Funding

Kenya’s fintech and eCommerce startup Powered by People, raises $1.5mn in seed funding for operational expansion

Kenyan fintech and eCommerce startup Powered by People (PBP) has raised $1.5-million in seed funding led by Matt Kalish of DraftKings, TBD Angels among other angel investors who are affiliated with DraftKings, Skillz, Uber, as well as impact investors, Good+Well.

The seed funding was raised during five weeks between 2020 to 2021. 

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Ella Peinovich, Co-Founder and CEO of PBP explains that the funding will further the aims of the startup. 

 “The landscape for B2B marketplaces has changed, we are building the future of retail to be more digital, more diverse, and more transparent. Off of a fresh round of funding, we will be able to support access for a whole new class of artisans to compete in the mainstream retail market.” 

Read also: How Small Businesses Can Get Maximum Value From Mobile


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Powered by People

The innovative startup has created a wholesale platform for creative manufacturing producers and buyers. 

As a mobile-first B2B platform, the PBP platform offers online tools, financing solutions, and a B2B marketplace to small and medium-sized enterprises in the creative manufacturing and handmade items sector. 

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“We are the bridge that empowers mainstream retailers, designers, and brands to source diverse and exclusive products from around the world – across home décor & accessories, fashion and beauty products – some of the fastest growing sectors in retail. We are honored to be a technology partner for the 100s of millions of boutique manufacturers globally looking to move online, ” adds Peinovich

Essentially, the platform connects international buyers to producers of handmade and natural cosmetics in low-income countries with secure transactions. 

Read also: New Report Calls For Changes To VC Strategy In Africa

The platform offers credit lines with flexible payments, the discovery of diverse global brands and products along with the ability to customize products for exclusive offers in their store. According to the African tech startup, PBP brands are global suppliers to some of the best in the business including William Sonoma, IKEA, Crate and Barrel, Nordstroms, Goop, among others. 

Matt Kalish, President, and co-founder of DraftKings comments on the investment into PBP. 

“I invested in Powered by People because I believe there is a tremendous global demand for quality handmade goods made locally – and not mass-produced – across textile, furniture, art, and more.” 

Read original article here

Nichole Manhire

Is the media and brand manager at GFA News. She works very closely with editors and podcasters that contribute to telling the African business success story. For marketing and advertising send Nichole an email: nichole@getfundedafrica.com

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