Kenyan e-commerce startup, Powered by People (PBP) has secured $1.5 million seed funding to expand its team and rapidly grow its fintech platform for local retailers.
PBP’s latest funding round was led by DraftKings’ Matt Kalish, TBD Angels and impact investors, Good+Well. Other angel investors affiliated with DraftKings, Uber and Skillz also participated in the round.
Speaking on the round, Ella Peinovich, Co-Founder and CEO of PBP, said:
The landscape for B2B marketplaces has changed, we are building the future of retail to be more digital, more diverse, and more transparent. Off of a fresh round of funding, we will be able to support access for a whole new class of artisans to compete in the mainstream retail market.
Founded in 2019, PBP is leading the revolution of boutique manufacturing by offering a B2B marketplace for local SMEs in the creative manufacturing and handmade sector.
PBP’s mobile/web platform provides retailers with financing solutions including pricing and inventory management tools to optimize production schedules as well as track and receive payments.
According to research and analytics firm, Research and Markets Ltd, the Boutique manufacturing sector is growing at 20% per annum and is on track to reach $1 trillion of the $25 trillion retail market by 2023.
PBP offers retailers credit lines with flexible payments, the discovery of diverse global brands and products, and the ability to customize products for exclusive offers in their store. PBP brands are global suppliers to top boutique companies such as William Sonoma, IKEA, Crate and Barrel, Nordstrom, Goop, among others.
PBP had joined Founders Factory Africa’s venture scale program in September 2020, securing an investment readiness support to fully launch into the e-retail space.
This saw the startup unveil PBP PRODUCE, a mobile-to-web production coordination tool which enabled over 5,000 local manufacturers to work from home during COVID restrictions. PBP then grew its PBP FINANCE platform to unlock $481,000 in purchase order financing.
We are the bridge that empowers mainstream retailers, designers, and brands to source diverse and exclusive products from around the world – across home décor & accessories, fashion and beauty products – some of the fastest growing sectors in retail.Ella Peinovich, Co-Founder/CEO of PBP
Peinovich says PBP is a technology partner for millions of boutique manufacturers globally looking to move online.
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