- Tuesday, May 7, 2024
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Africa's leading fashion and
beauty e-commerce platform, MAKA, has raised a $2.65million pre-seed round. The
investment was co-led by prominent investors 4DX Ventures and Janngo, with
additional backing from Palm Drive Capital. Notably, the round also includes
angel investor Jonathan Shipman (Former EVP and Twitch founding member) and
executives from delivery platform Wolt.
Founded by CEO Diana
Owusu-Kyereko in 2021, MAKA is an interactive social commerce platform which,
through live try-on hauls, reviews, and user-generated content from both
creators and customers, enables users to discover products tailored to their
personal styles in a scalable way.
After struggling to find
inclusive fashion inspiration during the pandemic, Owusu-Kyereko found herself
being directed to mainstream websites and influencers by friends.
Realising an unmet need and a
lack of diversity in style recommendations, she founded MAKA, which has to-date
amassed over 554,000 downloads.
Africa’s e-commerce market is booming.
Driven by rapidly increasing technology adoption, particularly among the
continent’s 1.1 billion millennials and Gen Zs, Africa’s e-commerce market
presents a largely untapped market for fashion brands. Over the past few years,
e-commerce penetration in Africa has surged, rising from 13per cent active
paying customers in the general African population in 2017 to 28per cent in
2021, representing 334 million users. This rapid growth has accelerated the
development of Africa's fashion sector, allowing brands to access a wider base
of consumers across the continent.
MAKA’s social commerce model,
centred on strategic collaboration between creators and consumers, taps into
this thriving market and reflects the growing trend of influencer-inspired
buying decisions. According to Hubspot, 30per cent of people cite creator
recommendations as impacting purchases.
MAKA, which is built on trust and
individuality, addresses significant issues in the African e-commerce sector.
Local apparel brands are scarce, leaving consumers with limited options that
speak to their style and fit. In-person shopping remains stressful and limited,
while a fragmented online shopping landscape makes it hard to discover and
trust new brands, with social media feeds inundating people with impersonalised
content.
By blending content and commerce,
MAKA is set apart from disjointed, existing platforms.
Co-founder and CEO of MAKA, Diana
Owusu-Kyereko, 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. Our technology, coupled with our
team of experts, not only empowers users but also liberates them to confidently
explore and make purchases from verified and trusted brands.
"Young consumers today face
a shared dilemma—they crave authenticity and the freedom to set their own
trends, but they are influenced by real people, and they seek choice and
individuality without being misled. Our focus remains clear, and we're
committed to providing our users with an authentic space to explore their
unique style while empowering creators to showcase their content and connect
with new audiences. We want to foster meaningful connections between creators
and customers.”
Also speaking, Founder and
Executive Chair of Janngo Capital, Fatoumata Bâ, said: "We were drawn to
MAKA’s vision as they leverage technology to empower both consumers and
creators, thus cementing their position at the forefront of the junction
between e-commerce, creative and cultural industries across Africa. These three
sectors are jointly poised to grow by 4x by 2050 and generate up to $200
billion GDP while creating 184 million jobs. We are proud to lead this funding
round to help unlock a potential of massive growth and impact on the
continent."
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