- Powered by People (PBP), an innovative Kenyan fintech and eCommerce start-up, has raised USD 1.5 million in a seed funding
- Matt Kalish of DraftKings led the funding event
- The span of the seed funding was five weeks
African fintech is booming, and Kenyan fintech and eCommerce start-up Powered by People (PBP) gives proof by raising USD 1.5 million in a seed funding round.
Led by Matt Kalish of DraftKings and TBD Angels, the funding event witnessed participation from angel investors associated with DraftKings, Uber, Skillz, and impact investors, Good and amp; Well.
The seed funding took place over a span of five weeks between 2020 and 2021.
The expenditure plan
Ella Peinovich, Co-Founder and CEO of Powered by People, states that the amount of fresh funding will be used to support the further plans of the start-up.
“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.”
Powered by People
Based out of Kenya, Powered by People is an innovative start-up that has successfully developed a wholesale platform for creative manufacturing producers and buyers.
Established as a mobile-first B2B platform, the fintech and eCommerce business offers online tools, B2B marketplace, and financing solutions to SMEs in the creative manufacturing genre and handmade industry.
On the progress front, the platform works toward connecting international buyers with producers of creative goods and natural cosmetics in low-income countries with the benefit of secure transactions.
Key features offered
The platform offers users credit lines with flexible payments, the discovery of various global brands and products, with the freedom to customize products for exclusive offers in their store.
As per the fintech, PBP brands operate as global suppliers to brands that are best in the business. A few of these names include IKEA, Nordstrom, Williams Sonoma, Crate and amp; Barrel, and Goop.
Peinovich further states, “We are the bridge that empowers mainstream retailers, designers, and brands to source diverse and exclusive products from around the world – across home décor and amp; accessories, fashion and beauty products – some of the fastest growing sectors in retail. We are honored to be a technology partner for the 100s of millions of boutique manufacturers globally looking to move online.”
The investor’s take
Matt Kalish, President and Co-Founder of DraftKings, mentioned the following on the investment in Powered by People.
“I invested in Powered by People because I believe there is a tremendous global demand for quality handmade goods made locally – and not mass-produced – across textile, furniture, art, and more.”