Yaga, an E-Commerce Platform for New and Used Clothes, Gets $2.2M to Further Expand in Africa and Asia
Yaga, an e-commerce platform for selling and buying new and used fashion items, has secured $2.2 million from investors to expand further in African and Asian markets.
The funding round was led by Startup Wise Guys, with participation from Trind Ventures, Specialist VC, and Rubylight, a Latvian venture capital firm. Angel investors included Markus Villig of Bolt, Kaarel Kotkas of Veriff, Kristjan Vilosius of Katana, Triin Hertmann, and Alvar Lumberg.
The Estonian-based startup will leverage the funds to achieve its goals of further accelerating its growth by hiring more staff, developing the platform, and attracting new clients in its target markets.
Yaga claims to have tripled in size in the last 18 months and now has platforms in Kenya and India, in addition to South Africa.
“The ability to earn and save money is also a clear reason, even as the economy cools, we have set new growth records every month,” the startup said.
Speaking on Yaga’s business model, Aune Aunapuu, the head, and co-founder of Yaga said “The attitude towards the recycling of fashion goods has undergone a huge change in the world. While only 10 years ago second-hand goods were looked down on in Estonia, thrifting has now become the new normal. People proudly share their finds on social media and selling things second-hand is a significant source of income for many.”
Aunapuu noted that “While recycling has been on the rise in Europe for a long time and Vinted, which is of Lithuanian origin, has grown into a unicorn with a value of $4 billion, the trend in African countries is still in its early stages and closely following our trend. In South Africa alone, we see an opportunity to grow our business tenfold.”