Estonian-founded Yaga raises €2.2M for its social e-commerce platform
Yaga, an Estonian-founded e-commerce startup, has raised €2.2 million to bring the digital approach to second-hand fashion on emerging markets. Startup Wise Guys led the round, Trind Ventures, Specialist VC, and Rubylight participated, Tech.eu informs.
- Launched in 2019 in Estonia by Aune Aunapuu, Yaga allows customers to buy and sell second-hand fashion. The platform operates mainly in growing markets in Asia and Africa. There, it provides a circulation of local fashion for local prices, also cutting on ecological damage.
- The company partnered with some of South Africa’s largest fashion influencers, as well as local retail giants. Now, it’s one of the most popular online fashion platforms in the region, receiving over 5 million visits per month. Over 5000 new items are listed on Yaga every day, with 750 000 items currently on sale just in South Africa.
“There is a huge future for pre-loved fashion in emerging markets like Africa and Asia. We are big believers in the circular economy, and it’s great to see thrifting come into fashion thanks to influencers and social media. There’s also a huge economic opportunity in second-hand fashion, being able to both make and save money on Yaga. We are excited about the potential impact we can have on South Africa and beyond,”Aune Aunapuu, Co-founder and CEO of Yaga, comments.
- Estonian accelerator Startup Wise Guys led the funding round. It is one of Estonia’s most active accelerators focusing on Sustainability, Fintech, and Cybersecurity startups in the CEE region and the Nordics. The firm’s recent portfolio companies include Yummy, Trusted Twin, and Boomio.
- Estonian funds Trind Ventures and Specialist VC, as well as a Latvian VC Rubylight participated in the funding round. Several angel investors such as Markus Villig, CEO of Bolt, and other figures with backgrounds in Wise, Veriff, Katana, and Klaus also supported the startup.
- With the fresh funding, Yaga aims to continue its rapid growth over the next year. The company will use the funds to develop its platform, grow its team, and attract new customers.