Ivorian ANKA shuts down its marketplace 6 months after a $5 million pre-Series A extension. ANKA, a Software as a Service (SaaS) eCommerce platform based in Ivory Coast, has revealed the closure of Afrikrea, an online marketplace specializing in African-inspired products.
Ivorian ANKA Shuts Down Its Marketplace
Moulaye Taboure, CEO and Co-Founder of ANKA, recently announced the closure of Afrikrea, an African-inspired online marketplace, citing various challenges including inflation costs and payment issues. However, it remains unclear whether this marks the end of ANKA’s SaaS eCommerce platform or signifies a shift towards other business endeavors.
Taboure shared the news in a video on X, highlighting economic factors such as high inflation and ongoing payment issues as contributing factors to the decision.
Despite raising significant funds, including $5 million in a pre-Series A extension round in September 2023 and $6.2 million in a pre-Series A round in January 2022, ANKA has faced challenges sustaining its operations.
ANKA Has Raised a Total of $13.5 Million since Its Inception
Since its inception in 2016 by Taboure, Kadry Diallo, and Luc B. Perussault Diallo, ANKA has raised a total of $13.5 million to drive product development and expand operations into Nigeria, Kenya, and the United States.
Despite reaching milestones such as amassing 1.5 million social media followers and facilitating $50 million in transactions across 175 countries, the platform faced difficulties in maintaining sustainability.
Marketplace for African-Made Items and Products
Formerly known as Afrikrea before rebranding to ANKA in 2021, the company operated as a marketplace for African-made and inspired clothing, accessories, arts, and crafts.
However, amidst economic downturns in various African economies, including Nigeria, Ivory Coast, Sierra Leone, and Ghana, many startups are struggling as foreign investors withdraw from the continent.
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