Local VC outfit Acasia Ventures has invested in Nigerian last-mile delivery platform Fez Delivery through its latest seed round, it said in a press release (pdf). The company raised USD 1 mn in seed investment in a round led by Nigeria’s Ventures Platform. Voltron Capital and several angel investors also participated in the round. Acasia — the VC arm of the local investment group formerly known as Cairo Angels — didn’t disclose how much it invested in the company.

This is Acasia’s second commitment this month: The firm invested an undisclosed amountin Dubai-based digital banking platform Credable earlier this month, participating in its USD 2.5 mn seed round.

About Fez: Founded in 2020, Fez Delivery offers individuals and businesses last-mile delivery services across Nigeria. The company has grown its customer base to 11k individuals, SMEs and corporations, and has fulfilled more than 500k orders since its founding. In 2022, it completed 200k trips and grew its revenue 20% on a monthly basis, it said in a statement.

Where’s the money going? The company will use the funding raised to continue to grow locally and expand into new African markets — Ghana, Kenya, and South Africa — in the last quarter of the year, co-founder and CEO Seun Alley said.

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