Photo: Yaga teamImpact-driven startup Yaga has just raised €2.2 million for its social e-commerce platform. The Estonian-born startup is on a mission to bring the digital approach to second-hand fashion to emerging markets, making the circular revolution a global movement. EstVCA members Trind Ventures and Specialist VC participate in the round.
- €2.2 million round led by Startup Wise Guys
- Other participants in the round included Trind Ventures, Specialist VC, and Rubylight
- Supported by angel investors such as Markus Villig, CEO of Bolt
- Other angel investors include figures with backgrounds in Wise, Veriff, Katana and Klaus.
Launched in 2019 in Estonia by Aune Aunapuu, Yaga allows people to buy and sell second-hand fashion and operates in growing markets in Asia and Africa. It gives people the fashion they want, at the prices they want, and without the harm inflicted on the planet, it’s also empowering entrepreneurial spirit in local communities. Now, Yaga has secured its first VC funding of €2.2 million to fuel its rapid growth.
Whilst born in Estonia, Yaga is operating in emerging markets of Africa and Asia, leveraging a business model that has seen notable popularity in the US and Europe and driving impact in regions most impacted by the environmental damage of fast fashion. Aune Aunapuu
, Co-founder and CEO of Yaga, said: “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.”
With this new investment, which is its first VC raise, 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.
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***Photo credit: https://unsplash.com/@caroliniecavalli; Yaga