A platform for buying and selling used clothing and accessories with Estonian roots, Yaga, has raised €2.2 million from investors to enter the African and Asian markets.
According to the company, Yaga has tripled in size over the past 18 months and now has platforms in Kenya and India in addition to South Africa.
The involved investment of €2.2 million will help the company support its goals to further accelerate growth.
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Startup Wise Guys served as the investment round’s principal investor. Trind Ventures, Specialist VC, and Rubylight, a Latvian venture capital firm, also contributed to the investment round. Markus Villig from Bolt, Kaarel Kotkas from Veriff, Kristjan Vilosius from Katana, Triin Hertmann, and Alvar Lumberg are some of the angel investors.
“The opportunity to earn and save money is also a clear reason why, even when the economy is cooling down, we have set new growth records every month.”
“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,” Aune Aunapuu, the head and a co-founder of Yaga, said in a statement.
The main rival of Yaga in Africa is Facebook Marketplace.
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“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 four billion euros, 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,” Aunapuu added.
Yaga Online fashion Yaga Online fashion
Yaga will put the money into expanding the staff, developing the platform, and attracting new clients in its intended areas.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh