Shopstar secures third round funding for its e-commerce venture South African ecommerce platform Shopstar announced it had secured third round funding from Launch Africa Ventures. This is the next step in its strategy to scale. The amount was not disclosed.
Shopstar enables local entrepreneurs to build online stores. Launch Africa Ventures has been known for its early investments in and support of more than 60 high-potential African technology start ups. Shopstar has also secured additional partnerships and endorsements by global brands, as well a grant through AWS Activate. Chris Edington, a local entrepreneur, was appointed chief executive of Shopstar to oversee its growth and move it forward.
With a background in founding and leading start-ups, his experience as an entrepreneur and tech expert allows him to bring specific insights and knowledge to the business, along with a deep understanding of Shopstar’s customers — creative entrepreneurs who are starting and building their own enterprises. “As part of the initial short term plans, Edington is implementing ways to develop the platform so that it not just reflects the future of e-commerce, but also provides the tools of the future to help small businesses start, operate and grow,” Shopstar said in a statement. Shopstar was created in 2014. Mike Joubert was a veteran entrepreneur and investor who assessed the potential of Shopstar in late 2018. He started a second round and became its majority shareholder. This strategy began its turnaround and allowed it to scale for growth. “Our aim is now to scale quickly and we are looking to double revenue this year,” says managing partner of Launch Africa Ventures, Zachariah George. Local entrepreneurs can use the cloud-based platform to set up an online shop and grow their business. The platform also offers professional services that make it easy for them to trade in a profitable manner.