Just about a month after SkyGarden filed for bankruptcy due to lack of funding, the CEO Martin Majlund has announced that they have found an acquirer for the IP and the Kenyan company at an undisclosed fee.

SkyGarden, which is a marketplace for third-party merchants to sell electronics, home products, and other items,fell into trouble after failing to raise a round of financing. In October, staff at the firm were handed termination notices following a town hall meeting in which the CEO indicated that the company was running out of money and would close on October 16 2022.

In 2021. Sky.Garden managed to raise US$4 million in a Series A round of fundraising, bringing its total VC funding to US$5.2 million. Since 2017, the startup has had hundreds of small and medium-sized enterprises sell through its online marketplace. The firm guarantees “end-to-end” order fulfilment and earns an 8% commission on every sale made through its platform.

Martin Majlund, the SkyGarden CEO, had this to say, “So what happened? Great tech, great people, great (although very volatile) market didn’t make up for bad timing, macro economic contractions & a lot of “slow no’s”. 2022 has been a shitty year running a B2C tech company in East Africa but I’m pleased that we managed to secure the vision of Sky.Garden to live on whilst retaining jobs.”