Emerging wholesale platform Powered by People secures eight million dollar funding
Digital wholesale platform Powered by People (PBP) has announced the closing of an eight million dollar series A equity funding, led by Altos Ventures with participation from existing investors.
In a release, the company said it would be using the funds to continue scaling its global operations and technology.
Next to the funding, PBP also received an incremental 5.6 million dollars in grants from various philanthropic organisations, in line with its mission to catalyse both commercial success for its partners and positive social and environmental impact.
The grants will be used to support traditionally underserved makers in Africa and beyond, PBP noted, providing them access to the company’s marketplace and financing options.
Founded in 2021, PBP provides independent, small-batch maker brands from over 70 countries with access to technology solutions that allow them to sell their “sustainably made goods” at scale to retail and trade buyers.
Speaking on the news, Ella Peinovich-Griffith, CEO of PBP, said: “This successful funding round serves as a powerful testament that ’doing good’ can be a source of competitive advantage.
“At PBP, we have seen the power dynamic shift from ubiquitous, mass-produced factory goods in favour of small-batch manufacturers and brands creating exclusive products.
“Retail is changing, and the best retailers are looking for unique, values-driven merchandise from diverse brands in order to attract and hold the attention of customers.”