ANKA raises $5M pre-series A extension to drive e-commerce in Africa

Over a year after Ivorian e-commerce startup, ANKA raised $6.2 million in a pre-Series A round, the startup has raised $5 million in an extension round, bringing the funding to $13.5 million.

The extension round was led by the International Finance Corporation (IFC) with participation from Proparco and the French Public Investment Bank. With the latest funding, the company said it is set to strengthen its presence in key countries where it has already recorded unparalleled growth; including Nigeria and Kenya for the number of sellers, and the US for its buyers and subscribers. Furthermore, ANKA also plans to use the investment to actively recruit sales, technical, and product talent to catalyse its growth.

“We have always believed in the untapped cultural wealth of the continent. Our continent has amazing people, products, and services that can contribute significantly to the global economy,” says Abdoul Kadry Diallo, COO and Co-Founder of ANKA. “This additional round of funding will allow us to continue improving our operational efficiencies, supporting us to achieve the next level of profitable growth, not only for us but for our sellers.”

Since its last injection of capital in 2022, ANKA has almost doubled its margins and its community of African SMEs in 47 out of 54 countries on the continent. The company processed over $50 million in transactions in over 175 countries around the world.

Since its first round of fundraising in 2022, ANKA’s turnover has increased over 18 times from €200,000 to €3.6 million. The platform now aims to onboard 100,000 African sellers by 2030, championing the cross-border trade of “all things made of Africa” to a global audience. These achievements underline ANKA's influential presence in the African e-commerce ecosystem. As well as its ambition to reach the same level as ‘Paypal’ for all the entrepreneurs on the continent.

Related Article: 80% of ANKA merchants are women

ANKA provides a subscription model platform for African entrepreneurs to:

• Sell goods via a customised storefront, Instagram, or WhatsApp 
• Be paid for goods and services via international payment methods and withdraw money instantly via local payment methods (e.g. mobile money or bank transfer) or ANKA’s dedicated VISA cards
• Access to an aggregation of the best shipping solutions to ship goods, such as with DHL service for less than $20 up to 2kg in under 72 hours.

According to ANKA Co-Founder and CEO Moulaye Taboure, “This new round of investment from our partners is crucial in pushing forward the creativity and innovation that we know is being spearheaded by the continent and that is speaking louder than ever on the global stage.”

“The IFC, in particular, has had a long-term conviction in our leadership of these industries, and we’re delighted that they, as well as our other investors, could be a part of extending our mission of “Unleashing the growth of African entrepreneurship,” he added.

“Empowering African artisans, particularly women, and helping them access wider markets is crucial to raise the bar of economic inclusion and spur sustainable growth. ANKA’s strategy of connecting artisanal fashion designers and merchants to global markets aligns with our vision of supporting Africa’s creative industry to unlock new opportunities for inclusive growth,”

Globally, the world has a vast distribution of African diaspora, with close to 45 million people of African descent living in North America, and 10 million living in Europe. Both regions are already home to ANKA’s biggest exports and represent a significant growth opportunity for the company as it pursues its goal to boost the investment in and sale of Africa’s creative economy, globally,” Makhtar Diop, IFC Managing Director said.

ANKA is currently recruiting for a number of roles throughout the business.