Sote, an African supply chain startup, has raised another $4 million in a seed round, increasing its total funding to $8.4 million.
The round was led by Chamath Palihapitiya’s firm, Social Capital, with Ray Ko, and included venture capitalist Justin Saslow, Harry Hurst, Founder/CEO of Pipe, MaC Venture Capital doubling down, and K50 Ventures.
Sote, an African supply chain startup created by Felix Orwa in 2018, offers a real-time dashboard that gives manufacturers, retailers, and distributors visibility into shipment progress while saving time and money.
“People have always been at the heart of Sote. Sote’s Founder and CEO, Felix Orwa, described the company as “a collective of enthusiastic individuals driven to construct Africa’s future.”
“Sote is constructing Africa’s largest B2B marketplace and digital logistics infrastructure. Our goal is to make trade more accessible and affordable while also contributing to the continent’s economic growth. We are an authorized economic operator and a fully licensed customs agency. Across the continent, we want to deliver a mix of finance underwriting models, software-driven supply chain services, and SaaS solutions. We are the first to bring an approved digital customs clearing and forwarding solution to the market in Africa, giving industrial importers and exporters visibility and transparency “Orwa made the statement.
Sote plans to target larger consumers in 2022 and exceed growth targets after recently obtaining Authorized Economic Operator (AEO) status.
With 50 customers as of December 2021, the company has grown its customer base by 370 percent and revenue by 200 percent in the previous year.
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