Kenyan fintech startup secures $1.5-million in seed funding

Kenyan fintech and eCommerce startup Powered by People (PBP) has raised $1.5-million in seed funding led by Matt Kalish of DraftKings, TBD Angels among other angel investors who are affiliated with DraftKings, Skillz, Uber, as well as impact investors, Good+Well.

Powered by People has raised $1.5-million in seed funding

The seed funding was raised during five weeks between 2020 to 2021. 

Ella Peinovich, Co-Founder and CEO of PBP explains that the funding will further the aims of the startup. 

 “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

The innovative startup has created a wholesale platform for creative manufacturing producers and buyers. 

As a mobile-first B2B platform, the PBP platform offers online tools, financing solutions, and a B2B marketplace to small and medium-sized enterprises in the creative manufacturing and handmade items sector. 

Kasigau Weavers (Supplied)

“We are the bridge that empowers mainstream retailers, designers, and brands to source diverse and exclusive products from around the world – across home décor & 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, ” adds Peinovich

Essentially, the platform connects international buyers to producers of handmade and natural cosmetics in low-income countries with secure transactions. 

The platform offers credit lines with flexible payments, the discovery of diverse global brands and products along with the ability to customize products for exclusive offers in their store. According to the African tech startup, PBP brands are global suppliers to some of the best in the business including William Sonoma, IKEA, Crate and Barrel, Nordstroms, Goop, among others. 

Matt Kalish, President, and co-founder of DraftKings comments on the investment into PBP. 

“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.” 

Read more: Angolan tech startup secures over $500 000
Read more: SA digital bank receives R1.6-billion investment

Featured image: Powered by People team (Supplied) 

Ishani Chetty: Editor
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