Kenyan fashion e-commerce startup ShopZetu has raised $1 million in pre-seed capital after a roundtable bringing together a host of venture capital firms and investors.
Nairobi-based Chui Ventures led the round while other venture capital firms like Launch Africa, Roselake Ventures, and Logos Ventures chipped in to raise the funds.
Since 2019, the startup has served over 200 brands in the fashion and beauty industry by providing an e-commerce platform to facilitate online retail.
Additionally, it allows over seven million customers to access a variety of fashion products and make transactions aided by mobile money services.
Buoyed by the new funding, ShopZetu aims to expand its operations in the East African region markets of Tanzania, Rwanda and Uganda.
In a statement, ShopZetu Co-Founder and CEO Marvin Kiragu noted that the company is looking to expand its scope to skin care products, hair and home decor wares.
This, he explained, is part of the firm’s plans to establish itself as a one-stop shop” for lifestyle and fashion products.
Furthermore, it would help to solve the problems encountered by customers seeking to buy a variety of lifestyle products under one roof.
Additionally, the company is looking to grow the number of vendors using its platform to over 1000 including International fashion brands.
“We are excited to be building Africa’s leading fashion and lifestyle marketplace at the intersection of content, community and hyper personalization,” Kiragu noted in a statement.
The pre-seed funding added to the list of ShopZetu ‘s fortunes in the recent past after yet another milestone in January when it featured on the list of global impactful brands after joining the Endeavor network.
ShopZetu also entered an agreement with Kenyan mobile money service provider, Safaricom, to be featured among the mini-apps in the M-Pesa mobile app.