Lipa Later-owned Sky.Garden to launch rebranded e-commerce

Daba Finance/Sky.Garden to launch rebranded e-commerce

STARTUP VENTURE CAPITALDecember 7, 2023 at 9:55 PM UTC

After being acquired by Kenyan fintech startup Lipa Later a year ago, Sky.Garden, a Kenyan e-commerce startup, has reemerged with a reported $1.6 million investment, as per Citizen Digital.

Now operating as a subsidiary of Lipa Later, Sky.Garden offers merchants a range of services including access to financing, real-time transaction monitoring, direct bill payments, and the ability to make deposits and withdrawals to M-Pesa or bank accounts. Additionally, merchants have the option to open a bank account. The platform also serves as an e-commerce marketplace where shoppers can directly purchase items.

Eric Muli, the CEO at Lipa Later, stated, "Our group vision is to be a commerce catalyst for businesses and communities across Africa. We firmly believe that local ownership and operation are essential in understanding the needs of our people, contributing to the prosperity of our nation, and forging a true connection with our community." This relaunch and investment signify the commitment to fostering local business growth and facilitating financial services in the African market.

Key Takeaways

In September 2022, a year after securing a $4 million Series A funding round, Sky.Garden made the unexpected announcement of ceasing its operations, citing the challenge of securing additional funding as the primary reason. Martin Majlund, co-founder and CEO of Sky.Garden, revealed that the company was actively engaged in discussions with investors in an attempt to avert the closure. However, just two months later, the landscape changed when Lipa Later Group stepped in and acquired Sky.Garden, taking full ownership of the e-commerce startup. Eric Muli, CEO at Lipa Later, expressed optimism about the acquisition, emphasizing its potential to establish a comprehensive platform connecting merchants directly to customers. Muli stated, "Sky.Garden has done an incredible job and checks all those boxes. Lipa Later is no stranger to the e-commerce industry, having already established a strong presence in the online payment and finance sectors. This acquisition has greatly accelerated our plans of redefining the shopping experience for consumers." The acquisition positioned Lipa Later to further expand its influence in the e-commerce realm and enhance the overall shopping journey for consumers.

Sky.Garden

Lipa Later

E-commerce

Kenya

Eric Muli