E-commerce startup ZUMI has shut down., turning into the seventh startup to shut store in Kenya attributable to lack of funding.
William McCarren, ZUMI’s Co-Founder, and CEO commenting on the closure, mentioned,” The present macro surroundings has made fundraising extraordinarily tough. Sadly, our enterprise was not capable of obtain sustainability in time to outlive.”
Zumi first began in 2016 as a women-focused digital journal earlier than pivoting to an e-commerce attire platform after combating digital commercial income.
That is the seventh Kenyan startup after Kune Meals, WeFarm, BRCK, Notify Logistics, and Sky-Backyard, who closed store in 2022 attributable to a tricky financial surroundings.
Earlier than its sudden closure, ZUMI had constructed a stable market for attire retailers to safe stock and monetary companies that achieved over $20m in gross sales. The corporate additionally acquired 5,000 loyal prospects throughout the interval. Zumi had constructed a staff of 150 folks with expertise from main firms in Kenya like Jumia and Twiga Meals.