The layoffs, which affected multiple departments, come as part of a broader strategic shift by the company to streamline operations and double down on areas showing the strongest market demand. Founded in 2021, Sabi initially set out to digitise informal trade by providing merchants with tools for logistics, inventory management, and financing. But in recent months, the company has scaled back several offerings to prioritise its TRACE platform.
TRACE, developed in collaboration with blockchain firm Minespider, enables the digital tracking of minerals and agricultural goods throughout the supply chain. Using blockchain-based “digital passports,” the platform records environmental, social, and governance (ESG) data, along with quality certifications, to offer buyers in Europe, Asia, and other global markets end-to-end transparency. The system is designed to help small- and medium-scale mining and agricultural operations meet international compliance standards—an increasingly critical concern amid growing global scrutiny around ethical sourcing.
“We’re doubling down on the part of our business seeing the most demand, built on the strong foundation we’ve laid since 2021 by supporting African merchants and their growth,” a company spokesperson said in an email response.
Co-founded by Ademola Adesina and Anu Adedoyin Adasolum, Sabi has rapidly grown its footprint, reportedly serving over 300,000 merchants and facilitating more than $1 billion in annualised gross merchandise value. The company has attracted nearly $60 million in funding, including a $38 million Series B round in 2024 that valued the company at $300 million.
While the decision to reduce headcount was described as difficult, the company views it as necessary for long-term sustainability.
“While tough, this shift positions us for long-term success and ensures we remain focused on building scalable, responsible supply chains,” the spokesperson added. “Our mission remains the same, and we’re more committed than ever to transforming how the world sources from Africa.”