Maka Raises $2.65 Million in Pre-Seed Funding to Revolutionize Fashion and Beauty E-commerce in Africa
Maka, Africa's top fashion and beauty e-commerce platform, has just secured a substantial pre-seed round of $2.65 million. This funding, co-led by venture capital firms 4DX Ventures and Janngo Capital, marks a significant milestone for the platform as it endeavors to simplify the process of purchasing fashion and beauty products in Africa.
Founded in 2021 by CEO Diana Owusu-Kyereko, Maka's pre-seed round saw support from Palm Drive Capital, angel investor Jonathan Shipman, a former EVP and founding member of Twitch, and executives from the delivery platform Wolt.
The injection of capital aims to cater to the escalating demands within Africa's burgeoning e-commerce industry, projected by the McKinsey Global Institute to reach a value of $75 billion by 2025.
Maka is hailed as an interactive social commerce platform, bridging influencers and consumers through live try-on sessions, reviews, and user-generated content. Its core mission is to facilitate users in discovering products tailored to their individual styles. Leveraging the growing trend of influencer-inspired buying decisions, Maka recognizes that 30 percent of consumers consider creator recommendations pivotal in their purchases, as per Hubspot data.
Diana Owusu-Kyereko, co-founder, and CEO of Maka expressed the platform's vision: "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. Our technology empowers users while liberating them to confidently explore and make purchases from verified and trusted brands."
Maka stands at the intersection of content and commerce, targeting Africa's 1.1 million millennials and Gen Zers in a relatively untapped fashion e-commerce market. Over recent years, e-commerce penetration in Africa has surged, attracting 334 million users by 2021, a notable rise from 13 percent to 28 percent active paying customers in the general African population from 2017 to 2021, as reported by UNESCO.
The platform aims to alleviate trust concerns in African e-commerce while enabling content creators to monetize their work, facilitating informed buying decisions for users. Maka addresses the scarcity of local apparel brands and the challenges of in-person shopping, offering curated content and reviews to foster community and trust in a fragmented online shopping landscape.
Fatoumata Bâ, founder and executive chair of Janngo Capital, commended Maka's vision: "Maka leverages technology to empower both consumers and creators, cementing their position at the junction between e-commerce, creative, and cultural industries in Africa. These sectors are poised for significant growth and impact, potentially generating up to $200 billion GDP and creating 184 million jobs by 2050."
