Alerzo Nigerian based E-cormerce, logistics, and payment platform get backing by Billionaire Michael Novogratz.

Alerzo is solving the logistic problems in Nigeria and it's ready to take its business to other African countries. The company is based in Nigeria and has its offices in Ibadan, Nigeria.  A while ago, the company raised a $10.5 million Series A round led by a London-based company Nosara Capital. And now Billionaire Micheal Novagratz will lead another funding round for Alerzo that will be worth between $50 million to $100 million and these funds will allow Alerzo to expand across other African countries.

“We have started talking to people,” Adewale Opaleye, 27, Alerzo’s founder and chief executive officer, said in a virtual interview from Ibadan in southwest Nigeria, where the firm is headquartered alongside Singapore. “Possibly it could be this year or next,” Opaleye said.  Alerzo already raised over $20 million and they are still unprofitable.  

The goal is to extend services to more than half of Nigeria’s 36 states -- from about 10 currently -- by next year. Asked if the company will reach the coveted unicorn valuation of at least $1 billion,  Opaleye said it is possible as the company has been growing faster than expected.

Alerzo has multiple streams of income based on the number of businesses it operates. From delivery service to cashless payments, mobile airtime top-ups, and other things.  According to records released by the company, Alerzo processes over 400,000 transactions per month.

“Instead of retailers walking around a central market to buy products, they just sit in their shops and order products via phone calls, text messages, and right now a mobile app,” Opaleye said. 

Billionaire Michael Novogratz made his money while working as a hedge fund manager, formerly of the investment firm Fortress Investment Group.

Alerzo is a private company, it was founded in 2018, and it has 116 employees. It latest deal was a series A deal that closed at $10.5 million.

 Contact Information

Website

www.alerzo.com

Ownership Status

Privately Held (backing)

Financing Status

Venture Capital-Backed

Primary Industry

Logistics

Other Industries

Automation/Workflow Software

Primary Office

• Alerzo Building, Oyeniyan
• Along Oki - Olodo
• Ibadan
• Nigeria

+234 0808 

Alerzo investors so far

• FJ Labs
• Galaxy Investment Group
• Nosara Capital
• Signal Hill
• The Baobab Network