Kenyan B2B e-commerce startup Zumi has closed down after failing to secure the necessary funding to continue operations.
Launched in 2016, Zumi began life as a female-focused digital magazine, before closing down and pivoting into e-commerce in 2020. The end-to-end marketplace connected retailers with suppliers and facilitated the entirety of a transaction between the two, including payments and logistics.
According to co-founder and CEO William McCarren, the startup achieved over US$20 million in sales, acquired 5,000 customers, and built a team of 150 people, but it is now set to close after failing to secure investment.
“The current macro environment has made fundraising extremely difficult, and unfortunately, our business was not able to achieve sustainability in time to survive,” he said.
