ANKA, an e-commerce platform based in Ivory Coast, has raised US$5 million in extension funding to bolster Africa’s creative industries and its expanding online retail sector by helping thousands of small businesses, and women-led artisanal businesses expand.
Last year, the startup raised a pre-Series A round of US$6.2 million. This year, it has raised an extension round of US$3.4 million, which is being led by an investment from the International Finance Corporation (IFC). Proparco and the French Public Investment Bank are also participants.
IFC’s US$3.4 million equity investment, the first of its kind in the African creative industry, will enable the company to expand operations and hire around 100,000 more African artisans by 2030.
By managing sales, shipping, and payment processing, ANKA provides an all-in-one online platform for African artists, including those who create and market apparel, jewelry, and accessories. This helps them reach out to new audiences. More than 22,000 merchants utilize the network, most of them are from Africa but also come from North America, the Caribbean, and Europe. The merchants’ goods are available for purchase on the Afrikrea internet store, which is run by ANKA.
“We are excited to partner with IFC, particularly at this stage of our growth story. Having recorded important growth since 2021, we are now in line for the next stage of our journey. This investment will support our expansion drive as we continue to connect Africa’s creative entrepreneurs to a global market,” said Moulaye Tabouré, CEO of ANKA.
“Empowering African artisans, particularly women, and helping them access wider markets is crucial to raise the bar of economic inclusion and spur sustainable growth,” said Makhtar Diop, IFC managing director. “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.”
IFC will assist ANKA in providing financial literacy and other training for women retailers on the platform in addition to cash support to help them grow their enterprises. IFC will also personally advise ANKA to assist the business in enhancing its corporate governance framework.
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