Sokowatch, a Kenyan e-commerce startup has raised $14 million in its series A funding from Quona Capital, Amplo, Breyer Capital, Vertex Ventures, Timon Capital and 4DX Ventures.
A year ago, Sokowatch raised $2.5 million in additional seed funding from new and existing investors in addition to $2 million a year earlier. To date, the company has raised up to $18.5 million.
According to Sokowatch, they will use the funding to digitize Africa’s business-to-business (B2B) supply chain. This will include broadening their client services, transitioning from working-capital to data-analytics.
Sokowatch opines that there are over 10 million informal shops selling over $180 billion worth of goods every year in Africa. Despite their importance to local economies, these shops routinely stock out of products, have limited access to financial services, and lack proper business management tools. Sokowatch aims to transform communities across Africa by revolutionizing access to essential goods and services.
Sokowatch enables informal retailers to order products at any time via SMS or the mobile app with same-day delivery to their store.
Leveraging historical purchasing data of retailers, the company is able to provide them with access to credit and other financial services.
Furthermore, it maintains a fleet of vehicles, primarily three-wheel tuk-tuks, for delivery. It is operational in Kenya, Uganda, Tanzania and Rwanda. It serves over 15,000 small retailers across the regions.
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