Eze, a B2B electronic goods marketplace, raises $3.7 million. Right Side Capital Management headed the investment round, which also included venture capitalists and angel investors. The business intends to use the money to grow into new markets in South America, Africa, and Europe.
Joshua Nzewi and David Iya launched Eze, which is pronounced “easy,” in 2020. It has its main office in Los Angeles, California. Two years after deciding to become second-hand electronic merchants, Nzewi and Iya sold $8 million worth of equipment before founding Eze.
This is not unexpected given that the market for refurbished and used smartphones was estimated to be worth $49.9 billion in 2020 and to be worth $143.8 billion in 2031.Nigeria imported cellphones worth $2.3 billion between 2019 and 2021.
“Its solution is a platform that links wholesale electronics buyers and sellers. Depending on where the order was placed, the purchasers place their orders on the platform, make payment, and receive their purchases as soon as the following day. Despite the fact that Nigeria is its largest market, Eze claimed that the company has operations in 50 other nations, including the US, the UK, and South Africa.