Yaga, a female-founded social e-commerce company that enables people to buy and sell pre-loved fashion online, has raised €2.2 million (R39.3 million) to grow its platform in South Africa and in emerging markets in Africa and Asia.
Offering a localised and secure online second-hand fashion experience, Yaga is a pioneer in the second-hand fashion industry, which is still in its infancy in Africa and Asia – unlike in Europe and the US, where the social e-commerce market is robust, thanks to companies like Vinted and Depop. Having previously relied on angel investments, Yaga raised the €2.2 million funding from investors in the Baltics.
Launched in 2019, Yaga quickly became one of South Africa’s most popular online fashion platforms, with over 5 million visits per month. More than 5,000 new items are listed every day, with 750,000 items currently on sale just in South Africa. Yaga has also partnered with some of South Africa’s largest fashion influencers, as well as local retail giants like The Foschini Group and organisations such as Sneakershack that revives old sneakers.
Yaga’s popularity is not surprising: its social e-commerce platform is like a mix between Instagram and eBay, allowing users to browse and purchase products in a visual feed, or to create their own personal online stores for selling pre-loved items. Yaga also offers local payment and delivery methods, making shopping and selling online more accessible.
Through its escrow system, Yaga further ensures money only changes hands when both parties confirm the deal went smoothly, addressing one of the main risks of buying from strangers online and providing peace of mind for buyers and sellers.
With the latest €2.2 million investment, Yaga aims to continue its rapid growth over the next year, further developing its platform, growing its team, and attracting new customers. Having recently also expanded to Kenya and India, the company is set to become the leading marketplace for second-hand fashion in Africa and Asia.
For more information visit yaga.co.za
