Funding

Kenyan Startup Powered by People Secures $5 Million Seed Funding for Global Expansion

Kenyan-based Powered by People, has secured $5 million in seed funding to expand its global reach.

Susa Ventures and Golden Ventures led the equity funding round for Powered by People. Investors such as Flexport Ventures, J Ventures, and the founders of DraftKings and Fabric also participated.

The fund will enable the startup develop its technology to give more commendable results, getting accelerated growth and expanding its team of innovative minds.

Powered by People is on a mission to help independent, diverse makers and brands thrive by providing access to markets, financing, and digital tools. The company provides sustainable economic opportunities to its clientele by providing the global economic access they need.

Ella Peinovich, Hedvig Alexander and Alison Phillips founded Powered by People in 2019 on a foundation for emerging brands to access creative global economies.

Its innovative tech and financial solutions enable independent brands to easily upload and manufacture their wares, allowing retail buyers to seamlessly and confidently purchase distinct goods. 

Powered by People works with over 200 brands and more than 45,000 artisans from 47 countries, who sell to retailers such as West Elm and The Citizenry, across major markets including in North America and Asia. 

In the middle of this month, the company recorded an annual run rate of $15 million in total gross merchandise value. Its expectations are fixed on increasing this to $25 million before the end of 2022. 

With an average order of $1,200 on the platform, the startup also extends up to 50% advance financing to traders helping them quickly process customer orders. Its 120-day facility attracts a 5% interest rate. The startup has already given out $5.8 million in credit to traders and plans to issue an additional $10 million before the end of the year.

Source
TechEconomy

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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