Nigeria’s biggest online store for groceries has raised an undisclosed amount of funds from an unnamed angel investor to scale and introduce four new products to the Nigerian online marketplace.
In a series of tweets posted by CEO and Chief Glootian, Olumide Olusanya, the announcement was made stating the following:
- The investment took two 45 minute calls, four emails and was finalized in two weeks.
- Investment was made in December by an investor referred to by Gloo one of it’s MVP Angel Investors.
- The fresh funds will be injected into these new products: Butchery, Glootrack, Farm-To-Table and Enterprise Consumables Management Software.
- He has not met this investor yet.
These are the highlights of what each product will provide:
- Butchery: Delivery of top-class fresh meat to customers’ doorsteps.
- GlooTrack: Real-time delivery tracking system for customers to view their orders as they are in transit.
- Farm-To-Table: Market place for farms complete with home delivery of farm-fresh produce
- Enterprise Consumables Management Software: Built for big corporations and government parastatals – first version of which went live with Unilever.
With the set milestone of net revenue accounting rate of return (ARR) of ₦400 million and four continuous quarters of Cash Flow Break-even, these products are designed to aid in the achievement. Gloo is known to provide a wide range of high quality brands of supermarket goods to customers on a same-day delivery basis and at affordable prices.