ZUMI closes its doors as ‘current macro environment makes fundraising extremely difficult’

African retail focused online marketplace startup ZUMI is no more.

In a LinkedIn post, Co-Founder and CEO William McCarren said: “With a heavy heart, I share the news that ZUMI will be closing its doors.”

“The current macro environment has made fundraising extremely difficult, and unfortunately, our business was not able to achieve sustainability in time to survive.”

He added: “I am incredibly proud of what we've accomplished at ZUMI - building a marketplace for apparel merchants to secure inventory and financial services, achieving over $20 million in sales, and acquiring 5,000 loyal customers.”

“We built a team of 150 people, with experience from companies like SpaceX, Amazon, Twiga, and Jumia, and made some friends for life.”

McCarren said that the journey been “the most challenging, yet rewarding experience of my life”.

ZUMI started out as an online magazine in 2016. It then shut down and returned to action, pivoting into an e-commerce platform for apparel.

It persevered through Covid-19, a ban on apparel imports, and countless near death experiences. “Building businesses in emerging markets requires a special blend of ambition, grit, and craziness, and I’m incredibly grateful for the experience,” McCarren commented.

He continued: “To our customers, suppliers, and partners, thank you for choosing to work with us, it has been a pleasure to serve you. I want to extend my gratitude to our investors for their support and guidance. I also want to thank my co-founders for their partnership and support throughout this wild ride.”

“And, most importantly, I want to thank the entire ZUMI team. I couldn’t have asked to work alongside a more hardworking, fun and dedicated group of people. For companies looking to bring some rockstars onto their teams, check out our people section on ZUMI and message me if you’d like a recommendation.”

As he winds down operations, McCarren plans to take some time to reflect on lessons learned and what he can do differently in the next business. “I will be sharing these reflections with you all in the coming weeks,” he concluded.