Nigerian fintech Appzone raises $10M for expansion and proprietary technology
23 Apr, 2021
– Benitago Group, a startup looking to build a big portfolio of Amazon brands, is announcing that it has raised $55 million in new funding.
– The funding was in the form of credit lines to fund acquisitions, plus an equity investment.
– The company said that when it acquires brands, the process only takes a few weeks, and that the previous owners retain a financial stake in the brand’s continued growth.
– Amazon is unlikely to lose its e-commerce dominance anytime soon, but Nestares acknowledged that building Benitago’s business on a single platform is its “biggest risk.”