ANKA, an Ivorian SaaS e-commerce platform for African businesses formerly known as Afrikrea, announced that it has raised $5 million in a pre-Series A extension round led by International Finance Corporation (IFC). Other participants in the funding round include development finance institution Proparco and the French investment bank Bpifrance.
This funding follows the $6.2 million raised by ANKA in January of this year, bringing the total investment to $13.5 million since its inception. ANKA intends to utilize these funds to enhance product development and expand its services, with a primary focus on key markets such as Nigeria, Kenya, and the U.S.
ANKA is positioning itself as a comprehensive SaaS solution for global African businesses. Previously operating as Afrikrea, it served as a marketplace connecting African-based and inspired sellers of clothing, accessories, arts, and crafts to a global customer base. However, in 2021, the platform underwent a transformation to become an all-in-one SaaS e-commerce platform.
This transformation was motivated by the goal of consolidating merchants’ efforts from various channels, such as websites and social media, onto a single platform. ANKA now caters to exporters seeking global reach, online merchants managing multiple channels, and drop shippers aiming to create jobs, produce, and ship from Africa while facilitating global payments.
The platform offers ANKA Marketplace, ANKA Pay, and ANKA Shipping. ANKA Marketplace, Afrikrea, which is powered by ANKA, provides sellers with an online storefront and omnichannel interface to monitor sales and inventory across Africa, social media platforms, and websites. ANKA Pay enables users to buy and sell using local payment methods, including mobile money, bank transfers, and Visa cards. ANKA Shipping allows for the cost-effective dispatch of packages from Africa to other countries in under 72 hours.
ANKA’s recent growth has been impressive, with over a million monthly visits and $50 million in transactions across 175 countries. These figures represent a substantial increase from the 700,000 monthly visits and $35 million in transactions recorded just last year. The company’s turnover has surged 18-fold, from €200,000 to €3.6 million.
The majority of ANKA’s 20,000+ vendors (80% of whom are women) are based in Nigeria and Kenya, while the U.S. boasts a significant portion of its 350,000+ buyers. This aligns with e-commerce trends, as Nigeria and Kenya are among the top three African countries with the most active e-commerce consumers, and the U.S. houses a substantial African diaspora that shops online.
ANKA’s co-founder and COO, Kadry Diallo, expressed the company’s plans to recruit sales, technical, and product talent to support its growth. The platform aims to onboard 100,000 African sellers by 2030, further solidifying its position as a leading e-commerce exporter startup on the continent.
“Empowering African artisans, particularly women, and helping them access wider markets is crucial to raise the bar of economic inclusion and spur sustainable growth,” said Makhtar Diop, IFC Managing Director. “ANKA’s strategy of connecting artisanal fashion designers and merchants to global markets aligns with our vision of supporting Africa’s creative industry to unlock new opportunities for inclusive growth.”
IFC’s investment in ANKA was channeled through IFC’s recently launched Africa, Middle East, Central Asia, and Pakistan Venture Capital Platform, which is dedicated to supporting early-stage technology startups across various sectors such as education, healthcare, climate, and agriculture.
Beyond financial support, IFC has committed to assisting ANKA in delivering financial literacy and other training programs aimed at empowering women retailers on the platform, equipping them to enhance their businesses. Moreover, IFC will offer advisory support directly to ANKA, collaborating with the company to enhance its corporate governance framework.
