Tanzania’s Sumet Technologies, an innovative company specializing in the distribution of fast-moving consumer goods (FMCG), has successfully closed a pre-seed funding round, securing US$1.5 million to propel its expansion into key strategic markets. This funding marks a significant milestone for the company as it aims to reshape the FMCG distribution landscape across Africa.
Founded with the vision of transforming how FMCG brands enter and grow in new markets, Sumet Technologies utilizes advanced technology to enhance efficiency and effectiveness in distribution. The company has already made substantial strides in establishing its presence throughout Tanzania, covering all 26 provinces and serving over 6,500 active customers. With the recent infusion of US$1.5 million in pre-seed funding, Sumet is poised for further growth and expansion.
The investment comprises a strategic blend of equity and debt financing, sourced from a diverse group of angel investors, including the African Business Angel Network (ABAN), Catalytic Africa, and an angel syndicate from Egypt. This mix of funding not only provides financial support but also brings valuable expertise and networks to the company.
Hazem Afify, the CEO of Sumet Technologies, emphasized the importance of this funding in addressing one of Africa’s most pressing challenges: enabling new brands to successfully enter and thrive in the market. He stated, “At Sumet, we’re tackling one of Africa’s biggest challenges – enabling new brands to enter and grow in the market. This funding is crucial to strengthening our tech stack, bridging distribution gaps, and building a dynamic, cost-effective ecosystem that empowers brands to scale effectively.”
The pre-seed funding will be instrumental in driving Sumet’s expansion efforts across several key strategic areas. The company plans to enhance its operational technology stack, improve operational excellence, accelerate market expansion, grow its product portfolio, and invest in team development. These initiatives are designed to create a robust infrastructure that supports the efficient distribution of consumer goods across the continent.
Fadilah Tchoumba, CEO of ABAN, praised Sumet Technologies for its innovative approach to FMCG distribution, stating, “Sumet Technologies is revolutionizing consumer goods distribution by facilitating market penetration for new brands and optimizing supply chains across Africa. Their commitment to impact-driven innovation aligns with our mission to foster ventures that drive sustainable economic growth on the continent.”
With this new funding, Sumet Technologies is well-positioned to continue its mission of transforming the FMCG distribution landscape in Africa, empowering brands to reach new markets and enhancing the overall efficiency of supply chains across the region.
