UPDATE GIGS MEDIAUPDATE GIGS MEDIA
  • Home
  • Entertainment
  • Business & Finance
  • Education
    • Scholarships
  • Lifestyle
    • Health & Fitness
    • Travel
    • Dating & Relationships
    • Do it yourself
  • Tech
  • Privacy Policy
Facebook Twitter Instagram
Facebook Twitter Instagram
UPDATE GIGS MEDIAUPDATE GIGS MEDIA
CONTACT US
  • Home
  • Entertainment
  • Business & Finance
  • Education
    • Scholarships
  • Lifestyle
    • Health & Fitness
    • Travel
    • Dating & Relationships
    • Do it yourself
  • Tech
  • Privacy Policy
UPDATE GIGS MEDIAUPDATE GIGS MEDIA
Home » Zumi shuts down again, letting go of 150 employees
Tech

Zumi shuts down again, letting go of 150 employees

adminBy adminMarch 20, 2023No Comments2 Mins Read
Facebook Twitter LinkedIn Telegram Pinterest Tumblr Reddit Email
zumas-founder.jpeg
Share
Facebook Twitter LinkedIn Pinterest Email


B2B e-commerce startup Zumi is shutting down due to its inability to raise the funding necessary to sustain its operations. This close will see the company lay off its team of 150 people who have previous work experience from companies like SpaceX, Amazon, Twiga, and Jumia. 

CEO and co-founder of the Namibia-based startup, William McCarren, announced the company’s close in a Linkedin post saying, “ The current macro environment has made fundraising extremely difficult, and unfortunately, our business was not able to achieve sustainability in time to survive.” Zumi, which McCaren once told FlipAfrica is on a mission to revolutionise Africa’s $36 billion apparel market, will now bow out of the scene to competitors like MarketForce and Sabi.

This is not Zumi’s first shutdown

Zumi began as a women-focused digital magazine in 2016 but it shut down shortly after disclosing its plans to pivot to e-commerce. The digital media startup had reportedly received about $250,000 in funding from UAE-based Majlis investment and a few other investors. However, Zumi was struggling with low digital advertisement revenue, a problem common among digital media businesses.  Low on funding, it had to shut down.

Advertisements

Zumi’s shop didn’t remain closed for too long as it later found its way back to the business scene in 2020 as a B2B e-commerce company that empowers retailers and suppliers, especially in the apparel business. Zumi handled everything; it facilitated the online sale/purchase of the product, delivery and payment. With the Zumi app or through a Zumi agent, customers could place orders from suppliers or retailers. Through its partnership with logistics services, Zumi also made sure that the goods were delivered to the buyer who then paid upon delivery.

Advertisements

Zumi gained traction and received more funding over the years from Masha Ventures and other investors like Zephyr Management. According to Crunchbase, Zumi has received disclosed investments of about $970,000 since its inception in 2016.

In his Linkedin post, McCarren expressed his gratitude to his 4 co-founders Mohamed Nuur, Sabrina Dorman, Tomas Rosales, and Eric Njogu, for their partnership and support in what he calls a wild ride. 

This shutdown adds to the list of Kenyan startups that have shut down citing macroeconomic problems. Kenyan startups Kune Foods, Notify Logistics, and WeFarm, all shut down last year. 

Get the best African tech newsletters in your inbox

More latest updates

  • PE-backed Medius acquires Expensya | TechCabal
    PE-backed Medius acquires Expensya | TechCabal
    by admin●June 8, 2023
  • Tingo Group will respond to Hindenburg research’s claims today
    Tingo Group will respond to Hindenburg research’s claims today
    by admin●June 7, 2023
  • Twiga confirms layoff of entire sales team as it changes commercial model
    Twiga confirms layoff of entire sales team as it changes commercial model
    by admin●June 7, 2023
  • NIBBS reduces processing fees for banking transactions
    NIBBS reduces processing fees for banking transactions
    by admin●June 7, 2023

Share this:

  • Tweet
Advertisements

Advertisements

Related

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
admin
  • Website

Related Posts

CBN governor’s office under investigation following Emefiele’s suspension

June 9, 2023

President Tinubu’s suspension of CBN Governor Godwin Emefiele raises legal questions

June 9, 2023

Israeli AI startup Ravin enters SA market

June 9, 2023

Can streaming platforms solve Nollywood’s distribution problem?

June 9, 2023

Ride-hailing drivers in Nigeria unimpressed by Bolt’s new N6000 bonus

June 9, 2023

Tingo denies Hinderburg allegations, appoints independent counsel

June 9, 2023
Stay In Touch
  • Facebook
  • Twitter
  • Instagram
  • YouTube
Don't Miss
Tech

Has NFT found its biggest mainstream proponent yet in Africa?

By adminApril 13, 2022

The past few days have been good for NFT in Africa—Nigeria and Ghana, to be…

Share this:

  • Tweet

👨🏿‍🚀 TechCabal Daily – MTN is accelerating mobile money in Nigeria

April 13, 2022

Didi shuts down operations in South Africa

April 13, 2022

Back from the future: How embedded finance changed the world

April 13, 2022

Can Hytch succeed where GoMyWay failed?

April 13, 2022

More African central banks are considering digital currencies

April 13, 2022

This bootstrapped drone startup is promoting smart farming in Zimbabwe

April 13, 2022

The Next Wave: Africa does not know itself

April 13, 2022

TechCabal Daily – Kenya’s new law for content creators

April 14, 2022

INDUSTRY EXPERTS DISCUSS THE GROWTH AND FUTURE OF FINTECH IN NIGERIA AND INDIA IN SYMPOSIUM BY CLI COLLEGE, NIGERIA AND CHRIST UNIVERSITY, INDIA

April 14, 2022

28 days after launching investment arm, Luno crosses 10m user base

April 14, 2022

👨🏿‍🚀 TechCabal Daily – The war for Twitter

April 15, 2022

Digital Nomads: Julian Owusu’s journey from football to fintech

April 15, 2022

In the wake of explosive accusations against Africa’s most valuable startup, Flutterwave co-founder speaks

April 16, 2022
Advertise with us
update gigs advert images
LATEST

CBN governor’s office under investigation following Emefiele’s suspension

June 9, 2023

President Tinubu’s suspension of CBN Governor Godwin Emefiele raises legal questions

June 9, 2023

Israeli AI startup Ravin enters SA market

June 9, 2023
About Us
About Us

We are dedicated to bringing you news from around the world that is entertaining, educative, informative and self inspiring.. Your source for the lifestyle news.

We're accepting new partnerships right now.

Email Us: updatemedia050@gmail.com

Subscribe to Updates

Get the latest news from Update Gigs Media about entertainment, sports, lifestyle, art, design and business.

Facebook Twitter Instagram
© 2023 Designed by Ntechy Digital System.

Type above and press Enter to search. Press Esc to cancel.