Ivory Coast’s e-commerce platform ANKA secured $5 M extension fund to support creative artisans

A $5 million extension fund has been raised by the Ivory Coast-based e-commerce platform ANKA to support the expansion of thousands of small, women-owned artisanal businesses, bolstering Africa’s creative industries and its expanding online retail market.

By facilitating sales, shipping, and payment processing, ANKA provides an all-in-one online platform for African artists, including those who create and market clothing, jewelry, and accessories. This helps them reach out to new markets. More than 22,000 sellers use the platform, most of whom are from Africa but also come from North America, the Caribbean, and Europe. The sellers’ goods are available for purchase on the Afrikrea online store, which is run by ANKA.

The startup previously raised a pre-Series A round of US $6.2 million, and it has since raised an extension round led by an investment of US $3.4 million from the International Finance Corporation (IFC). Proparco and the French Public Investment Bank both participate in it as well.

By 2030, the company will be able to expand its operations and hire about 100,000 more African artisans thanks to the US $3.4 million equity investment from IFC, which is IFC’s first investment in the continent’s creative sector.

“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.”

Along with providing funding, IFC will assist ANKA in providing financial literacy and other training for women retailers on the platform in order to help them grow their businesses. In order to assist ANKA in strengthening its corporate governance framework, IFC will also give the company direct advisory support.