Cape Town based Silvertree Capital, an Africa-focused business builder and venture capital investor, has recently invested in two of Nigeria’s largest e-commerce sites, Sunglasses.com.ng and Glamour.com.ng.
Both of these leading e-commerce sites offer a broad range of top consumer brands to the burgeoning online shopping market and have a free delivery charge throughout the country.
Sunglasses.com.ng specialises in genuine, high-fashion eyewear and contact lenses while Glamour.com.ng secures one of the top positions in online retail for cosmetics, fragrances and personal care products. Both e-commerce sites have been built and funded by Startup Partners Africa (SPA) based in Berlin, Germany and Lagos, Nigeria.
Manuel Koser, Founding Partner at Silvertree Capital and previously co-founder at Zando, said, “We are very enthusiastic about the online market in Nigeria, which is beginning to show tremendous growth as more consumers start using the internet to shop.”
Nigeria has a population of over 160 million people, roughly three times the size of South Africa and is rapidly increasing. In 2012, the Nigerian retail market had a volume of approx. EUR 30 bn with 15% yearly growth rate. Internet penetration is at ca. 30% fuelling the tremendous e-commerce growth.