Maka raises US $ 2.65 million to simplify buying fashion in Africa
The fashion industry in Africa has developed more quickly as a result of this quick growth, giving firms access to a larger consumer base throughout the continent
Africa’s leading fashion and beauty e-commerce platform Maka has raised a US $ 2.65 million pre-seed round, co-led by venture capital firms 4DX Ventures and Janngo Capital, as it looks to simplify buying fashion and beauty products in Africa.
The social media commerce platform, which was started in 2021 by CEO Diana Owusu-Kyereko, said that executives from delivery platform Wolt, Palm Drive Capital, and former EVP and Twitch founding member Jonathan Shipman were also involved in the funding round.
The money would assist Maka in satisfying the escalating needs of the continent’s e-commerce sector, which the McKinsey Global Institute projects will reach a valuation of US $ 75 billion by 2025.
Maka is said to be an interactive social commerce platform that facilitates the connection between consumers and influencers by means of live try-on hauls, reviews, and user-generated content.
This allows users to find goods that are customised to suit their individual styles. It capitalises on the expanding trend of purchasing decisions influenced by influencers; according to Hubspot statistics, 30 per cent of consumers say that recommendations from creators have an influence on their purchases.
Diana Owusu-Kyereko, co-founder and chief executive of Maka, said, “African e-commerce deserves better, and we’re driven by our belief that everyone should be able to easily discover their style, feel represented and express their individuality.”
According to a UNESCO report, e-commerce penetration in Africa has increased over the past several years, going from 13 per cent of active paying consumers in the continent’s overall population in 2017 to 28 per cent in 2021, or 334 million users.
The fashion industry in Africa has developed more quickly as a result of this quick growth, giving firms access to a larger consumer base throughout the continent.
