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African Bitcoin Giant Invests in Nigerian Streetwear Brand

Rooomxix has raised $1.5 million to fund nationwide expansion. Rooomxix.com
Rooomxix has raised $1.5 million to fund nationwide expansion. Rooomxix.com

Patricia, Africa’s largest Bitcoin trading company, has invested $1.5 million in Nigerian streetwear brand, Rooomxix, in order to facilitate its nationwide expansion.

“Securing this new financing [backs up the] enormous potential that lies in streetwear not just in Nigeria but in Africa at large,” Rooomxix chief executive, Gbenga Adeyefa, said.

Launched in 2018, Rooomxix sells streetwear largely priced between $50 to $100 and has been the beneficiary of a broader boom in Nigeria’s fashion industry in recent years.

According to data from the country’s National Bureau of Statistics (NBS) the “textile, apparel, and footwear” sector has averaged growth of 17 percent per year over the past decade.

Learn more:

Africa’s Powerhouse Is Rewriting the Fashion Week Playbook

As Lagos Fashion Week kicks off, founder Omoyemi Akerele looks back at ten years of shows and reveals how Nigeria’s flagship fashion event could adopt a pan-African strategy in the decade ahead.

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