earth.

At least 80% of all Israelis 16 and older are now considered fully vaccinated.

Tyler Durden Sat, 11/27/2021 - 23:15

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