Social commerce platform Maka raises $2.65m pre-seed
Maka, a Lagos-based provider of a fashion and beauty e-commerce platform, has successfully raised $2.65 million in pre-seed funding. The funding round was led by 4DX Ventures and Janngo, with participation from Palm Drive Capital, Jonathan Shipman, and executives from the delivery platform Wolt.
Founded in 2021, Maka initially started as an interactive social commerce platform. The platform utilizes live try-on hauls, reviews, and user-generated content from both creators and customers to enable users to discover products tailored to their styles in a scalable manner.
Since its inception, Maka claims to have garnered over 500,000 downloads, primarily through its initial model of engaging with creators via live sessions. Recently, the two-year-old startup shifted to a user-generated content model two months ago, resulting in over 2,000 reviews created. The capital infusion is intended to fuel the expansion of Maka's operations and business reach.
Key Takeaways
The rise of E-commerce penetration has been notable, driven by increased technology adoption, particularly among younger generations. The shift to online shopping has seen a significant increase from 13% in 2017 to 28% in 2021, with a user base of 334 million. Capitalizing on this trend, MAKA has strategically positioned itself to connect with a broader customer base across the continent, with a specific focus on the fashion sector and the creator economy. And its early success underscores the rapid growth of Africa's social commerce landscape, which has the potential to reach up to $28 billion. Social commerce blurs the lines between social interaction and online selling while claiming an increasing share of e-commerce sales. As more people and businesses in emerging markets gain internet access and embrace digital tools, the collective sub-sector is expected to experience further growth.
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