On 31 May 2022, Shopstar, a local e-commerce platform, announced that it has secured third-round funding from Launch Africa Ventures.
This significant investment marks the start of the next phase of Shopstar's growth strategy, which aims to help local entrepreneurs build and grow their online businesses.
Founded in 2014, Shopstar provides easy-to-use, professional services that allow local entrepreneurs to trade profitably. The platform has undergone significant changes since Mike Joubert, a seasoned entrepreneur and investor, became the company's majority shareholder in late 2018.
Under Joubert's leadership, Shopstar has implemented a turnaround strategy and started scaling for growth. The business has now secured further funding from Launch Africa Ventures, a venture capital firm known for its early investment into and backing of over 60 high-potential African technology start-ups.
As part of its expansion strategy, local entrepreneur Chris Edington has been hired as CEO to lead the business forward. Edington brings expertise as an entrepreneur and IT specialist, which includes founding and leading start-ups, allowing him to provide specialized insights and knowledge to the business.
Edington's initial short-term plans include developing the platform to reflect the future of e-commerce and provide the tools of the future to help small businesses start, operate, and grow.
Shopstar has recently secured further partnerships and endorsements from significant global brands, including Meta (Facebook) and AWS Activate. It is the only e-commerce business in South Africa that is Meta-approved.
