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Uncategorized Fresh Investment for Four New Products

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.

Gloo CEO Olumide Olusanya

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.

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