Sote, An African Supply Chain Company, Raises $4M In A Seed Extension Round

Sote, an African supply chain-focused company with a mission to build the digital logistics infrastructure to make trade affordable, has announced its recent round of funding.

The company has raised a $4 million seed extension round, bringing its total raised to date to $8.4 million. The round was led by Social Capital, Chamath Palihapitiya’s fund, with Ray Ko, the growth partner joining Sote’s board.

Other participating financiers include Harry Hurst, Founder/CEO at Pipe; MaC Venture Capital “doubling down,” per the press release; and K50 ventures.

“Sote has always been about the people. A group of passionate individuals driven to build the future of Africa. We’re excited about bringing Samora and John under one roof with our Logistics and Engineering teams to create uniquely compelling solutions for our customers and the value chain beyond them,” said Felix Orwa, the Kenyan-born Founder and CEO of Sote, in the press release announcement.

He added: “If the African supply chain is composed of the flow of product, the flow of information, and the flow of cash, then Sote already controls the first two. With the launch of our Fintech solution, we will have control and a positive influence on all three.

“This creates a powerful flywheel effect with our customers as they find more holistic and convenient bundled services between logistics and capital solutions.”

Abbianca Makoni

Abbianca Makoni is a content executive and writer at POCIT! She has years of experience reporting on critical issues affecting diverse communities around the globe.

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